AI in Financial Services interview with Steve Harris

When I started out 40 years ago, I couldn’t have imagined we’d be talking about use of artificial intelligence in financial services. Then again, I don’t think I could have imagined how much we are and will be using AI in so many aspects of our lives today and in the future.

If you watched the Super Bowl this past weekend you might have seen the introduction of yet another AI platform and other ads using AI in the creative process. As with all technology, though, the key is to understand where AI can and should help and, even more importantly, where it shouldn’t.

I sat down with our CMO, Karen Hebert-Gordon, to share my thoughts about AI and financial services, in general, and at Harris Private Wealth, in particular. Here’s our conversation:

Karen: Steve, to start us off, how do you see AI already reshaping the financial services industry?

Steve: AI is showing up everywhere in the tools advisors use, helping us work faster and make sense of information more easily. It’s important that all this progress stays grounded in strong privacy and security. Most of the big advances so far have come from existing systems adding AI features that make them smoother to work with and better at surfacing insights that matter to clients. 

Karen: Where do you think clients will feel the benefits of AI most directly?

Steve: Clients will likely notice it most in the breadth of guidance advisors can offer. With secure AI-driven tools, advisors can do deeper tax and estate planning analysis without crossing into areas that require other professional licenses. That means more useful advice included in our recommendations. 

Karen: Some people worry that AI will replace human advisors. What parts of financial advice will always need a human touch? 

Steve: Even though the numbers matter, most financial decisions come down to emotions and life circumstances. That’s where empathy and real human understanding come in. Advisors help clients through big moments and keep them grounded during market ups and downs. As long as clients are human, advisors need to be human. 

Karen: Which parts of the industry do you think AI will transform the fastest, and which will evolve more slowly? 

Steve: AI will move fastest in the quantitative areas of wealth management, like portfolio construction. It could lower costs and expand DIY options like robo advisors. At the same time, people will increasingly ask chatbots financial questions, which can help but also mislead without context. Professional advisory services will evolve more slowly because of privacy requirements and the fact that real advice involves more than software. 

Karen: For clients feeling overwhelmed by rapid change, what reassurance would you offer? 

Steve: Every technological shift brings uncertainty, but historically these changes have improved how people work and live. The key is staying curious, learning how the tools work, and understanding both their strengths and limits. AI absolutely has limits. Knowing those limits helps keep everything in balance and builds confidence as the technology grows. 

As AI continues to advance, our goal at Harris Private Wealth remains the same: to combine the best of technology with the irreplaceable value of human judgment and relationships. We’ll keep exploring new tools thoughtfully and responsibly, always with an eye toward improving the client experience while staying grounded in the principles that matter most—trust, clarity, and personal connection.