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Firms of all sizes have had to think through the compliance concerns and rank AI tasks in order of difficulty, ADVISE AI panelists said.

AI is being used not only to locate prospects, but also to help advisors show their value on the way to signing a new client.

During the opening session of Financial Planning's second annual ADVISE AI Conference, the chief financial planning nerd at Kitces.com took stock of where advisors are, and aren't, adopting the technology in their practices.

Much like deciding the right client headcount, choosing whether to fire a customer or turn away new business represents an important step in a firm's development.

Drew Lunt, founder of Scratch Capital in Boise, Idaho, still uses Black Diamond for his portfolio accounting needs, but as his client base expands to more affluent, complicated clients, he has looked outside the industry for solutions.

Step away from the rote 30-second spiel. Instead, forge connections with advisory prospects based on trust, not tactics.

A clear division is emerging between smaller independent RIAs and their larger billion-dollar competitors, as some firms aggressively pursue a "one-stop shop" model for their clientele.

Some financial advisors may still hesitate to get on LinkedIn, Facebook, Instagram, YouTube or TikTok. But experts say growing firms need to be on the social platforms.

Financial Planning's second annual ADVISE AI conference, taking place Oct. 28-29 in Las Vegas, will delve into how the emerging technology continues to revolutionize the industry.

Building a multigenerational practice speaks to some of the highest ideals of a planner's professional calling, speakers at a CFP Board conference said.