Advisor Headcount Set to Grow as AI Expands Capacity

New research finds most RIAs plan to grow advisor headcount over the next two years as AI expands service capacity

September 9, 2026, Boston, MA— Wealth management firms are increasingly deploying artificial intelligence (AI) to enhance advisor productivity and create capacity for growth rather than reduce staffing levels, according to the State of Wealth Management AI Adoption, a new benchmark study from Cerulli Associates, in partnership with Vista Equity Partners.

The research suggests that fears of widespread advisor displacement may be overstated: most firms expect AI to expand service capacity while preserving the value of advice. Over the next two years, registered investment advisors (RIAs) surveyed stated that they were most likely to add junior advisors (73%), client service associates (67%), and senior advisors (56%), underscoring the continued importance of human advice as firms use AI to serve more clients and support growth. Nearly two-thirds (64%) report that AI has reduced manual and administrative work, while 46% cite improved quality of client communication.

“The conversation around AI in wealth management is shifting from headcount reduction to productivity,” says Asher Cheses, senior director of Wealth Management at Cerulli Associates. “The firms seeing the greatest success are using AI to automate administrative work, improve client engagement, and give advisors more time for the planning conversations and relationship-building that technology can’t replicate.”

The research points to a clearer driver of AI success than either firm size or spending: operating framework. Firms pulling ahead share a defined governance model, named ownership, formal training, and measurement of results, choices any firm can make regardless of its AUM or technology budget. Using a proprietary AI maturity framework*, firms were measured across governance, operational efficiency, and innovation, and grouped into three tiers. Half of firms surveyed remain in the lowest tier, Exploring, while 38% are scaling and just 12% have reached the top tier, Leading. Factors that distinguish these Leading firms include clear accountability and ownership, employee enablement, and formalized measurement of AI outcomes.

“AI is transforming the way wealth management firms do business, from managing client relationships to running daily operations. This research confirms what we’ve seen firsthand, that the firms capturing the greatest advantage are pairing that transformation with real operating discipline,” said Dan Parant, Managing Director, Global Head of Private Wealth Solutions at Vista Equity Partners. “Firms getting this right aren’t treating AI as a cost-cutting tool. They’re treating it as a growth engine.”

The leaders pulling ahead today are pairing strong governance and execution with a willingness to invest. As firms look to scale successful AI initiatives, AI-specific spend is projected to roughly double as a share of the technology budget, rising from 8% to 15% of technology budgets in 2026. The investment is concentrated where firms have already proven value, including enterprise AI model licenses, purpose-built tools for advisor and operational workflows, and formalized training to support adoption.

About the Study

The research, State of Wealth Management AI Adoption, was conducted by Cerulli Associates in partnership with Vista Equity Partners. The research surveyed 68 RIA firms between May and July 2026 and included more than 20 qualitative interviews with executives, technology leaders, and senior advisors. Participation was limited to executives, technology leaders, and senior advisors with firm-level visibility into AI strategy; 59% of respondents are C-suite executives. Survey respondents represented approximately $1.2 trillion in aggregate assets under management (AUM), with an average firm size of $18 billion in AUM.

*Vista AI Maturity Score

The Vista AI Maturity Score is a proprietary framework developed by Vista Equity Partners that measures firm-level AI maturity across three pillars: governance and data readiness, operational efficiency, and innovation and revenue. Scores are weighted using a proprietary Vista model and rescaled to produce a firm-level score from 0 to 100, grouping firms into three tiers: Exploring (below 30), Scaling (30 to 60), and Leading (above 60). The score gives firms a common benchmark for assessing their AI readiness and implementation against peers.

About Cerulli Associates

For over 30 years, Cerulli has provided global asset and wealth management firms with unmatched, actionable insights. Headquartered in Boston, Cerulli Associates is an international research and consulting firm that provides financial institutions with guidance in strategic positioning and new business development. Our analysts blend industry knowledge, original research, and data analysis to bring perspective to current market conditions and forecasts for future developments.

About Vista Equity Partners

Vista is a preeminent investor in enterprise software and AI, with over $100 billion in AUM [as of June 30, 2026]. For over 25 years and across multiple technology cycles, Vista has been pioneering new approaches to software investing, delivering consistent and compelling results at scale. Today, we’re applying that expertise to harness the full transformative potential of AI to redefine how work gets done. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on X, @Vista_Equity.