Managing Complex Estates With AI: The Luminary Advantage in Wealth Management

Artificial intelligence has the potential to reshape the wealth management industry — and firms are taking notice. A new survey says wealth management companies will double their AI investment within the next three to five years.

Most firms are looking to improve operational efficiencies, reduce overhead, and provide extra value to clients. Technology can be particularly impactful in managing the complex estates of high-net-worth clients. As estate structures become more intricate, firms that embrace AI-driven solutions will begin outpacing the competition.

AI-assisted planning simplifies document review, increases efficiency, and unlocks new opportunities to deliver more value directly to clients. Here’s a closer look at how AI in estate planning is transforming the industry and what it means for you and your practice.

How Is AI Used in Estate Planning?

Advisors are increasingly turning to AI to streamline and strengthen their workflows. Common applications include:

• Client onboarding: Leverage tools to streamline the process of getting new clients digitized and up to speed, reducing manual data entry.
• Automated document review: Rapidly extract key data from lengthy, complex legal and financial documents — saving time and increasing accuracy.
• Increased collaboration and security: Share planning data securely with collaborators, ensuring everyone works from the same record and stays aligned on next steps.

AI tools are not a substitute for document drafting, nor should they replace expert review and decision making. However, they do enable advisors to provide faster, more informed strategic recommendations, giving them a distinct edge in prospecting, onboarding, and delivering an elevated experience to clients.

Advantages of Incorporating AI in Your Workflows

The benefits of incorporating AI into your practice go beyond time savings — they lead to a direct improvement in client deliverables. With the right tools, advisors can offer highly personalized advice with less administrative burden, while expanding capacity across more clients.

By automating repetitive, manual tasks, AI frees up time for deeper planning work and more meaningful client interactions. It also helps teams create standardized processes that reduce errors and make knowledge easier to share internally and externally.

As you consider how valuable these benefits can be to your practice, keep in mind that the majority of advisors are already putting these tools to use. According to a recent Accenture poll, 92% of financial advisors have already taken steps to implement AI. As more firms modernize their workflows, those that lag behind risk being outpaced by peers in a highly competitive market.

This shift is particularly important as the next generation of clients enters the picture. Gen Z is 97% more likely than older generations to be excited about the impact AI could have on their financial planning. In an era where generational wealth transfer is poised to exceed $80 trillion, appealing to younger generations isn’t just a growth opportunity — it’s essential for long-term retention.

AI Innovations in Wealth Management: Trends and Examples

Now that you have an overview of how artificial intelligence is impacting advisors, let’s take a closer look at some specific use cases. You can explore Luminary AI tools to learn how to unlock each of these benefits for your firm.

AI-Powered Document Review

Document review can be one of the areas where wealth strategists spend most of their time — especially for clients with complex or taxable estates. Reviewing trusts, business agreements, and other estate planning documents often requires painstaking hours of extracting key client details and provisions, which can lead to critical delays in responding to client requests.

AI can give you a leg up while navigating stacks of important legal paperwork. Luminary scans static documents, identifies key pieces of information, and synthesizes key details in a brief overview. You’re left with a clear, structured document summary that saves hours of review time and helps you focus on what matters most: planning strategy and client outcomes. And unlike rigid AI tools that leave you stuck with a one-size-fits-all output, Luminary’s summaries are fully editable — giving you the flexibility to fine-tune insights, add context, and tailor your deliverables to each client’s unique needs.

Human-in-the-Loop AI Workflow

Accuracy is extremely important when working with complex high-net-worth clients. That’s why Luminary uses a human-in-the-loop AI workflow that ensures transparency at every step. Each data point extracted by AI is linked to its original source, so you can instantly see where the information came from and verify it in context.

Need to find something specific? Ask a question in Luminary’s AI-powered search bar, and you’ll get a summarized answer with a direct in-document citation. This turns documents into information assets that work for you, saving hours of work.

Your clients see the benefits of AI directly with reduced chances of human error. With transparency baked into every step of the process, you can be more confident than ever that your client deliverables are accurate.

Institutionalizing Knowledge Across Advisory Teams

When estate plans span multiple generations, entities, and jurisdictions, it’s rarely a solo job. High net worth estates often involve a network of professionals all working together to deliver results; including wealth strategists, attorneys, and tax advisors. But coordinating across firms with different systems — or no systems at all — often leads to lost time, duplicated efforts, and costly missteps.

AI tools are changing that. By turning documents into structured, shareable data, modern platforms make it possible to institutionalize knowledge in a secure, centralized environment. Everyone sees the same source material, in real time — reducing ambiguity, speeding up reviews, and enabling advisors to pick up where others left off. Instead of buried emails or version-tracked spreadsheets, you get a living system of record for your client’s legacy plan.

For firms serving complex estates, this means scaling up without compromising on accuracy, and delivering the kind of high-touch coordination that sets you apart.

Meet Luminary: Transforming Estate Planning With AI

Modern estate planning demands more than spreadsheets and siloed systems. Client expectations are evolving to demand more clarity, speed, and collaboration than ever before. That’s where Luminary comes in.

Our AI-powered tools help advisors turn static documents into dynamic, digital records — enabling faster onboarding, smarter planning, and more cohesive collaboration across legal, tax, and advisor teams. Luminary AI enables you to:

• Quickly onboard prospective clients
• Summarize complex documents in seconds
• Reduce client case preparation time by up to 80%

Ready to see what’s possible? Book a demo and experience how Luminary can prepare you for the next generation of complex estate management.