Darell Miller, Managing Director APAC at Wealth Dynamix, brought a practitioner’s clarity to the panel discussion on AI in Wealth Management at the Hubbis Malaysia Wealth Management Forum held in Kuala Lumpur on May 21. Darell drew on deep operational knowledge to highlight the challenges, opportunities, and future trajectory of AI deployment in wealth firms. From foundational barriers to advanced onboarding automation and perpetual KYC, his perspective was grounded, actionable, and laser-focused on what is realistically achievable today.
The fundamentals first: Without a solid core, AI is just decoration
Darell began with a pointed assessment: AI cannot meaningfully scale a business if its core components are underdeveloped. “Technology can help you,” he explained, “but it’s not going to help you if you don’t have your fundamentals in place. If you don’t have a strong product proposition, if you don’t understand your client data, or if your processes aren’t sound, AI is like icing on a non-existent cake.”
He reiterated that despite the hype, many AI tools are evolutions of long-standing machine learning applications. “We’ve had AI for over 20 years. What’s changed is the interface. It’s now more intuitive, easier to use, and more accessible – but the underlying challenges haven’t disappeared.” In short, AI was not a magic solution but another powerful tool, provided the foundations are in place.
Breaking through data silos
Darell turned to one of the most persistent operational hurdles: fragmented data systems. “Siloed data is one of the biggest constraints,” he stated. “Even when firms centralise their data, it is often not synchronised with operational processes.”
He explained that successful AI integration requires not just data unification, but clear alignment with each stage of the client lifecycle. “If you want to deploy AI effectively, your operational workflows must be well-defined so that AI can interact with the right data at the right time,” he said. Moreover, such integration is essential to ensure compliance, transparency, and auditability—particularly in regulated environments.
Digitisation without AI is still valuable
Darell emphasised that firms can achieve significant efficiency gains even without immediate AI adoption. “There’s still a lot to be done with digitising onboarding, CRM, and client workflows,” he noted. “You don’t need to touch AI to see benefits here.”
He highlighted that in many firms, digitisation remains incomplete, with high reliance on manual inputs and disjointed systems. AI can only build on these once they are brought into a coherent digital framework. He pointed to current Wealth Dynamix projects where clients were already benefiting from digitised onboarding and client engagement tools, well before implementing any AI layer.
Building towards perpetual KYC
Turning to a near-future use case, Darell introduced the concept of “perpetual KYC,” a model that continuously monitors client profiles and updates compliance records dynamically. “We’re working on proof-of-concept projects where the system is always scanning for changes in client circumstances,” he explained. “When it identifies a shift—a new address, a change in employment, a flagged transaction—it automatically kicks off the appropriate workflow.”
He outlined how such systems would reduce friction, improve compliance, and ensure that portfolios stay aligned to client needs. Importantly, these workflows are designed to be overseen by humans, preserving regulatory accountability. “The key is to design agentic systems that support users, not replace them,” he said.
A glimpse of the agentic future
Looking ahead, Darell envisioned a wealth management environment where AI-driven digital agents act as operational co-pilots. In this future, he said, users wouldn’t log into dashboards, but receive proactive prompts: which clients to contact, which meetings are pending, which KPIs to update.
“You won’t be opening screens,” he explained. “You’ll receive a morning brief: three clients need attention, two compliance tasks are overdue, a nudge has been sent, an email has been drafted for your review. That’s the interface—intelligent actions, not navigation.”
While acknowledging this remains a vision 24 to 36 months away, Darell confirmed that Wealth Dynamix is already engineering toward this goal. “We’re not there yet, but the trajectory is clear,” he affirmed.
Compliance designed from day one
He also stressed that regulatory compliance must be embedded from the outset in any AI deployment. Reflecting on industry pain points, Darell remarked that too often, compliance is treated as an afterthought.
“You need to evidence every step in the process, not just the outcome,” he explained. “That means AI outputs must be traceable, justifiable, and auditable.” Without this, firms risk backlash from regulators and loss of client trust.
This requires AI to be designed not just for speed or convenience, but for accountability. Firms hoping to leverage automation in sensitive workflows must build transparency and ethical governance into every layer.
Grounded, not hyped
Darell’s remarks repeatedly brought the conversation back to execution. While many speakers discussed AI in theoretical or aspirational terms, his focus was resolutely practical. “There is so much we can already do,” he said. “But firms need to stop chasing headlines and start mapping AI to genuine problems.”
His overall message was clear: wealth firms do not need to wait for a distant future to act. With disciplined groundwork, incremental innovation, and well-governed design, AI can already enhance core processes. “The time for pilots is now,” he concluded. “But the winners will be those who think beyond the shiny new toy and build with purpose.”