Artificial intelligence may be a useful tool for financial advisors, but it will not solve their every problem.

There are three ways that financial advisors can use AI to their utmost benefit,AssetMarkand Wealthmanagement.com say in a report: optimizing lead generation, segmenting the market and improving client communication.

Lead Generation

AI tools have proven to increase lead generation by as much as 50% and lower costs by as much as 60%, the report said.

"AI tools can build profiles based on names, publicly available data, and data from third-party vendors," the report stated.

"These profiles can be compared to...