Mariner runs $35 million tab on AI workforce

The bots cost $50,000 each per year, totaling $35 million in annual spending. The company stated that the bots are intended to assist advisors with data analysis, client reporting, and other tasks, rather than replace them.

The deal represents one of the largest known enterprise deployments of AI assistants in the financial advisory sector. Humanity Labs, the bot provider, is a startup specializing in AI workforce solutions. The 700 bots are expected to be fully operational within the next six months.

The move comes as financial services firms increasingly adopt AI to improve efficiency and reduce costs. However, industry observers have noted that such deployments could ultimately displace some advisor roles, even if the initial goal is augmentation. The $35 million annual cost is a significant investment, but Mariner expects it to be offset by productivity gains and improved client outcomes.