When asked what artificial intelligence means for their businesses, most advisory firm leaders respond with measured optimism: AI has the potential to streamline this function or that. But Catherine "Cat" Davies, the CEO of upstart custody and clearing firm Innovayte, says AI could significantly affect the entire industry, and the sooner it is adopted, the better. "It's something that we as an industry need to embrace today," says Davies, an industry veteran who has held positions at Schwab and Fidelity and was most recently chief solutions officer at Hightower Advisors. "If we don't, we will fall behind, and it will...