TrackMem: Tracking Evolving Beliefs in Long-Horizon Financial Dialogue

Large language model (LLM) agents are increasingly used as personalized assistants in high-stakes domains such as financial advising, yet it remains unclear whether they can maintain and update an individualized user model over long horizons. Existing personalized-memory benchmarks primarily test factual retention or rely on weakly constrained model-generated trajectories, leaving event-driven preference adaptation underexplored. We introduce FinPerMA, an event-grounded benchmark that evaluates personalized memory against frozen longitudinal investor trajectories. Its generation pipeline combines deterministic, theory-informed impact rules, controlled LLM narration, and automated quality screening; a Post-Shock checkpoint isolates whether an agent has integrated a material event into its persistent user model. On 2,994 questions from 276 personas, seven frontier LLMs and up to seven memory configurations remain far from saturated: no full-context configuration exceeds approximately 0.47 overall accuracy or approximately 39% on multiple-choice questions. Attribution analysis shows that summary-based memory often preserves factual details while losing the preference signals needed for personalization; simple retrieval can therefore outperform purpose-built memory systems, with the gap widening after shocks.

Long-term memory is essential for LLM-based agents to sustain interactions and reliably leverage distant history. However, existing memory systems typically process heterogeneous dialogue content through a uniform summarization and retrieval pipeline, leading to either excessive token consumption or irreversible loss of fine-grained evidence. We argue that historical dialogue content should be handled differently according to its compressibility, temporal dynamics, and fidelity requirements. Based on this insight, we propose LeanMem, a lightweight long-term memory framework. LeanMem first filters out low-value content, then stores informative segments as compact profile memory, temporally structured event memory, or source-grounded record memory, depending on the nature of the information. During maintenance, only dynamically evolving event memories are selectively updated, avoiding redundant consolidation of stable profiles and immutable records. During inference, LeanMem dynamically selects memory types and allocates retrieval budgets according to query-specific evidence demands, assembling relevant evidence on demand. On LoCoMo and LongMemEval-S with GPT-4.1-mini and Qwen3-8B, LeanMem improves accuracy over the strongest memory-based baseline in every setting, by up to 15.1 points, at the lowest or near-lowest construction cost, inference tokens, and latency. The code and datasets are included in the supplementary materials.

Long-term conversational large language model (LLM) agents require memory systems that can recover relevant evidence from historical interactions without overwhelming the answer stage with irrelevant context. However, existing memory systems, including hierarchical ones, still often rely solely on vector similarity for retrieval. It tends to produce bloated evidence sets: adding many superficially similar dialogue turns yields little additional recall, but lowers retrieval precision, increases answer-stage context cost, and makes retrieved memories harder to inspect and manage. To address this, we propose HiGMem (Hierarchical and LLM-Guided Memory System), a two-level event-turn memory system that allows LLMs to use event summaries as semantic anchors to predict which related turns are worth reading. This allows the model to inspect high-level event summaries first and then focus on a smaller set of potentially useful turns, providing a concise and reliable evidence set through reasoning, while avoiding the retrieval overhead that would be excessively high compared to vector retrieval. On the LoCoMo10 benchmark, HiGMem achieves the best F1 on four of five question categories and improves adversarial F1 from 0.54 to 0.78 over A-Mem, while retrieving an order of magnitude fewer turns. Code is publicly available at https://github.com/ZeroLoss-Lab/HiGMem.