The Landscape of Wealth Management is Changing With Advent of Artificial Intelligence

The Landscape of Wealth Management is Changing With Advent of Artificial Intelligence

The aspect of wealth management in the world today is seeing itself changing completely with the advent of artificial intelligence and the new age investors: millennials.

While the current situation all around the world shows that millennials clearly are struggling financially, the new generation is also set to inherit trillions over the course of the next few decades due to windfalls in fixed assets.

The younger generation has a different relationship with technological advancements than the one before them. Investors of the future will have many faces as we move forward. A lot of them will want to take care of wealth management themselves while others, will place preference on their time and have someone else take on the task for them.

The different relationship that the new generation has with technology is going to make an impact on their approach to everything in life, including the wealth management and how they build their portfolio.

The founder of a consumer advice website, Boring Money, has said that there will be a bigger role played by artificial intelligence when it comes to investment planning in the coming years. Younger investors are going to be more and more likely to trust their wealth management to the new technology as it advances further to become a game changer.

In fact, an advisory firm launched at the end of last year was capable of offering simple advice to its clients. The clients with pretty straightforward cases could very easily have their cases sorted out using automated programs that can be programmed with the tax regulations and investment rules to help their less complex needs.

That being said, in the near future, financial advisers will continue to play a vital role in the aspect of wealth management. Artificial intelligence still needs to be refined more so that it can be taught the more intricate aspects of wealth management. Artificial intelligence needs to evolve into more than just static computers in order to be able to cater to more sophisticated wealth management affairs.

Chief Executive Jake Wombell-Povey at Goji has said that the next ten years will see a rise in the number of financial advisers making use of technology to oversee the services they offer and let it assist them in their operations.

Wealth management will become a symbiotic process between the advisers and artificial intelligence. The professionals will use the technological applications of artificial intelligence to support and possibly even supplement the service that they offer to their clients. That being said, the near future does not seem to devalue the need for human touch in wealth management.

Instead of looking at technological advances as a potential disruptor, it has to be seen as innovation – technology can be harnessed to improve the human touch instead of replacing it in any capacity.

After all, it has been noted that over the centuries, advancing technology has helped us become more efficient in everything that we do. From how we travel to how we communicate with each other, it only makes sense that wealth management sees improvement using the help of new technology like artificial intelligence.

Primary Keyword: wealth management

Secondary Keyword: artificial intelligence

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