Artificial intelligence threatens to disrupt wealth management firms

Wealth management firms, which belong to one of the least tech-literate sectors of the financial services industry, may become obsolete in the future with high new worth individuals (HNWIs) increasingly adopting to digital technologies such as robo advisors, which provide algorithm-based portfolio management advice without the intervention of financial planners, to manage their wealth, said a new report by PricewaterhouseCoopers on Monday. The report, which surveyed 1,000 HNWIs in Europe, North America and Asia, found just about 25 per cent of wealth management firms globally offer digital channels beyond emails. This is in stark contrast to the fact that two-thirds (69 per cent) of HNWIs use online and mobile banking and more than 40 per cent use online means to review their portfolio or investment markets. This is in addition…

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