Sink or Swim? Why Wealth Managers Need To Get Savvy With AI Now
You are a wealth manager’s client.
It is 3am and something you’ve read in the Financial Times has given you cause for concern.
You open your laptop and tap in the web address of your WM guru.
But what’s this?
He can’t surely be sitting up at 3am too ready to empathise with you? Yet this voice in the wilderness understand your concerns. Appears to be listening to your incoherent rant and seemingly makes sense of it. Jeez, that’s client commitment taken to the enth degree!
No. It’s not a brilliant wealth manager who is dedicated beyond the call of sleep or help. It’s AI.
Now, you might just be in the 82% who is relieved that your wealth management strategist has come to his senses and embraced the great qualities of a AI robot, but is this really the way we want to go when it comes to our money?
According to Forbes Insights, it is more than possible that as wealth managers, we will see our clients answer the AI call with their feet and hot-foot it to another WMT who are AI savvy. That might be a bitter pill to swallow for some wealth managers out there, but the consensus is, is that WMTs will come unstuck if they don’t start getting to grips with robot management in the future.
So, what does AI mean for the average wealth manager and what will it do for you – apart from please the client no end?
For a start, there is a lot of talk being batter around the common rooms about clean data.
Allowing a bot to seamlessly plough through current client data, ensuring it is double GDPR proof and above board as well as maximise consumer impact on the marketing front, will free up a lot of spare minutes for the overworked WMTs.
AI can absorb the stress of understanding risk management for each unique client, unravel and slice through analysis and guide the humble client through a never-ending sea of complex data structures and predictive forecasting. All surely, less of a headache for wealth managers everywhere (and a lot easier to say.)
Overall, it is all about not only the client being able to make firmer, more informed financial decisions when it comes to investing but it will allow the wealth manager to feel more confident in that guidance, which, he or she is fundamentally there for. Whichever way you look at it, AI is global and its impact yet to take hold, not only in the finance sector but everywhere, right down to the very smartphone you’re probably reading this article from.
Hold onto your hats ladies and gents, the revolution is upon us. Now as wealth managers, it is time to either sink without trace or swim to keep up…