Artificial intelligence is set to revolutionise the wealth management industry, with nine in 10 investors believing the technology can used effectively for researching financial products and service.
AI continues to shape the sector, with 62% of wealth management firms acknowledging that it will significantly transform their operations, according to a global survey of 2000 investors from the London Stock Exchange Group and ThoughtLab.
Investors are generally open to AI being used in their investment journey, most prominently for researching financial products and services (over 90%) and supporting advisors in portfolio management (over 80%).
Sune Mortensen, head, wealth solutions, LSEG, says: “In the competitive wealth management industry, we understand the immense pressure that wealth firms and advisors face in attracting, engaging, and retaining their clients.
"The prevalence of AI and other technological advancements are also making wealth managers rethink their business strategy and client engagement models...
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