Artificial intelligence is set to disrupt the wealth management industry, which is already engaged in a fierce competition for fees and inflows.
A recent survey conducted by PwC reveals that 1 in 6 asset and wealth management companies will either be acquired or shut down within the next five years.
“The impact of AI on the wealth management industry will be significant,” warns Paul Meeks, a portfolio manager at Independent Solutions Wealth Management, in an interview with Yahoo Finance.
Meeks, who has been active in the industry since the late 1980s, predicts that smaller firms will be compelled to merge and invest heavily in game-changing technology in order to survive.
artificial intelligence robot. (Getty Creative)” src=”https://s.yimg.com/ny/api/res/1.2/KdY0C7b1.JXuaviUXUkHBg–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY4Ng–/https://s.yimg.com/os/creatr-uploaded-images/2023-06/a9ca7d20-0526-11ee-bbff-8387318e5a5c”/>
Digitally-generated image of artificial intelligence robot. (Getty Creative)
Robo-advising, powered by sophisticated AI models, is already preparing investors for wealth-building actions today…
2023-08-05 06:39:11
Original from finance.yahoo.com
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