Our Co-Founder, Stephen Wall, recently interviewed Madli Lillemägi and Arndt Mielsch from Appway in Zurich to hear their findings on the role of AI in wealth management advisory services, a topic which was discussed in their recent research report, Innovate to Succeed - The Client Call to Action for Wealth Management, conducted together with Scorpio Partnership.
The report surveyed a variety of investors asking which of their day-to-day activities with their wealth managers could be assumed by an AI, with the results showing three trends:
- For all activities that have an impact on investment outcomes, human activity remains essential.
- For activities where investment outcome is not affected, there was support for using AI.
- 35% of respondents said that for the profiling of investors AI should assist wealth managers.
Building on the findings of this survey, they go on to discuss in what areas AI could be the most impactful for wealth managers.