AI Is Coming for Wealth Management. Here’s What That Means
Experts weigh in on how artificial intelligence will change the money business.
Artificial intelligence is making remarkable progress in a wide array of tasks, as demonstrated by the rollout of OpenAI’s GPT-4 and Alphabet Inc.’s Bard. We asked experts how this technology will affect wealth management. Their responses are edited for length and clarity.
AI will allow the client to access an incredible amount of information and ask questions in a language that the client is comfortable with and receive answers. For practitioners, the limitation it will have will be in researching what is happening today with that company, that security, that market—it will have real limitations on contemporaneous action. Footwork will always be necessary in making investment decisions.