Artificial intelligence cannot replace the role of financial advisors, UBS CEO says – Industry Tech Insights

June 18, 2021: -One of the world's most prominent wealth managers doesn't think artificial intelligence can replace the role of financial advisors. On Wednesday, Ralph Hamers, the CEO of UBS, said that technologies such as AI were better suited to day-to-day handling functions such as opening an account or executing trades than advising clients. "There is no added value for client advisors to be engaged in the process like that," Hamers told CNBC's Geoff Cutmore at the virtual CNBC summit. "That is what artificial intelligence can do because even our client advisors cannot read all the research that is there," he added. "Our client advisors can't comprehend all the product options that are out there," he added.