Artificial Intelligence and the Wealth Management Space

Several months ago, we read a Facebook post about how the jobs that many people have today will not exist in ten years time. The post discussed topics ranging from anyone that worked in the transportation industry not having a job because all cars will be automated to many types of doctors not working because you will have a chip in your arm that will detect diseases before either the patient or a doctor could diagnose them today. It gave, in many respects, a very Draconian view of the world -- raising questions about how we employ people in a world where computers and machines can do things better, faster and cheaper than anyone else can do them. That got us thinking about the topic of this article, because the comparative number of Google results one receives upon searching "artificial intelligence" (AI) plus most other topics far outweigh the results regarding AI and the wealth management space. The scarcity of the commentary on this subject made us start thinking about how AI would impact the wealth management sector. In this article, we look at how certain areas of the wealth management sector may be affected by AI.