How AI can brush the dust of the old wealth management industry

Kara Frederick, tech director at the Heritage Foundation, discusses the need for regulations on artificial intelligence as lawmakers and tech titans discuss the potential risks. Despite the challenges it faces, the financial sector stands to benefit greatly from artificial intelligence (AI) integration. In terms of technology adoption, the financial advisory and wealth management industry has been slow. Despite the rapid advancement of AI and technology, many advisers have continued to use old systems that, in some cases, date back decades. This failure has limited the improved management of client assets in a fast-changing economic environment.