Artificial intelligence reshaping wealth management

Large wealth management firms – like the Big Six banks – eat into the market share. On the other side, robo-advisors are also eroding independent firms' market share, appealing to tech-savvy investors preferring the low-cost model and the mobile convenience that robos offer. Rather than competing with small, independent wealth management firms, it unveiled a new platform to help them. "On the one side we're working with certified financial planners" whose clients are invested in automated, low-cost ETF [exchange-traded fund] portfolios instead of higher-fee mutual funds.