Artificial intelligence won't replace the role of financial advisors, UBS CEO says

One of the world's biggest wealth managers doesn't think artificial intelligence can replace the role of financial advisors. Ralph Hamers, the CEO of UBS, said Wednesday that technologies like AI were better suited to handling day-to-day functions like opening an account or executing trades than advising clients. "There is no added value for client advisors to be engaged in a process like that," Hamers told CNBC's Geoff Cutmore at the virtual CNBC Evolve Global Summit. "Our financial advisors actually should be supported by the technology," Hamers said, adding that AI could be used to make sense of the research and other data that advisors don't have time for. "That is what artificial intelligence can do, because even our client advisors can't read all the research that is there," he said.