"I believe that by the end of the century, the use of words will have been altered so much that one will be able to speak of machines thinking without expecting to be contradicted." The foundation of AI started back in 1950 when scientist Alan Turing published a seminal paper containing a description of what is now referred to as the "Turing Test" which is designed to determine if a machine can think. A group of scientists got together at Dartmouth College a few years later and coined the term "artificial intelligence". Fast forward to this year and a panel discussion at the Invest 2017 Conference held in New York City on the ability of AI to revolutionize wealth management. Implementing AI technology is an offensive move all the way, Clinc's Mars stated.

Asked if a computer will ever be able to give better investment advice than a human, Oliver Bussmann does not hesitate. "I believe it's possible," said Bussmann, who until March was the chief information officer of UBS. Banks' wealth management departments and other investment firms are starting to adopt artificial intelligence. This is different from robo advisers. Those have simplistic, rules-based models -- you give them your age, risk tolerance, goals, and so on and they select a basket of ETFs for you.

Asked if a computer will ever be able to give better investment advice than a human, Oliver Bussmann does not hesitate. "I believe it's possible," said Bussmann, who until March was the chief information officer of UBS. Banks' wealth management departments and other investment firms are starting to adopt artificial intelligence. This is different from the robo-advisers you've probably heard about. Those have simplistic, rules-based models -- you give them your age, risk tolerance, goals, and so on and they select a basket of exchange-traded funds for you.