The world of wealth management is evolving rapidly in response to the changing landscape of technology and investment strategy. As artificial intelligence (AI) technology becomes more powerful and sophisticated, its use in the wealth management space is steadily increasing. As AI technology continues to expand its capabilities and is integrated into more consumer-facing applications, the potential for its wise use in more sophisticated personal investment strategies is becoming increasingly attractive to forward-thinking investors. Looking forward to 2023, it can be expected that artificial intelligence will have greatly influenced how investors, both retail and institutional, interact with and manage their wealth. As artificial intelligence technology advances, its uses in wealth management will become more refined and provide more accurate and efficient investment advice than ever before. Machine learning algorithms can process massive amounts of data quickly and compare potential investments against a set of rules.

Wealth Tech (Technology) companies have rapidly spawned in recent years. Cutting-edge technologies are making their way into almost all industries from manufacturing to logistics to financial services. Within financial services, technologies such as data analytics, Artificial Intelligence, Machine Learning among others are leading the way in changing business processes with faster turnaround time and superior customer experience. As technology evolves, business models must be changed to remain relevant. The wealth management sector is also not insulated from this phenomenon!

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.

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-- talking about how do we employ people in a world where the computers and the machines can do things better, faster and cheaper than anyone else can do them. That had us thinking about the topic of this article, because the comparative number of Google results one receives upon searching "artificial intelligence" (AI) plus most 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.