Perspective

The incredible potential of artificial intelligence in wealth management

Explore how AI has evolved and how generative AI could enhance wealth management, when used within appropriate guardrails.

Key Takeaways
  • AI has evolved to reach new heights: The field of artificial intelligence (AI) has produced applications with a range of human-like capabilities. More recent releases are especially powerful.
  • Generative AI holds unique promise and peril: ChatGPT and similar solutions have shown that they can be very effective and useful, but they have yet to demonstrate that they can be consistently credible.
  • Firms could start using these tools today: There are at least several ways that wealth management firms may be able to use generative AI today, to realize benefits while mitigating risks.
  • Consider the potential, in both directions: Firms may eventually have to adopt these tools to compete, but healthy skepticism and effective risk management are essential, especially within an evolving regulatory environment.
  • How to get started: Consider a phased approach: understand these solutions and how they could help, start small in testing, set and evolve policies, envision the possibilities, and invest in your data.
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