The Future of Wealth Management Is Generative
This IDC Perspective provides a thoughtful and timely consideration of the many potential applications of generative artificial intelligence (GenAI) within the wealth management industry, exploring the technology's potential to disrupt traditional business models and empower traditional financial advisors simultaneously. The reader is asked to consider how the provision of cost-efficient, high-value, and personalized services through digital channels is an inevitable future state for the industry while offering creative examples of how that might be accomplished using GenAI. "Generative artificial intelligence promises to dramatically reshape business models and the customer experience in the wealth with the seamless integration of AI-powered insights and advanced automation making sophisticated financial services more accessible and personalized," says Thomas Shuster, research director, Capital Markets, Wealth, and Digital Asset Strategies at IDC.
Executive Snapshot
Situation Overview
Enhanced Personalization
Automated Investment Strategies
Democratization of Personal Wealth Management Services
An Inevitable Future State: Hybrid Wealth Management Services
Advice for the Technology Buyer
Establish a Clear Strategy and Purpose
Prioritize Financial Advisor Enablement (for Traditional Wealth Management Firms)
Include Upskilling and Training of Advisors and Relevant Support Staff
Invest in Data Infrastructure to Power GenAI Applications
Prioritize Client-Centric Applications
Maintain a Focus on Compliance and Ethics
Develop a Network Within the AI Vendor Community
Measure Success with Client-Centric KPIs
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Related Research
Synopsis
Research Assistance
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