Automating wealth management and financial planning with artificial intelligence-powered robo-advisors and decision support tools

Over the years, the wealth management and financial planning industry has seen a tremendous change, driven largely by changes in demographics and technology, as well by an evolving marketplace. Whether we are talking about baby boomers, their parents, or their children, who are now trying to make financially sound decisions, we are seeing the desire for more personalized advice and financial strategies. And the rise on the internet and mobile devices, and more generally digitalization, has been a driving force behind these changes. However, many individuals, and especially millennials and Gen Zs, are uncomfortable seeking out this advice or cannot afford the high fees associated with traditional wealth advisors and professional consultants. The result has been a growing interest in and transparency around “robo-advisors,” a type of platform that provides automated intuitive financial services with little or no human intervention involved.