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[quote=Anonymous][quote=Anonymous][quote=Anonymous]It’s actually not as vulnerable to AI as you think.

First, AI isn’t going to convince a HNW person to allow a firm to manage their money so sales/relationship folks won’t go anywhere.

Second, a good wealth management firm is providing tax planning, estate planning, etc. in addition to portfolio management (that aspect is definitely getting more automated).

Finally, most clients expect a human to answer the phone and talk to them especially during big market move days.

It’s not really AI per se…but more people are more comfortable managing their own money which impacts wealth management firms.[/quote]

HNW individuals won’t put 100% into index fund or stock funds, they need access to private markets which still require an allocator. That might change in the future in another 10-20 years.[/quote]

HNW starts at $30MM.  Thats still low enough where you find people managing their own money just with public market investments.

I’m now sure about wanting access to private markets which have been found to be generally poor investments…but you do hit a level where you want high level tax and other advice.

It also makes life very easy on the heirs to have all your money at a firm where they know where it all resides and they have hopefully established trusts and other things to preserve the estate.[/quote]

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