Wealth managers keen to stay relevant in the age of artificial intelligence may soon find that clients with a mere $1 million in liquid assets are no longer worth spending human hours on.
“The mass-affluent client now gets something close to private-banking quality from AI,” said Debasish Patnaik, senior partner McKinsey & Co. That not only “strips the value from the adviser whose role was standardized advice,” but it also means “the kind of person hired into wealth management changes fundamentally,” he said in an interview.
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