While the financial advice industry has taken to the use of AI technology relatively fast, specialist high-net-worth advisers are leading the charge on this front.
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While the financial advice industry has taken to the use of AI technology relatively fast, specialist high-net-worth advisers are leading the charge on this front.
According to a report from Praemium, developed in conjunction with CoreData, high-net-worth (HNW) advisers are utilising artificial intelligence (AI) technology to assist them in serving clients with complex needs that require sophisticated tools in order to deliver “high-quality, personalised service”.
To this end, HNW advisers are using AI technologies, such as natural language processing and machine learning, to help them analyse large datasets and anticipate market changes, proactively ensuring their clients’ portfolios are aligned to their needs.
The AI & Integrations report noted a strong correlation between high levels of digital integration within an advice firm, strong growth intentions and an increased likelihood of a firm adopting AI technology.
While the findings showed that 27 per cent of advisers overall exhibited a high level of digital integration, HNW advisers, in particular, were more likely to fall into this bracket, with 33 per cent doing so compared with just 21 per cent of general advisers.