Unveiling the Future of AI in Wealth Management: Our Editorial Initiatives for 2024

Uncover the vendors and innovations that are advancing AI in wealth management for 2024 and beyond in our new series of AI-focused projects.

The applications of Artificial Intelligence (AI) across the wealth management sector are, potentially, game-changing for the industry. Of course, wealth management does not stand alone as an arena where AI poses, simultaneously, both a huge opportunity as well as challenge and possible threat for those who ignore it’s arrival. You name it, AI looks to have a role to play whether for the client, the adviser or the wealth management business.

It is not so much where AI can be applied within a business, but where it can’t. Of course, the arrival of so many AI-based technologies raises all sorts of questions, not least how and where to adopt it and how to integrate and manage it, but the apparent opportunities are mindboggling. You just have to ask ChatGPT a question, on anything, and see its response.

Let’s consider the impact and interest with some headline findings:

• According to McKinsey, AI could deliver additional economic output of around US$13 trillion by 2030, boosting global GDP by about 1.2% a year.
• IDC believes the costs savings for banks from AI applications could have reached US$447 billion by 2023.
• An EY study from 2023 found that wealth managers with more than US$2 billion in AUM ranked alpha generation and financial advice as the top areas where GenAI could have a strong impact on their businesses.
• While an Accenture survey from 2022 (500 wealth management respondents in North America) found that 77% believed AI will have a major impact on client experience.

Globally, by segment, wherever you look, wealth managers are using AI now in their business (whether strategically or not) and the growth trajectory for the deployment of AI within wealth management organisations is, frankly, massive.

What we are we doing at The Wealth Mosaic to support and enhance the knowledge share around the topic of AI in wealth management?

Alongside our continual effort to maintain and update our Solution Provider Directory with any AI-related businesses or solutions, we are now working on the following editorial initiatives:

1. AI WealthTech Market Map - Live

An illustrative Market Map, highlighting the firms we know of in our ecosystem that have an AI offering and/or are incorporating AI into their offering/s. Categories are based on the Business Needs from our online Solution Provider Directory.

2. AI WealthTech Market Fact File – July 2024

Related to the Market Map, the Fact File is a more detailed listing with supporting details for every firm listed in the Map. Includes web links, company and offering details, country and regional relevance and contact details.

3. AI in Wealth Management – July 2024

A research report, providing an overview of the role and relevance of AI in the wealth management sector. Mixes a wide array of relevant third-party research with opinion pieces and case studies, plus the AI WealthTech Market Map.

4. AI Toolkit – October 2024

The second in our new Toolkit Report Series, this report will allow vendor participants to own a specific ‘topic’ related to AI and to showcase how their offering delivers on this topic and is of benefit to wealth managers. Supported by roadshow events in relevant financial centres.

5. AI in Wealth Management Pulse – December 2024

The final part of the puzzle – the research. This project will divide the research into four regions – APAC, Europe, Middle East and North America. We will conduct executive interviews in each region, support that with an online survey, and release both regional reports and one summary report.

For more information on any of our editorial initiatives in the Artificial Intelligence (AI) in Wealth Management program, visit a more detailed overview document here.

Interested in having a conversation to discover more and how your firm can participate in these initiatives? Please get in touch at [email protected]

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