It really is the rise of the robo-income manager: Artificial intelligence stands to bring big disruption to a wealth administration market by now locked in a heated competitive fight for fees and inflows.
A new PwC survey of asset supervisors and institutional traders warns that 1 in 6 asset and prosperity administration companies will be acquired or shut down in the upcoming 5 a long time.
“The tech carnage should be sizeable,” Paul Meeks, a portfolio manager at Unbiased Alternatives Wealth Administration, informed Yahoo Finance about AI’s looming affect on the wealth administration business.
Meeks, who has been plowing forward