Which jobs in wealth management can’t be automated/ replaced by robots?

I have come across this question few times. Below is my response.

1. Portfolio construction: In future, artificial intelligence will be used to make better sense of the vast data available to us, and help us in determining good investment opportunities. However, portfolio construction is a subjective activity, and it is based on an investment methodology that is designed by human perspectives.

So, irrespective of the extent of the usage of technology in portfolio construction, this task will be overseen by investment experts.

2. Client relationship for ultra-high-net-worth-individuals: For individuals with high amount of investible assets, typically more than $100 million, there will be a host of complex wealth management needs such as tax planning, estate planning, succession planning, philanthropy and alternate investments. It is difficult to automate the processes and the decision-making that is involved while catering to these needs. Hence such tasks will be handled by domain experts who work with the client relationship team catering to such individuals.

Related information

Read the answers to the related questions:

• Will robo-advisors replace human financial advisors?
• What is the future for wealth management?

Also refer to the related knowledge resources:

• An introduction to wealth management
• An introduction to discretionary investment management
• Financial advisers and discretionary investment management

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