The financial advice industry is undergoing a digital transformation, with firms increasingly leveraging artificial intelligence (AI)-driven solutions to reduce costs and expand services, according to Fundscape’s latest The Retail Wealth Management Industry whitepaper.
The whitepaper suggested that the shift towards digital adoption is not just about efficiency—it is about making financial advice more affordable and accessible to a broader audience. The landscape of financial advice is being reshaped in part by the Financial Conduct Authority's Advice Guidance Boundary Review, which seeks to clarify how much support firms can provide to clients before crossing into regulated advice, according to Fundscape. It said the outcome of this review will influence how firms deploy AI-driven tools. It also suggested that AI-powered chatbots, realistic avatars...
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