The Financial Conduct Authority's review into the long-term impact of artificial intelligence has suggested wealth managers should prepare for a fundamental shift in how investment advice is delivered.
The Mills Review: AI and the Future of Retail Financial Services argued that AI will increasingly influence savings and investments as the industry moves "from human-led, episodic financial activity towards services that are AI-enabled, continuous and delegated". For wealth managers and financial advisers, the regulator envisaged a future where analysts work alongside AI on investment themes, advisers use AI to compare products before signing off recommendations, and AI systems carry out portfolio management tasks within agreed mandates while clients monitor outcomes. Within firms, th...
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