What the Next Generation Wants From Wealth Managers: Part 2
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What is the main topic discussed in this episode?
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Welcome to Merrin Talks Your Money, the personal finance edition of Merrin Talks Money. In these bonus podcasts, we talk about the best strategies for making the most of your money. I'm Merrin Somerset Webb, editor-at-large for Bloomberg UK Money. We've got the second half of the special broadcast we recorded at the Bloomberg offices in London on the 14th of July. If you missed the first portion, go back and listen to last week's episode. It was an hour-long panel focused on how the world of wealth management is changing, about the rise of next-generation wealth clients, and the growing role of alternatives in modern portfolio construction. The panelists were John Stepak, senior reporter and author of the Money Dissolved newsletter, Charlie Morris, chief investment officer and founder of ByteTree, a leading provider of investment research in traditional finance and digital assets.
We also have Jean-Damien Marie, Global Head of Investments for Barclays Private Bank and Wealth Management. Here is the second half of our conversation. I think we advertised we were going to talk about how AI, except it would affect the wealth management business. So here we go. And we do have time for questions. So do send more in. I've got quite a lot, but more is good. This is kind of the key, the absolute key to the wealth management business over the next couple of decades. Technology and AI transforming the investment process. Where do you see AI creating the greatest value for advisors over the next three to five years? Is it improving productivity, enhancing investment insights, or delivering a better client's experience?
I mean, I would hope that it will be all three.
I think it's probably all three. Yeah, I think what's going to happen back to democratization is what we're working on is really to help clients enjoy the high touch service that you could only afford at a certain level, at a much lower level. And that's really the revolution, I think.
Because you can use AI agents to do basic work that can be done by somebody. And you can concentrate on the actual client service, the face-to-face stuff.
Absolutely. But what we've seen in our experience here is you do need human judgment. As I'm sure you know, we had an attempt with robo-advice. It didn't work out very well. We've launched a month ago a planning-led service with an advisor in the middle. That is the opportunity, I think. Clearly, you're going to see a higher quality advice delivered at that scale, I think, thanks to AI.
So it'll definitely improve productivity. I mean, I think we know that. Although it won't necessarily improve productivity in such a way that you'll end up getting rid of human stuff, right?
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Chapters
6 chapters
1
What is the main topic discussed in this episode?
0:00–5:31
2
What is the focus of this special broadcast on next-generation wealth clients?
5:31–9:27
3
How will AI and technology democratize wealth management services?
9:27–9:45
4
Can AI improve advisor productivity, client experience, and investment insights?
9:45–17:22
5
How might AI affect investment alpha and market beta over the long term?
17:22–18:06
6
Will AI replace human judgement in portfolio construction and trading?
18:06–19:07
Speakers
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