Wealth Management Firms Automating Services for Clients With Under $1 Million in Assets
By
Mike Pearl
Summary
A Bloomberg report reveals that wealth management firms are increasingly automating services for clients with less than $1 million in liquid assets, a group McKinsey consultant Debasish Patnaik calls "mass affluent." These clients may find their wealth managers replaced by AI-driven automation, while only the truly wealthy continue to receive personalized human attention. The article highlights a growing divide in financial services where automation targets the less affluent.
Source
bskyWealth Management Firms Automating Services for Clients With Under $1 Million in Assetsgizmodo.comKey quotes
· 3 pulledWealth managers may be ghosting their normie clients and automating the services they currently count on
"Mass affluent," referring to wealth management clients with $1 million or less in liquid assets
If you are mass affluent, I hate to break the news that your wealth manager apparently never actually cared about you
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