The wealth management industry has long feared a future where human advisors are no longer necessary, and that possibility seems closer with generative AI.
An automated financial advisor called PortfolioPilot has quickly gained $20 billion in assets in a possible preview of how disruptive artificial intelligence could be for the wealth management industry.
When it comes to evaluating portfolios, Global Predictions focuses on three main factors: whether investment risk levels match the user's tolerance; risk-adjusted returns; and resilience against sharp declines, he said. "It could be simple stuff like that, or it could be much more complicated advice, like, 'You're overexposed to changing inflation conditions, maybe you should consider adding some commodities exposure,'" he added.
He'd grown frustrated after meeting more than a dozen financial advisors and realizing that they were"basically just salespeople trying to give access to this fairly standard" approach, he said. So around the time he was starting a family and buying a home in San Francisco, he began coding a program that could manage his investments.
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