Rise of the machines: Clients predict AI to replace 45% of portfolio management roles

Expect higher use of AI over next five years

Almost half of high net worth clients believe artificial intelligence would "mostly replace" humans on portfolio management over the next five years, according to a new report by Tenemos and Forbes Insights.

The report, entitled AI and the modern wealth manager, surveyed 310 global wealth managers and high-net-worth individuals, 28% of whom came from Europe. Some 45% of clients thought AI would replace humans on portfolio management in the next five years, 35% thought it would replace humans on investment advice and 29% believed client communication would be done by AI.  Just 7% of clients said they expected portfolio management would remain carried out by humans in five years time. S&W's Ford: The artificial intelligence opportunities to back in the UK Overall, clients tended to be...