Europe’s top wealth managers are rushing to defend themselves against advances in AI after the launch of a tax planning tool in the US intensified concerns that tech disruption would lure customers from traditional advisers.
Shares in wealth management groups tumbled this month after US fintech Altruist unveiled its latest AI-led offering, which helps advisers create tax strategies for clients within minutes by interpreting payslips and other data.
The launch of the tool, which can analyse “what-if” scenarios such as the impact of property sales or retirement transitions on customers’ taxes, revived concerns that some units in wealth management groups could become obsolete.
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