Report cover image

The Future of Wealth Management Is Generative

Publisher IDC
Published Sep 25, 2024
Length 9 Pages
SKU # IDC19199152

Description

The Future of Wealth Management Is Generative


This IDC Perspective provides a thoughtful and timely consideration of the many potential applications of generative artificial intelligence (GenAI) within the wealth management industry, exploring the technology's potential to disrupt traditional business models and empower traditional financial advisors simultaneously. The reader is asked to consider how the provision of cost-efficient, high-value, and personalized services through digital channels is an inevitable future state for the industry while offering creative examples of how that might be accomplished using GenAI. "Generative artificial intelligence promises to dramatically reshape business models and the customer experience in the wealth with the seamless integration of AI-powered insights and advanced automation making sophisticated financial services more accessible and personalized," says Thomas Shuster, research director, Capital Markets, Wealth, and Digital Asset Strategies at IDC.

Table of Contents

9 Pages

Executive Snapshot

Situation Overview

Enhanced Personalization

Automated Investment Strategies

Democratization of Personal Wealth Management Services

An Inevitable Future State: Hybrid Wealth Management Services

Advice for the Technology Buyer

Establish a Clear Strategy and Purpose

Prioritize Financial Advisor Enablement (for Traditional Wealth Management Firms)

Include Upskilling and Training of Advisors and Relevant Support Staff

Invest in Data Infrastructure to Power GenAI Applications

Prioritize Client-Centric Applications

Maintain a Focus on Compliance and Ethics

Develop a Network Within the AI Vendor Community

Measure Success with Client-Centric KPIs

Learn More

Related Research

Synopsis

Pricing

Currency Rates
How Do Licenses Work?

How Do Licenses Work?

The primary function of a report license is to define how many people within a company are authorized to use the purchased report. This is separate to how a report might be delivered. Unless specifically identified otherwise, the purchase option is Single User. Below is a helpful description of that license, along with a sampling of others most commonly offered.

  • This license allows only one user to have access to and to use/read the report. It is not one user at a time or one user group; it is an individual who will be reading and utilizing the report.

  • This license allows for the entire purchasing company to read and use the report. This is the license level that would allow for a report to be placed on an internal company shared drive for access by all employees of that direct company. This license does not extend to parent or sister company use.

  • This license is designed to allow an entire department within a company full access to a report. The departmental license is a great option for companies that have more than one location and the department is spread out all over the country/world

  • This license is for companies that have one location where they want the report to be accessible by all employees within that physical location.

  • This is the most flexible of the licensing options. Some publishers will allow you to get a license for a preset number of people (typically 5). These licenses are ideal for small work groups.

License options are at the discretion of each publisher. As such, not all licenses indicated above are available for every product. If you are uncertain of the best license for your needs or would like a license that is not proactively available, please contact us and we will be happy to assist.

Head shot

Questions or Comments?

Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.
Chat Now
Contact Us