Mass affluent? Your wealth manager may be AI now.

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Setforlife

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Read this article last week with quotes from consultants basically selling AI as cheap way to service mass affluent clients for financial companies.

gizmodo.com

Are You ’Mass Affluent’ Not ‘Truly Rich’? Sorry, Your Wealth Manager Might Be AI Now

The world of finance is automating, but if you're rich enough, it's reportedly more human than ever.
gizmodo.com gizmodo.com

Thought it would be a US thing really, then straight away BOI are saying basically what the consultants told them. Which is disappointing. None of them ever seem to consider that if it’s just AI giving the advice consumer doesn’t need them in the middle.

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Are the "mass affluent" so gullible that they believe they are high-net worth individuals and getting personalized treatment (from a human)?

As for BOI, I recall quite some years ago I had a 6 figure sum resting in my account for a period and they reached out to me with some personalized service. I didn't respond and that was the first and last time they contacted me. They didn't seem to work too hard to gain new customers.
 
They already had you as a customer. They might have turned you into a higher value customer by successfully selling your some higher-margin product than a demand deposit. On the other hand, pester you with too much aggressive marketing efforts and they might end up driving you way, to a bank that doesn't persistently try to upsell other financial services. Generally, if you don't respond to the first approach they'll assume that that might be because you're not interested in what they are offering, and they'll be concerned that they might annoy you if they keep trying to interest you in it.
 
Honestly. AI is a far better partner to the normal Joe Soap (presuming Joe has the modicum of intelligence needed to recognize BS hallucinations) than any bank or financial advisor. Even if just for the fact that it answer every call. Where is the bank when you wake up in the middle of the night in a blind panic asking yourself 'Is 60/40 stocks/bonds right for me when everyone seems to be saying 35% US equities/65% international equities?'
 
patfert1 said:
As for BOI, I recall quite some years ago I had a 6 figure sum resting in my account for a period and they reached out to me with some personalized service. I didn't respond and that was the first and last time they contacted me. They didn't seem to work too hard to gain new customers.
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AIB tried once with me, then when I didn’t seem interested never tried again. Which seems sensible on their part, really; okay, it’s possible that on the second try I might go “oh, yeah, actually, a rather expensive investment product tracking an index that I could just buy a cheap fund for sounds great, I’ll take it”. But probably more likely it just adds to the list of things I find annoying about AIB.

(Honestly this is an element of sensibleness I would worry they’ll lose if they go all ‘AI’ on it.)
 
Hmm5673 said:
AIB tried once with me,
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Same, but I only had a balance in the (very) low 5 figures. I pointed out to them that I was 17, needed the money in a couple of months for university, and that their charges on the investment product were ridiculous.
 
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