Technology and Innovation Community

Hi Community - I continue to be intrigued as to how UHNW wealth management services can potentially be rolled out and scaled to mass-market. ATG is a company that I have come across on several occasions (more details below). UHNW security holdings and personal finances are notoriously complex to manage and optimize so can AI powered ATG handle and execute this complexity?

Autonomous Technologies Group (ATG) is an AI lab that raised $15 million in seed funding to develop an automated AI financial advisor platform. This platform aims to make wealth management strategies accessible to the mass affluent at low or zero advisory fees. Read the full article at Business Insider. 

Hi Shane, thank for flagging. Indeed, AI is already in various stages of pilot/implement/use on mass affluent/HNW platforms but assisting advisors, aka another evolution of digital. No one in compliance (at least at a UK institution) is comfortable letting AI go solo because of customer duty obligations and model explainability if/when interrogated by a regulator, hence still keeping human in the loop. And customers can't or don't willingly want to opt up to professional if that means giving up the fallback cushion of protections for retail investors. (Professional investors like HRs have AI trading all day long.) It is ironic, however, that an individual can come to whatever investment decision they want using whatever tools they want (AI, mystics, whatever) and then go to a pure agency platform (pick any of the retail execution platforms) to execute. The individual is wholly responsible their decision; if the platform did provide tools for that are approved for assistive use and fully explainable, the platform wouldn't be viewed as having any fiduciary responsibility. And that is the nut of the issue, who would/could be deemed responsible if things go "wrong". Regulators like the FCA are keeping an eye on developments: AI and the FCA: our approach