Wealth management is undergoing one of the most profound shifts in its history, driven by rapid advances in data analytics, automation and artificial intelligence.
As firms adapt to the needs of a new generation of digital-first investors, the sector is moving beyond traditional client service models to create experiences that are more personalised, connected and insight-driven.
In the latest edition of LSEG’s Wealth Insider Insights, Michael Boardman, senior advisor at Boston Consulting Group, shared his perspective on how the industry is evolving and what firms must do to stay ahead of the next wave of competition.
Reflecting on the coming decade, Boardman noted that technology has always shaped the industry, but its influence is accelerating. From the earliest desktop tools to the introduction of the internet and now AI-powered advisory support, technology has continually reshaped workflows.
Yet, he argued, the core responsibilities of wealth advisors remain the same: asking the right questions, understanding client priorities and assembling the right expertise around them. The crucial distinction now lies in how data will be harnessed. Wealth managers will ingest and leverage tax returns, financial statements and estate plans, not only to improve outcomes for individual clients but also to create value across clients with shared needs, enabling intelligence at scale.
This evolution is also reshaping team structures. The traditional combination of advisor, assistant and operations support is giving way to a more advanced configuration, with a third component: digital and AI-driven smart assistants. These tools will surface insights faster, anticipate requirements and help advisors prepare for client conversations with unprecedented depth.
AI will support every stage of the client journey, Boardman explained. It begins with first impressions, where marketing will shift towards highly personalised engagement tailored to individual preferences. Onboarding will become faster, digital-first and streamlined, reducing delays that can weaken early relationships. In the service phase, large volumes of client data will be analysed to generate next-best actions across entire books of business.
Boardman believes that personalisation will become one of wealth management’s most defining capabilities. As demographics shift and competition intensifies, firms that offer truly tailored digital interactions will draw a clear advantage. Using AI, firms will be able to customise engagement to a “segment of one”, understanding what each client values, what information is most relevant and what type of experience they expect.
For more insights, read the full interview here.
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