The wealth management industry has long feared a future where human advisors are no longer necessary, and that possibility seems closer with generative AI.
An automated financial advisor called PortfolioPilot has quickly gained $20 billion in assets in a possible preview of how disruptive artificial intelligence could be for the wealth management industry.
"People are fed up with cookie-cutter portfolios," Harmsen told CNBC. "They really want opinionated insights; they want personalized recommendations. If we think about next-generation advice, I think it's truly personalized, and you get to control how involved you are.
"We will give you very specific financial advice, we will tell you to buy this stock, or 'Here's a mutual fund that you're paying too much in fees for, replace it with this,'" Harmsen said. "It's likely that over the next year or two, we will build more and more automation and deeper integrations into these institutions, and maybe even a Gen 2 robo-advisor system that allows you to custody funds with us, and we'll just execute the trades for you."Harmsen said he created the first version of PortfolioPilot a few years ago to manage his own newfound wealth after selling his first company.
"I wanted hedge fund-quality tools and ways to think about risk and downside protection, and portfolio management across all of my different accounts and the buckets of money in crypto and real estate," he said.
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