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The wealth management sector in Singapore is undergoing a significant transformation due to the integration of artificial intelligence (AI). Investors are increasingly favoring wealth managers who utilize advanced technologies, with 79% of wealth managers recognizing AI as essential for the industry's future. A notable 47% of investors are contemplating switching their wealth managers, primarily due to underperforming portfolios and a lack of technological adoption.
Investor trust is heavily influenced by wealth managers' ability to manage portfolio risks while considering individual risk appetites. Despite the clear demand for modern technology, many wealth managers express dissatisfaction with their current systems, citing difficulties in navigation and outdated platforms. The findings underscore the urgent need for wealth managers to enhance their technology infrastructure to align with evolving client expectations.
• 79% of wealth managers see AI as essential for the industry's future.
• 47% of investors consider switching wealth managers due to technology reluctance.
AI is crucial in wealth management for providing advanced analytics and personalized services.
Investors value access to advanced investment analytics for better decision-making.
Effective portfolio risk management is essential for building trust between advisors and clients.
Avaloq's report highlights the growing importance of AI in wealth management.
The Independent Singapore 12month
South China Morning Post 6month
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