As artificial intelligence continues to ripple through financial services, the question for wealth managers isn’t if they’ll use AI – but how. According to Anthony Villis, Managing Director of First Wealth, the real disruption lies not with firms adopting AI, but with those building it.
“When OpenAI bought the financial-planning app Roi, it signalled where things are heading,” Villis says. “AI firms want to get closer to clients and reshape how advice is delivered.”
He points to several specialist companies driving this evolution:
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MDOTM, developing portfolio construction and optimisation engines.
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AdvisoryAI, automating fact-finds and suitability reports.
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KX, creating ‘AI banker agents’ to assist with research and client servicing.
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Xapien, leading in AI-driven due diligence and compliance.
“The firms that win will be those that own the intelligence layer of wealth,” he adds.
Alpha, but with a Catch
When it comes to investment performance, Villis is clear-eyed: “AI can find patterns and optimise decisions, but once everyone uses the same signals, the edge disappears.” Instead of chasing elusive alpha, he says, AI’s real power lies in efficiency – freeing advisers to focus on tax, planning and client behaviour. “Think of AI as a force multiplier, not a silver bullet.”
Beyond Robo-Advisers
Private banks are also reaping behind-the-scenes benefits. AI tools now deliver personalised portfolio insights, flag compliance issues, and even predict client needs before they arise. “AI is shifting advice from reactive to proactive,” says Villis.
The Human Advantage
Perhaps the biggest myth about AI in finance is that it will replace advisers altogether. Villis disagrees: “It won’t – but advisers who ignore it will be replaced by those who embrace it.”
For him, the future of wealth management is clear: “AI will handle the heavy lifting – admin, analysis, compliance – so humans can focus on what really matters: trust, empathy and judgement. The future is AI-powered human advice.”
“AI advantage in wealth” was originally created and published by Private Banker International, a GlobalData owned brand.
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