The temptation of technology is strong. It promises productivity gains, streamlined investment decisions, better compliance with regulatory requirements and even a greater capacity for analysis than the best human experts. But does it really have the means to deliver on its promises, to combine performance and individualisation whilst guaranteeing absolute protection of its users’ personal and financial data?

Wealth management cannot be reduced to algorithms and predictive models. How can advisors preserve their unique role, the relationship of trust patiently built up over decades and sometimes handed down over several generations? Their expertise is based not just on figures, but on their ability to listen, understand, anticipate what is not said and to manage complex family situations, which are often much more subtle than what an algorithm could model.

The new generation of customers, the “digital natives,” expect a fluid, connected experience, but not disembodied management, say many industry experts. Adoption of new technologies remains slow, not because of resistance to change, but because trust is the most precious asset in this business.

No, the challenge will not be technological. But a philosophical one: how far can we let the algorithm decide in place of the human being?

This article was written in  for the  of Paperjam magazine, published on 26 March. The content is produced exclusively for the magazine. It is published on the site to contribute to the full Paperjam archive. .

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