AI Recasts Private Banking for Mass Affluent Investors
Bloomberg notes that AI is enabling wealth managers to deliver private-banking‑quality service to mass‑affluent clients (under $1 million in liquid assets) while the truly rich receive more personalized, human-led care; firms will hire automation specialists and maintain human oversight as AI handles routine tasks, with Citi piloting AI tools like a college fund chatbot and CIO-style email drafting. The shift could reduce the need for traditional advisers for mass‑affluent clients, while Elon Musk suggests AI could redefine saving money in the near future.