They research with artificial intelligence and decide with humans.. This is how wealthy people manage their money technology

The wealthy do not have much confidence in artificial intelligence to manage their wealth and investment portfolios, as they still prefer human advisors as the main source of investment ideas, according to a report published by Bloomberg News on Tuesday, June 24.

The report is based on a survey conducted by HSBC Holdings, which is responsible for managing the bank of the same name. The survey included about 10,000 wealthy and high-net-worth participants in 10 global markets, including mainland China, Hong Kong, India, Singapore, the United Arab Emirates, the United Kingdom, and the United States.

The company that conducted the survey set certain conditions for its participants, as they must be between 21 and 69 years old, with a minimum investable assets starting from $100,000 for the wealthy group and $2 million for high-net-worth individuals.

Therefore, the Bloomberg report states that Generation Z and Millennials tend to combine artificial intelligence with a human advisor in all important steps.

The survey showed that 62% of wealthy people still turn to human advisors as the main source of investment ideas, and artificial intelligence was an influential factor in the decision of only 12% of participants to invest.

In a related context, a report published by the American technical website “The Next Web” explained that wealthy investors rely on artificial intelligence to generate ideas and search for new ideas, then they turn to human advisors to ensure the validity of these ideas and make financial decisions based on them.

The report presented the results of the UAE in more detail than others, as 98% of investors there reported that they depend on artificial intelligence in one aspect of their lives, with 83% of them relying on it in financial matters, which is the highest percentage globally in the questionnaire.

However, the most influential voice in the final decision remains for human advisors at 34% compared to 13% for artificial intelligence tools, according to the Next Web report.

For his part, Barry O’Byrne, CEO of HSBC’s International Wealth and Premium Banking arm, believes that clients rely on artificial intelligence to explore opportunities faster, and then want a human checkpoint to confirm their decision. He added, “Customers do not choose between artificial intelligence and a human advisor, but rather prioritize between them.”

In a different context, McKinsey & Company recently expected that artificial intelligence would replace humans for clients who have liquid assets worth one million dollars or less, which reflects a clear difference in the orientations of major financial sector companies.

A new trend for artificial intelligence companies

The results of the HSBC survey are consistent with the new trend that artificial intelligence companies around the world have begun to follow, as several companies such as Anthropic and OpenAI have introduced new tools targeting the financial management of clients’ assets and properties.

Anthropic specifically launched 5 new financial tools based on the “Cloud” artificial intelligence model that it is developing, and helps users manage their investment portfolios.

The results of the survey confirm that artificial intelligence is not yet able to replace the human financial advisor, but rather will turn into an auxiliary tool in the first place.