Artificial intelligence (AI) is changing the way wealth managers are investing, and those that don’t adapt, may be left behind, says Professional Wealth Management (PWM). In an uncertain economic climate, the firm notes, AI is transforming the way investors are making decisions.
While AI is not replacing humans in this sector, it is advancing the ability to research options, manage portfolios and source deals. Private market firms are seeing immediate impacts in the acceleration of time-consuming processes, such as due diligence questionnaires, says PWM.
Instead of taking 203 days for a due diligence questionnaire, AI has sped up these processes from months to weeks and, in some cases, days. AI can analyze data from thousands of documents and quickly summarize it into understandable findings. With AI, private equity firms can easily manage global transactions, and family offices are able to access deals that were previously inaccessible.
In addition to the adv
