Between 2022 and 2025, an estimated $1.5 trillion in assets moved from traditional wealth managers to wealthtech competitors, according to Capgemini’s World Wealth Report. Jeannette Martin says high-net-worth clients have not abandoned human advice but are increasingly comfortable working with four to six firms. Clients want relevant support across private markets, tax planning and major life events, making one provider less likely to meet every need.
Martin says 97 per cent of firms still group clients primarily by broad wealth bands, while only 17 per cent of high-net-worth individuals describe their experience as seamless and personalised. This static segmentation fails to reflect clients’ changing circumstances, goals and behaviours. Clients increasingly compare wealth managers with leading digital services and expect firms to remember preferences, anticipate needs and avoid repeated requests for the same information.
AI is helping advisers prepare for meetings, surface information, automate routine processes such as KYC and reduce administrative work. Wealth managers are still waiting to measure its effect on key performance indicators, adviser productivity and client retention. Capgemini has also used AI to identify life events and emerging needs, but firms must unify client data, embed tools into workflows and build adviser trust.
Large firms have invested in digital capabilities but often layer them onto organisations built around products and business lines rather than individual clients. Fragmented legacy systems further delay the benefits of new technology, while smaller firms have moved faster by targeting needs such as private markets, estate planning and digital-first advice. Martin says AI should give advisers more time for client engagement, judgement and relationship building.
Mass-affluent clients are becoming more comfortable with robo-advisers , while most high-net-worth clients use automated advice alongside traditional wealth managers. Firms should prioritise unified data, suitable technology and relationship-manager training, while clearly explaining AI’s role and keeping advisers responsible for relationships and advice. Martin expects empathy-led, personalised advice and stronger internal collaboration to support retention and revenue growth.