I have had a couple of discussions in past few months on the future of advisory. AI has been one of the most regular topics to have come up, especially with regards to advisors. With clients, colleagues and anyone willing to debate. Here is what I can drill down from these “chats”.
Robots handle the math. Humans handle the meaning. An advisor who lets AI do the boring spreadsheet work gets hours back to do the one thing no software can: care out loud. So here’s the new rule: let the robot crunch the numbers, and let the human crunch the doubts. Clients rarely leave because returns dipped 1%. They leave because nobody called.
Knight Frank expects India’s UHNWI population, meaning net worth above $30 million, to grow from 19,877 to 25,217 by 2031, and its billionaires to rise from 207 to 313. Family-owned businesses are one of the main engines. Yet fewer than half of Indian business families have a succession plan.
So a very large pile of wealth is heading to the next generation with a plan best described as “everyone will understand.” While the new generation is well conversant with AI, it’s always the one advisor who reaches out with a well timed “Chai Pe Charcha”, who would be trusted.
AI is a friend, but you are the all weather friend.
Ciao.
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