Tuesday, 09 July 2024 03:31

Behavioral Finance Can Help HNW Clients

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Bias is a huge problem for high-net-worth individuals (HNWIs), with nearly two-thirds   acknowledging that biases influence their investment decisions and 79% seeking relationship managers (RMs) to help mitigate these biases, the need for wealth managers to modernize their profiling tools is more pressing than ever.


 AI-powered behavioral finance offers a sophisticated solution, providing RMs with deep insights necessary for crafting hyper-personalized financial plans, portfolios, and client experiences. 


Traditional demographic profiling methods are inadequate, often leading to incomplete client profiles and unsatisfactory experiences, as evidenced by the same percentage of HNWIs concerned about personalization. Embracing this technology can transform how wealth managers engage with clients, offering tailored advice and capturing a larger share of the HNWI market.

Finsum: Technology is really allowing advisors more flexibility than ever which can help tailor strategies for HNW clients. 

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