UBS CEO: AI will not replace financial advisors’ role

Financial advisor making quick calculations

In this blog, we curate relevant and remarkable content related to digital banking, fintech and high-performance banking leaders. This piece by CNBC reports that intelligence is better suited to handling day-to-day functions, like opening an account or executing trades according to UBS CEO Ralph Hamers. Read on.

“LONDON — One of the world’s biggest wealth managers doesn’t think artificial intelligence can replace the role of financial advisors.

Ralph Hamers, the CEO of UBS, said Wednesday that technologies like AI were better suited to handling day-to-day functions like opening an account or executing trades than advising clients.

“There is no added value for client advisors to be engaged in a process like that,” Hamers told CNBC’s Geoff Cutmore at the virtual CNBC Evolve Global Summit. “They’re advisors. They should advise.”

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