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AI is taking over aspects of our health care (1), our jobs, and increasingly, our investments as financial institutions automate (2) customer service, fraud detection, forecasting and portfolio management. But, while software platforms position their programs as complements (3) to human professionals — helping with risk management, data analysis, and trend identification/prediction — companies may soon be reserving their mortal staff for only their wealthiest clients, relegating the rest to AI support. Top Picks – Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s how to fix it ASAP – JP Morgan sees gold hitting $6,000/oz before 2027 — and a Gold IRA lets you hold the physical metal while deferring the tax bill.
Get your free guide from Priority Gold – The ultra-rich use these 6 real estate strategies to build wealth while they sleep — you can start with just $100 At least, that’s what Debasish Patnaik, senior partner McKinsey & Co., has gone viral for implying this week. Speaking of wealth management customers with investments ranging from $100,000 to $1 million, Patnaik stated in an interview with Bloomberg (4) that “The mass-affluent client now gets something close to private-banking quality from AI,” while advisors tend to the needs of higher net worth groups. It’s a shift that is now “fundamentally changing” how candidates are selected in the sector, he said, as the demand for someone who can offer standardized advice suitable for the everyday consumer takes a back seat to the demand for someone who can provide highly customized, personal attention for a certain clientele; or, as Bloomberg puts it, who can meet the “emotional needs of the truly rich.” Though McKinsey itself doesn’t deal with individual…