How AI can help prevent a wealth manager shortage 

The wealth management industry faces an unprecedented challenge. With demand for wealth management services reaching record highs and a potential shortage of 100,000 wealth managers looming over the next decade, firms are scrambling to find solutions. The answer isn’t necessarily hiring more people—it’s working smarter with AI.

The scale of the challenge

The numbers are stark. As global wealth continues to grow and client expectations rise, the traditional model of wealth management is being stretched to its limits.

Consider the typical day of a wealth manager. Hours are consumed by due diligence research, manually scouring through corporate registries, news articles, and compliance databases. Client onboarding involves extensive background checks that can take days or weeks to complete. Risk assessments require piecing together information from dozens of sources, each demanding careful analysis and documentation.

As AI working practices become more prevalent, this will become unsustainable. When skilled professionals spend 60-70% of their time on research and administrative tasks rather than client interaction and strategic planning, the industry has a productivity problem.

How can AI help wealth managers?

The solution lies not in replacing human expertise but in amplifying it. Xapien AI technology, when properly implemented, can handle the heavy lifting of research and analysis, freeing wealth managers to focus on relationship building and strategic decision-making.

But here’s the crucial distinction: we’re not talking about generative AI tools like ChatGPT that might hallucinate information or provide unreliable data. Effective AI for wealth management requires sophisticated systems that can access structured datasets, cross-reference multiple sources, and provide fully traceable, attributable insights.

The future of due diligence

What traditionally requires hours of manual research across multiple platforms can be compressed into minutes with the right AI system. Instead of manually searching through corporate registries, news databases, and compliance records, Xapien AI can simultaneously scan millions of sources, extract relevant information, and compile comprehensive reports. More importantly, it can regularly repeat the process ensuring information is up to date and relevant.

The key is transparency and traceability. Every piece of information must be fully attributable to its source, allowing wealth managers to verify findings and make informed decisions with confidence. This isn’t about automating decision-making—it’s about providing better, faster intelligence to support human judgment.

Firms that embrace AI-powered efficiency gain a significant competitive edge. They can onboard clients faster, conduct more thorough due diligence, and free up senior talent.

AI Future in Wealth Management

AI won’t solve every challenge facing wealth management, but it can solve the right ones—the time-consuming, research-intensive tasks that prevent wealth managers from doing what they do best.

The future of wealth management isn’t about having more advisors. It’s about empowering the advisors we have to do more meaningful work. AI makes that possible.

Find out more about how Xapien streamlines due diligence for Zurich.