The launch of the tool, which can analyse \u201cwhat-if\u201d scenarios such as the impact of property sales or retirement transitions on customers\u2019 taxes, revived concerns that some units in wealth management groups could become obsolete. <\/p>\n
Bosses at St James\u2019s Place and other wealth managers<\/a> including Schroders and Lombard Odier have defended their business models in light of the threat, arguing that they are increasing their use of AI. <\/p>\n They said they stood to win clients from competitors that are slower in embracing AI, adding that the technology would not be capable of replacing the more personalised and specialised services they offer to extremely wealthy customers.<\/p>\n Advisers that did not use AI \u201cmay well be replaced by those that do\u201d, said Mark FitzPatrick, chief executive of St James\u2019s Place, which oversees about \u00a3220bn.<\/p>\n While AI<\/a> may not replace humans, it was \u201cgoing to put the work that advisers do on steroids\u201d by making them more productive, he told the FT.<\/p>\n Investors said groups offering financial \u201cguidance\u201d and \u201ctargeted support\u201d \u2014 general tips and help, rather than individual recommendations that amount to regulated financial advice \u2014 were most at risk. <\/p>\n \u201cFinancial guidance is eminently \u2018disruptable\u2019 by AI,\u201d said one fund manager. \u201cUltimately, for full-blown financial advice, it\u2019s a people business. Individuals find it hard enough\u00a0to trust humans\u00a0to advise on large sums of money, let alone an algorithm.\u201d\u00a0 <\/p>\n Richard Oldfield, chief executive of Schroders, which owns private client business Cazenove Capital, said using more AI tools to serve wealthy customers \u201chelps us to be more efficient and effective for clients\u201d.<\/p>\n He said providers of basic advice were at greater risk of disruption because companies that serve the \u201cmass affluent\u201d market, rather than very wealthy people with more complicated needs, \u201care really going to use AI to replace advisers in areas where that makes sense\u201d. <\/p>\n FitzPatrick said St James\u2019s Place was enabling its 5,000 advisers to use AI to record conversations and prepare recommendations for clients. Its internal ChatGPT-like tool, ChatSJP, provided quick and accurate answers to technical questions, which helped \u201cimprove quality and speed of service\u201d, he said.<\/p>\n Geoffroy de Ridder, head of technology at Lombard Odier, which oversees SFr223bn ($288bn), said \u201cevery simple activity\u201d currently undertaken by humans, such as bringing on board clients and back office processing, could be replaced or complemented by AI.<\/p>\n \u201cI clearly expect some savings on the back end,\u201d he said. \u201cWe are accelerating the development of\u2009.\u2009.\u2009.\u2009projects, particularly for \u2018know your client\u2019 and anti-money laundering compliance areas. This is where AI can help. We can now do things 20-50 [times] faster.\u201d <\/p>\n Recommended<\/p>\n![\"Mark](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/02\/https:\/\/d1e00ek4ebabms.cloudfront.net\/production\/0886f97c-0dcc-43f9-8f86-647411373310.jpg\")
St James\u2019s Place CEO Mark FitzPatrick said \u2018advisers who don\u2019t use AI may well be replaced by those that do\u2019 <\/p>\n
![\"An](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/02\/https:\/\/images.ft.com\/v3\/image\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fdd6d39.jpeg\")
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