Wealth managers and price comparison websites are facing significant disruption fears from emerging artificial intelligence (AI) technologies. Following Altruist Corp’s launch of a tool that personalizes tax strategies for clients, shares of UK wealth management firms, including St James’s Place, Quilter, and AJ Bell, plummeted by up to 10%. Experts, like Wealth Club’s Susannah Streeter, warn that this disruption may only be the beginning, potentially affecting revenue streams in the financial sector.
Similarly, shares in Mony Group, owner of Moneysupermarket, and Future, which operates Go.Compare, have seen significant declines, driven by concerns over AI’s capacity to revolutionize the insurance comparison experience. New offerings like Insurify’s AI-driven car insurance quotes have amplified investor anxieties, prompting calls for existing firms to adapt their strategies.
Overall, as the landscape shifts, sectors such as insurance and wealth management must swiftly innovate to remain competitive amid AI advancements.
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