Matt Wiltshire, Managing Director at Niche Private Clients, appeared on BBC Radio 4’s Today programme to discuss how artificial intelligence is reshaping the wealth management and financial advice sector.
During the segment, Wiltshire explored the extent to which AI could alter traditional advisory models - and whether this shift represents a threat or an opportunity for the profession.
He highlighted the growing pricing pressure created by AI tools capable of automating technical tasks such as tax modelling and portfolio rebalancing at significantly lower cost than traditional advisory structures.
“AI is reducing the cost of technical financial work,” said Wiltshire during the programme. “That inevitably puts pressure on fee models built around technical execution. The question becomes: what are clients paying for?”
Wiltshire emphasised that while AI can increase efficiency and improve consistency, regulatory accountability and suitability remain firmly with human advisers.
“AI may assist with analysis, but responsibility does not transfer to software. Regulated advisers remain accountable for ensuring recommendations are appropriate to each client’s circumstances.”
He also noted that the real long-term opportunity lies in widening access to advice.
Currently, only around 9% of the UK population engages with financial advice. Wiltshire suggested that AI-enabled efficiencies could lower delivery costs and help firms serve a broader segment of the population.
“The future of advice is not about replacing advisers. It is about using technology to enhance human judgement, emotional support and long-term coordination of family wealth.”
The discussion also touched on investor concerns regarding listed wealth management firms, regulatory oversight of AI-generated recommendations, and the balance between automation and personal responsibility in volatile markets.
The programme can be listened to on demand via BBC Sounds:
https://www.bbc.co.uk/programmes/m002rdnd
