Exploring the role of fintech and AI in wealth management

With growing awareness, information, and interest in financial markets, many new companies are emerging in the Fintech industry. Financial services provided by Fintech companies help the general public invest efficiently in the market and gain profit. With growing technological development, AI has also made its way through financial markets. With the help of Fintech and AI, investors can make more wise decisions with concern for their money. The services offered by the companies were first majorly used by affluent investors. Still, with changing times, every individual wants to invest hard-earned money smartly and intends to prepare a structured portfolio for his future. The portfolio and the strategies used to multiply an individual's income through diversification are known as wealth management. In this paper, we will understand the basics of Fintech and AI used in wealth management, what wealth management is, whether people are using Fintech and AI to leverage their investments, and how this will impact the overall investment strategy for a young investor. As wealth management is not a one-day activity, there should be adequate information and knowledge to invest in the financial market. The paper is quantitative, empirical, and descriptive in nature. Data analysis for the paper is done through charts and models. The data was collected primarily from individuals with various backgrounds. This paper aims to understand how people/investors use Fintech and AI in wealth management and how these platforms have changed investment approaches.