Will AI eventually replace relationship managers?

No, I do not believe that will happen. AI will significantly enhance advisory services, but it will not replace them. Wealthy clients value trust, experience, and human judgment. Those factors remain inherently human. Technology supports the advisor—it does not replace them.

How is AI changing the role of the relationship manager?

The requirements are increasing. Advisors must learn how to use new technologies effectively. Those who master these tools can work more productively and serve clients better. That is why we are investing heavily in training and the implementation of new technologies.

«MiFID hat uns gezwungen, die Bedürfnisse des Kunden wirklich zu verstehen. »

Consider how the profession has evolved. In the past, relationship managers would read the newspaper in the morning and later share their insights with clients. Then computers arrived, and much later came MiFID.

In many ways, MiFID was a gift to our industry. It forced us to truly understand our clients’ needs.

Now we are facing the next step. AI enables us to deliver tailored solutions to clients much faster. I see this as a major opportunity, particularly for private banking clients. Going forward, private banking clients will increasingly benefit from the same level of sophistication and customization that institutional investors receive today.

Georg Schubiger is convinced that AI will allow private banking clients to benefit from the same level of sophistication and customization that institutional investors receive today. (Image: Courtesy of Vontobel)

What happens to institutions that fail to adapt to this transformation?

Over time, they will lose competitiveness. Clients increasingly expect digital support and efficient processes. Employees also want access to modern tools. Institutions that fail to invest risk losing both clients and talent.

Many people worry that AI could destroy jobs. Do you share that concern?

Technological disruption has always changed existing professions. At the same time, it has created new jobs and entirely new industries. This time will be no different. I do not expect work itself to disappear, but rather a shift in tasks and required skills.

What concerns me most is the world our children will inherit. For the next three to five years, we still have a reasonable degree of visibility. Beyond that, the future is highly uncertain.

«What concerns me most is the world our children will inherit.»

Many assistant roles that benefited our generation—including myself—will no longer exist. Those positions often provided valuable first professional experience.

Questions such as these occupy my mind: How should we educate the younger generation for the jobs of tomorrow? What skills and capabilities will today’s students need to thrive in tomorrow’s world?

We all have a responsibility here.

I understand why some people are afraid of the future. But there is no point in demonizing AI. We cannot stop this process.

Are you optimistic?

Yes, absolutely. We are witnessing a technological transformation comparable to previous industrial revolutions. As I said, it will not always be easy, but I primarily see opportunities.

And once again, the key will be ensuring that people are brought along on this journey and that the right framework conditions for education and innovation are established. That is what matters most.

Mr. Schubiger, what would you like to see for Switzerland’s financial center in the coming years?

More confidence in ourselves.

Switzerland enjoys exceptional advantages and occupies a unique position in global wealth management. We should do a much better job of promoting those strengths internationally—together with policymakers and the industry.

If we do that, I am convinced that Switzerland’s financial center will remain among the world’s leading locations for years to come.