In this section, authors comment on economic and financial topics.

Artificial intelligence is changing our business at a pace that would have been hardly imaginable just a few years ago. What initially appeared to be a simple technological development has now become a structural transformation. AI optimises portfolios, multiplies analytical capabilities and automates numerous standardised processes. This development is a reality. Anyone who ignores it is making a strategic mistake.

“As digital tools become standard, they lose their character as a distinguishing feature.”

At the same time, technology is increasingly becoming a matter of course. Clients now expect modern digital tools to be integrated into financial services. They create efficiency, precision and scalability. Yet precisely because they are becoming standard, they are losing their character as a key differentiating factor. The future of wealth advisory therefore depends not on whether technology is used, but on how it is combined with human expertise. 

Trust as a Sustainable Competitive Advantage

It is often assumed that interaction between clients and banks will in future take place predominantly between humans and machines. This view underestimates a fundamental anthropological reality: people need people. Personal relationships are not an outdated model, but an elementary part of how we live together – and therefore also of trustworthy advice, which can only emerge through human interaction.

The Covid pandemic has shown in a striking way how burdensome the loss of human contact can be and, conversely, how great the joy was when direct conversations and personal meetings became possible again. Digitalisation made many things possible during this period, but it could never replace human exchange. A clear lesson can also be drawn from this for advisory services: personal relationships remain structurally indispensable.

This reality is confirmed daily in conversations with affluent families. Behind every fortune lie individual life stories, goals, needs and priorities. No two situations are the same. Investment decisions depend not only on return expectations, but also on life goals, risk appetite, the investment horizon, legal and tax frameworks or international structures. Added to this are family-related issues, especially when several generations are involved and partly differing interests have to be reconciled.

“Good advice comes not only from data, but from understanding the person behind the data.”

In the segment of wealthy clients in particular, this complexity continues to increase. Wealth structures often extend across different jurisdictions, tax issues cross national borders, bankable and non-bankable assets must be considered together, and succession issues often extend far beyond a single generation. Such situations cannot be standardised.

Technology can offer enormous added value in this environment. It can process vast amounts of data, identify connections and provide remarkable analytical precision. What it cannot do, however, is place this information into a person’s individual life context. That is precisely where judgement, experience and tact remain decisive. Good advice arises not from data alone, but from understanding the person behind that data.

Holistic Wealth Planning as a Foundation

That is why holistic wealth planning should be seen as the foundation of any high-quality advisory service. It is the prerequisite for truly understanding a client’s situation. This process is demanding, highly individual and requires a comprehensive analysis of all relevant factors.

Above all, however, a holistic view of wealth is a deeply human process. It begins with listening and is based on trust. It requires a sincere willingness to truly understand a person’s goals, values and motivations. Only on this basis can a strategy emerge that is sustainable and appropriate in the long term.

To achieve this, it is advisable to gain an overall view of the financial situation. This can be divided into four different functions. First, financial security, which serves to cover essential needs and provide stability in the years ahead. Second, the realisation of life projects, which supports long-term ambitions and goals. Third, the building, preservation and intergenerational transfer of wealth. And finally, the emotional dimension: investments made out of passion, personal conviction or individual interests, and which consciously are not guided solely by rational criteria.

“The wealth advisory of the future will be hybrid, but its core will remain human.”

Such an approach creates greater transparency. It makes it possible to clearly separate different investment objectives, manage risks in a more differentiated way and align investments consistently with their respective purpose. At the same time, it makes clear that financial assets are far more than a mere portfolio allocation: they are an expression of individual goals and family responsibility.

The wealth advisory of the future will be hybrid, but its core will remain human. Technology will provide speed, precision and analytical strength. Humans, on the other hand, bring what cannot be replaced: genuine listening that creates trust over the long term.

More than ever, the banker becomes a long-term partner who accompanies clients in all areas of their wealth – with an approach that has been shaped over centuries in the service of families. Because the real added value arises where technology reaches its limits: in listening, in personal attention and in the ability to develop a solution for each client that suits them.

Serge Fehr, Limited Partner and Head Swiss Domestic Region, Lombard Odier.

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