The wealthy are becoming more open to relying on artificial intelligence for financial planning instead of a human advisor, according to the 2025 Global Wealth Management Report by Ernst & Young.
Conducted every two years by EY, the survey focused on wealthy clients worldwide, especially high-net-worth and very high-net-worth individuals.
A Key Client Expectation: Using Artificial Intelligence
Clients have “sky-high expectations” for AI in financial planning, which brings both risks and opportunities, the authors wrote. EY reported that 43% of respondents are open to receiving financial planning without a human advisor, and 38% trust AI as much as, or more than, human advisors. Trust is higher among millennials and in high-growth markets – which has “potentially huge” implications for wealth management models, according to the report.
Additionally, 60% expect wealth managers to use AI, and not simply for processing tasks, while 71% suspect or believe that firms already use AI to manage their wealth. “Firms must move fast to meet expectations,” according to the authors.
However, there continues to be “strong pockets of skepticism” about artificial intelligence, and trust in AI requires data privacy, the authors said. Robust, ethical data frameworks are needed, and firms should act now to lay the groundwork for future success, the report states.
“The future role of AI in wealth management is yet unclear but doing nothing is not an option,” the authors wrote. “Firms can begin to develop transformative capabilities via smart investments in data, technology, talent and client communication.”
Client Satisfaction High
Most clients express satisfaction with all aspects of their wealth management provider’s service, including investment performance (84%), input from financial advisors and relationship managers (81%), access to products and services (85%), access to effective digital tools (80%) and having a clear picture of their overall financial health (80%).
Additionally, 70% to 80% of clients say they’re satisfied with:
Advisors’ explanations of investments, planning and portfolio construction
Number of interactions with advisors
Value added by financial advice such as annual reviews
Access to expertise and specialists in tax, legal matters and alternative investments
Wealthy clients in North America had especially high levels of satisfaction. “The region is setting the standard for the industry” in achieving satisfaction with investment performance (87%), according to the report. “In our view, this is not surprising given the strong performance of U.S. equity markets during the period of the survey,” the authors wrote, adding that it remains to be seen whether that level of satisfaction can be maintained as markets falter. “Wealth managers deserve a standing ovation on client satisfaction – although the fortunate context might deteriorate,” said Rita Da Silva, EY Oceania Wealth & Asset Management Leader
North American clients also expressed satisfaction in other key areas, such as access to products and services (90%).
Fixed Fees the Top Preference for the First Time
EY said there is growing demand for pricing changes to optimize fee structures, explaining that for the first time, fixed fees are clients’ preferred pricing mechanism (23%). Performance-based fees come a close second (22%).
Transparency and trust have improved, with 83% of client saying they understand what their fees pay for, compared with 73% in 2022. And 83% trust their wealth manager to charge them fairly, up from 71% two years ago. Despite those improvements, 49% of clients express concerns about hidden costs, which the authors said creates a source of mistrust that wealth managers need to address.
Although clients give their wealth managers high marks, 1 in 3 say they are underprepared to meet financial goals, and 57% feel unprepared for political instability.
Demand for Service
Firms should be aware that younger and wealthier clients have heightened demands for service.
Responding to market volatility, 53% of millennials held more meetings with their financial advisors, compared with 23% of boomers, and 54% of millennials increased their control over their portfolios, versus 26% of boomers.
And higher wealth means higher maintenance: HNW clients are more likely to seek additional support and reassurance than affluent investors. Among the VHNW, 67% have discussed the impact of current events compared with 39% of the mass affluent, and 58% of VHNW clients have held more advisor meetings compared with 29% of affluent investors
Wealthy Americans use fewer financial advisers than their counterparts around the world. Clients worldwide now report an average of 2.3 provider relationships, and 32% plan to add more in the next three years. However, U.S. clients use 1.7 relationships on average
Wealthier and younger clients tend to have more provider relationships. Mass affluent average 1.8 relationships, while UHNW have 2.8. Millennials average 2.8; Gen X, 2.3; and boomers, 1.6.
Coming Changes
EY warned service providers to expect clients to switch to other providers. According to the survey, 29% of clients around the world say they plan to switch their primary wealth management provider in the next three years. And clients are ready to move a larger portion of their assets.
The survey found:
45% of clients are likely to shift more than a quarter, but less than half of their assets within the next three years.
17% are considering moving 51% to 75% of their assets – a big increase from 8% in 2022.
29% plan to switch their primary wealth management provider in the next three years; 45% will shift over a quarter of their assets, and 17% may move more than half.
New frontiers
Clients expect their advisors to take a holistic view of a broad range of topics: 35% want guidance on healthcare and eldercare, and many seek more integrated financial planning.
Among the EY findings:
77% of clients say it’s very or extremely important to understand how all their financial activities affect their financial health
74% say it’s very or extremely important to discuss preparations for their retirement, including healthcare, aging and decumulation
64% say it’s very or extremely important to discuss preparations for the transfer of their estate to other family members
