Applications of Machine Learning in Wealth Management

This paper provides a targeted review of machine learning methods that are impacting the field of wealth management. This is an area of great breadth and dynamic growth, and we focus on applications that in our experience are delivering benefits in practice to wealth management businesses by improving investment performance and enabling personalized services at scale. We highlight novel approaches to customized financial planning systems and deep learning algorithms with novel data sources linked to natural language processing concepts. We also discuss emerging challenges and opportunities that may shape the future path of this rapidly evolving area