{"id":502,"date":"2026-06-21T21:15:05","date_gmt":"2026-06-21T21:15:05","guid":{"rendered":"https:\/\/longhaulmovingpros.com\/?p=502"},"modified":"2026-06-21T21:15:05","modified_gmt":"2026-06-21T21:15:05","slug":"are-you-mass-affluent-not-truly-rich-sorry-your-wealth-manager-might-be-ai-now","status":"publish","type":"post","link":"https:\/\/longhaulmovingpros.com\/?p=502","title":{"rendered":"Are You \u2019Mass Affluent\u2019 Not \u2018Truly Rich\u2019? Sorry, Your Wealth Manager Might Be AI Now"},"content":{"rendered":"<div>\n<p>Wealth managers may be ghosting their normie clients and automating the services they currently count on, according to a report from Bloomberg.<\/p>\n<p>Read more <a href=\"https:\/\/longhaulmovingpros.com\/?p=500\">Federal Regulators Want Stablecoins to Keep Working Without ID Checks<\/a><\/p>\n<p>The article surfaces a revealing piece of jargon used by Debasish Patnaik, a partner at the consulting firm McKinsey &amp; Company: \u201cmass affluent,\u201d referring to wealth management clients with $1 million or less in liquid assets. If you are mass affluent, I hate to break the news that your wealth manager apparently never actually cared about you, and may no longer be manually compiling those reports about how things are going in your portfolio.<\/p>\n<p>\u201cThe mass-affluent client now gets something close to private-banking quality from AI,\u201d Patnaik tells Bloomberg. This, according to Patnaik, changes the picture when it comes to what financial institutions need from prospective wealth managers.<\/p>\n<p>Meanwhile, the \u201ctruly rich,\u201d to use Bloomberg\u2019s term, will be getting ever more personalized service as wealth management further bifurcates into automated and ultra premium versions, according to Patnaik. The new services the job will require make a wealth manager sound like a mix between a mob consiglieri and a parent. Firms will need workers with skills like the ability to manage succession events, an understanding of \u201cfamily dynamics,\u201d the ability to decide \u201cwhich family member gets to inherit what\u201d for the masters of the universe, and the warmth necessary to \u201chold their hand,\u201d when the market takes a negative turn.<\/p>\n<div>\n<\/div>\n<p>Since AI can\u2019t do any of this, Patnaik says firms will \u201cweight hiring heavily toward it.\u201d<\/p>\n<p>But your experience as part of the disgusting mass affluent rabble may soon not involve an actual wealth manager at all. Patnaik tells Bloomberg firms will need to hire for roles overseeing automation and AI software: \u201cspecialists, behavioral data scientists, personalization architects, and human-in-the-loop oversight professionals.\u201d<\/p>\n<p>Read more <a href=\"https:\/\/longhaulmovingpros.com\/?p=498\">Govee Outdoor Chromatic String Lights Review: A Colorful Way to (Kind of) Light Your Patio<\/a><\/p>\n<div>\n<\/div>\n<p>Citi is on the cutting edge of this shift, Bloomberg\u2019s story indicates. Joe Bonanno, Citi\u2019s Head of Wealth Intelligence tells Bloomberg that his company is rolling out \u201cAI-backed software\u201d like a chatbot that tells clients how to manage their children\u2019s college funds, and a push-button system that can \u201cdraft an email from the chief investment officer and distill what it means for the client.\u201d<\/p>\n<p>Through all this AI, Citi apparently thinks engagement with clients will increase. Bonanno tells Bloomberg \u201cengagement keeps clients happier and stickier.\u201d Speaking personally, I love being happy and sticky.<\/p>\n<div>\n<\/div>\n<p>But none of this may matter according to everyone\u2019s favorite infinite-money-cheat-code-finder Elon Musk, who said in a January interview that because of AI, everything we all know about saving money is about to change. \u201cWe\u2019re at the top of the roller coaster, and it\u2019s about to go down,\u201d Musk said on the podcast Moonshots with Peter Diamandis, not being totally clear about whether that\u2019s good or bad. \u201cDon\u2019t worry about squirreling money away for retirement in 10 or 20 years. It won\u2019t matter,\u201d he told Diamandis.<\/p>\n<p>Whatever that means, cool, most of us aren\u2019t successfully saving for retirement anyway. Can\u2019t wait to see what the near future holds for rich and poor alike.<\/p>\n<p>Read more <a href=\"https:\/\/longhaulmovingpros.com\/?p=496\">Yet Another Piece of AI-Pilled Speculative Fiction Has Gone Dangerously Viral<\/a><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The world of finance is automating, but if you&#8217;re rich enough, it&#8217;s reportedly more human than ever.<\/p>\n","protected":false},"author":1,"featured_media":501,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-artificial-intelligence"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Are You \u2019Mass Affluent\u2019 Not \u2018Truly Rich\u2019? Sorry, Your Wealth Manager Might Be AI Now - Long Haul Moving Pros<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/longhaulmovingpros.com\/?p=502\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are You \u2019Mass Affluent\u2019 Not \u2018Truly Rich\u2019? 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