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A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Market data firms have been pitching artificial intelligence as the key to locating elusive ultra-high-net-worth clients. But leaders at elite advisory firms told Inside Wealth they aren’t sold.
For starters, while AI products can surface data and contact information on ultra-high-net-worth individuals, that’s only half the battle.
“When we’re looking for clients with north of $100 million, I struggle to think they’re going to take a cold email and say, ‘Yes, here’s my balance sheet,’” said Matthew Fleissig, CEO and co-founder of Pathstone, a registered investor advisory with $182 billion in client assets.
