Wealth managers may be ghosting their normie clients and automating the services they currently count on, according to a report from Bloomberg. The article surfaces a revealing piece of jargon used by Debasish Patnaik, a partner at the consulting firm McKinsey & Company: “mass affluent,” 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. “The mass-affluent client now gets something close to private-banking quality from AI,” Patnaik tells Bloomberg. This, according to Patnaik, changes the picture when it comes to what financial institutions need from prospective wealth managers. Meanwhile, the “truly rich,” to use Bloomberg’s 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 “family dynamics,” the ability to decide “which family member gets to inherit what” for the masters of the universe, and the warmth necessary to “hold their hand,” when the market takes a negative turn.