Generative artificial intelligence (gen AI) could offer a new dose of adrenalin for wealth managers to push forward ambitious growth goals, according to a recent research report. “Asia’s wealth managers have ambitious plans to double assets under management by 2026, expecting relationship managers to deliver 90% of that uplift,” wealth management firm Accenture said in its The Future of Asia Wealth Management 2024 report issued in July.   “While gen AI may not be the one solution to fix it all, it could help deliver revenue gains worth hundreds of millions of US dollars to wealth firms,” the report said, referring to the broad-label genre that produces new text, images, video and audio clips. “With gen AI, firms can enhance their investment content, turning generic updates into personalized insights, thus driving client action and loyalty,” it added.  The analysis found significant potential for gen AI to generate revenue gains and cost reductions, such as a possible profit uplift for a hypothetical wealth firm of US$606 million over three years, with an additional US$211 million from cost avoidance or reductions due to productivity gains. Gen AI is revolutionising indus...