Fintech firm Farther envisages technology broadening the reach of wealth management, according to founder Brad Lawler. Although primarily focused on high net worth clients, the company’s use of artificial intelligence (AI) and machine learning could make its solutions available to a wider audience.
Lawler sees AI as an opportunity to significantly grow the wealth management industry beyond the current $20 trillion in assets under management in the U.S. However, he acknowledges the role of human advisors is critical, and that clients want interaction with people. Farther’s wealth management model aims to provide a deeply personalized plan drawing upon factors such as the client’s taxes, geographical location, and bank account status.
