AI gains ground with Singapore wealthy but advisors stay central: HSBC

After using AI, nearly 4 in 5 will bring their findings to an advisor for reassurance.

Over 3 in 4 or 76% of Singapore’s mass affluent and high net worth (HNW) investors admit to using artificial intelligence (AI) for finance and investments—but look to advisors to affirm these insights before making investment decisions, according to a study by HSBC.

Of the 609 respondents, 69% said that they use AI for research and analysis, 44% for strategy support, and 34% to stress-test their own ideas.

Meanwhile, after using AI, 79% would bring those findings to a professional adviser for reassurance, and 71% for strategic expertise, according to the study, which HSBC commissioned from IPSOS.

Singapore's wealthiest respondents attribute an average 40% of their investment returns over the past 12 months to AI influence, the study said.

Two-thirds (65%) of respondents say AI makes them feel more in control.

In terms of approach, 4 in 10 (40%) prefer a hybrid approach, with 57% preferring AI and advisers working together.

Only 8% of investors in Singapore said that AI was “the single most influential source of their last major investment decision”, lower than the global average of 12%.

HSBC defined mass affluent as those with $100,000 to $2m in investable assets, whilst HNWs are those with assets over $2m.

A separate report from McKinsey & Co. said that affluent customers want wealth advisors who can plan housing choices, caregiving arrangements, and lifestyle transitions.

“Wealth management is no longer about managing money alone. It’s about managing uncertainty, trust, and major life decisions,” McKinsey said.

In an earlier interview with Asian Banking & Finance, MDRT CEO Stephen P. Stahr said that wealth advisory clients are prioritizing retirement security. 

“People are living longer, which means they need assets that can sustain their expected lifestyle during their retirement years,” Stahr said in an emailed reply to questions.

HSBC has partnered with Mastercard to pilot AI agents for automated e-commerce payments.