Ethical Implications of Implementing AI in Wealth Management for Personalized Investment Strategies
Year: 2022
Type: article
Abstract: This research paper examines the ethical considerations surrounding the implementation of artificial intelligence (AI) in wealth management, particularly for personalized investment strategies. As AI-driven platforms become increasingly prevalent in financial services, it is crucial to address the potential ethical challenges that arise from their use. This study explores issues related to AI transparency, data privacy, algorithmic bias, and the broader implications for wealth inequality. Through a comprehensive analysis of current literature, industry practices, and regulatory frameworks, we propose mitigation strategies and best practices for the responsible deployment of AI in wealth management. The findings underscore the need for continued ethical vigilance and proactive measures to ensure that AI-driven personalized investment advice benefits all demographic groups equitably.
Author: Venugopal Tamraparani
Language: English
Subfield: Artificial Intelligence
Field: Computer Science
Domain: Physical Sciences
Open Access status: diamond
OpenAlex ID: W4403565898