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In this round of AI purge, were wealth management platforms wrongly targeted?

In this round of AI purge, were wealth management platforms wrongly targeted?

华尔街见闻华尔街见闻2026/02/13 11:13
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By:华尔街见闻

As an AI tax planning tool launches in the United States, fears of "disintermediation" have quickly spread across the market, putting continued pressure on the stock prices of wealth management and trading platforms. However, a recent research report from Bank of America Merrill Lynch points out that this wave of sell-offs is actually an emotional overreaction, opening up a structural window for investors.

According to Trading Desk, the report states, AI is meant to enhance, not replace. For high-net-worth clients, trust and professional advice remain irreplaceable cornerstones. The true value of AI lies in assisting advisors to improve efficiency, rather than disrupting the service relationship.

From an asset pricing perspective, companies with three major characteristics are significantly undervalued: First, they possess a solid base of high-net-worth clients; second, they are actively integrating AI into their business processes; third, they have platform advantages and are likely to benefit from the incremental trading volume brought by AI lowering entry barriers.

The report further points out that the combination of intergenerational wealth transfer and digital habits is creating long-term structural tailwinds for the industry. The current downturn is not a reversal of fundamentals but an overpricing of technological shocks by the market. The underlying logic of wealth management platforms remains intact, and leading companies that have been wrongly punished are now facing a window of opportunity for strategic positioning.

Wealth Management Firms: High-Net-Worth Clients Still Need "Human" Advisors

The market’s overreaction to AI tax tools is driving emotional sell-offs in the wealth management sector. The panic logic is that investors may turn to AI for financial advice, resulting in the “disintermediation” of financial advisors. Bank of America Merrill Lynch’s latest view makes it clear that this concern is greatly exaggerated.

First, AI is positioned within the industry as a productivity tool rather than a replacement. Leading institutions are actively embedding AI into advisor workflows to enhance service efficiency and coverage, effectively reinforcing rather than diminishing the value of human advisors.

Second, the stickiness of high-net-worth clients forms a natural moat. Complex financial planning and intergenerational transfer needs still heavily rely on the professional judgment and emotional trust provided by human advisors—something AI cannot fully replace. More importantly, the industry is still riding structural tailwinds. Long-term drivers such as the savings gap, intergenerational wealth transfer, and regulatory dividends have not reversed due to the advent of AI. The current downturn reflects more of an emotional mispricing than a fundamental inflection point.

AI Panic Spreads, But Trading Platforms Are Actually Potential Beneficiaries

AI panic has spread from wealth management to trading platforms, resulting in sector-wide valuation pressure. Bank of America Merrill Lynch believes that this selling logic is fundamentally misplaced.

First, the widespread adoption of AI may actually stimulate trading demand. As the threshold for financial advice drops, self-directed investors are likely to participate more, which structurally benefits platforms that focus on low fees and non-advisory models. Secondly, the core model of these platforms and AI are not substitutes, but complements. As information becomes more accessible and user entry barriers lower, this actually helps strengthen platform stickiness and expand the potential customer base.

Bank of America Merrill Lynch reiterates its positive outlook on wealth management and trading platform sectors in its latest report, emphasizing that current market panic is significantly disconnected from fundamentals. The report notes that the core of the bullish logic does not lie in fighting AI, but in relying on companies’ own operational improvements and structural growth dividends, with AI precisely serving as a catalyst for greater efficiency and market expansion.

The report believes that the market’s response to new technology often follows a path of "panic first, clarification later." The valuation corrections triggered by this wave of AI disruption essentially reflect an overpricing of the "disintermediation" logic. Both data and business models indicate that AI is lowering service barriers, activating trading demand, and strengthening high-net-worth client stickiness—the actual impact is contrary to the prevailing market narrative.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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