Using Machine Learning and Artificial Intelligence Principles to Implement a Wealth Management System

Abstract

Studies have shown that new generation of millennials have limited to no knowledge about managing their finances. This lack of awareness has created a need for financial literacy which is not only an essential employ-ability skill but also, a paramount life skill. Not only the younger generation but many individuals already in the corporate field are at their wit’s end when it comes to planning their finances and making correct financial decisions. This is where awareness in wealth management comes in. Wealth management is an investment advisory service. It also combines financial services to address the needs of individuals. It is more than just investment advice; it encompasses all parts of a person's financial life. The users can find all the information of different investments rather than integrating all the information from different places. They can generate a plan themselves or with the help of artificial intelligence and machine learning principles, manage their own and their family's current and future needs.