Darell Miller, Managing Director, APAC at Wealth Dynamix, joined the Hubbis Digital Dialogue on February 6 to examine the evolving role of digital tools in empowering frontline relationship managers (RMs) and advisors in Asia’s wealth management industry. Darell explored how AI, automation, and digital solutions are reshaping the operational landscape for private banks, external asset managers (EAMs), and multi-family offices (MFOs). He emphasised that while technology is often associated with driving business growth, it has now become equally essential for defence – ensuring that firms remain competitive in an increasingly digital marketplace.
The shift from growth to defence
Darell began by challenging the prevailing assumption that digital transformation is primarily about accelerating growth. Instead, he argued that in the current environment, firms must prioritise efficiency and scalability to remain competitive. “In many past discussions, we’ve focused on growth – expanding AUM and pushing forward. But now, I believe the priority has shifted. It’s not just about growth anymore; it’s also about defence,” he stated.
To illustrate the rapid capabilities of AI, Darell shared a live demonstration of Deep Research, a recently enhanced component of ChatGPT, which generated a fully structured investment portfolio (based on multiple criteria, including risk profile, instrument types, minimum return, time horizon, liquidity etc.) in just over a minute. This exercise underscored the speed and accessibility of AI-driven financial insights, highlighting the potential risks for firms that fail to equip their RMs with equivalent tools. “If relationship managers don’t have access to real-time digital solutions, they will be left behind,” Darell warned. “Clients now expect on-demand, data-driven insights, and if wealth managers cannot provide them, they will turn elsewhere.”
The need for intelligent automation
Darell stressed that the wealth industry is moving beyond the question of whether digital tools should be adopted. “It’s no longer a question of ‘should we?’ – it’s ‘how do we?’ Because if we don’t, we will have serious problems,” he said. He pointed out that AI-powered portfolio construction, risk assessment, and reporting are already well within reach, allowing firms to automate core functions while enabling RMs to focus on higher-value interactions with clients.
However, he cautioned against over-reliance on AI, highlighting the importance of human judgement in investment decisions. “The goal is not to replace human expertise but to augment it. AI should help RMs prioritise their workload, generate personalised client insights, and filter relevant investment opportunities – but ultimately, the decision-making must remain with the advisor,” he explained.
Data as the foundation of digital transformation
A critical takeaway from Darell’s discussion was the foundational role of data in any digital transformation strategy. He emphasised that firms looking to implement AI-driven client management solutions must first ensure they have clean, structured, and well-integrated data systems. “If you’re going to deliver AI-driven solutions at scale, your underlying data structures and operational processes must be in order. Without this foundation, digital tools will only add complexity rather than create efficiency,” he noted.
Darell described how Wealth Dynamix has been building AI-powered CRM solutions specifically designed for the private banking and wealth management sector. He argued that digital solutions should enable RMs to spend more time with clients rather than being bogged down by administrative tasks. “Right now, many RMs spend only 20% of their time engaging with clients – the rest is spent on compliance, operational processes, and administrative work. With properly structured CRM and automation tools, we have seen firms free up to 50% of their RMs’ time,” he said.
The next frontier: enhancing prospecting and client acquisition
One of the most thought-provoking elements of Darell’s discussion was his focus on how digital tools could shorten the prospecting and client acquisition cycle. He highlighted that converting a high-net-worth (HNW) prospect into a client often takes months or even years due to the complexities of relationship building and trust. However, he suggested that AI and automation could streamline this process by providing deeper client insights, personalisation, and predictive analytics.
“I’m very interested in how technology can help us build trust faster,” he remarked. “What if we could anticipate client needs before they even articulate them? That’s where AI has the potential to be a game-changer – not by replacing human relationships, but by enabling advisors to be more proactive, relevant, and timely in their engagement.”
Striking the right balance between technology and human touch
He concluded by reiterating that while AI and automation are set to transform wealth management, they must be implemented in a way that enhances – not diminishes – the human aspect of client relationships. “Wealth management is a deeply personal and private service. AI can provide efficiency and insights, but trust is still built through human interactions,” he emphasised.
He also expressed optimism that as wealth firms become more comfortable integrating AI-driven solutions, they will be able to create a more seamless and responsive client experience. “The real opportunity is not just in using technology to cut costs or speed up processes – it’s in using it to elevate the quality of service and advice we provide to clients,” he said.
Darell’s insights underscored a key theme of the Hubbis Digital Dialogue: while AI is rapidly reshaping wealth management, the firms that will truly succeed are those that harness technology to empower – not replace – their client-facing teams.