Singapore's family offices and external asset managers are at a crossroads. The allure of artificial intelligence (AI) is undeniable: it promises greater efficiency, deeper client engagement, and the ability to scale advisory services without proportionally increasing headcount. However, beneath the enthusiasm lies a sobering reality. Most firms are still in the early stages of adoption, testing off-the-shelf solutions, navigating regulatory guardrails, and grappling with a fundamental question: what is their proposition? This is the crux of the matter, according to Hrishikesh Unni, Managing Director, Client Investments at Taurus Wealth Advisors.
The Importance of Defining Purpose Before AI
Unni's opening remarks set a distinct tone, emphasizing the need to define the firm's advisory proposition before delving into AI tools. In a market where AI is often positioned as a transformative force, Unni argues that it should be treated as a secondary consideration, subordinate to the clarity of the firm's strategy. This perspective challenges the prevailing narrative, where technology is frequently seen as a substitute for a well-defined strategy.
For Taurus, a multifamily office offering a wide range of advisory and investment services, this clarity is crucial. The complexity of their offering means that AI's role is to manage that complexity more efficiently, not to redefine the services themselves. Unni's candour about the sector's infancy in AI adoption is notable, as it reflects a disciplined approach to technology integration.
Testing Off-the-Shelf Solutions
Taurus, like many independent wealth managers, is not yet at the stage of building proprietary AI solutions. Unni emphasizes the importance of testing and evaluating commercially available tools first. This approach allows firms to understand what works within their specific operating environment and ensures compliance with regulatory guidelines, such as those set by the Monetary Authority of Singapore (MAS).
Client Engagement and AI
Unni's observation about client engagement with AI is particularly insightful. He identified three distinct client archetypes: those aware of AI but distrustful, those relying entirely on AI for investment decisions, and those in the middle, valuing the human advisory relationship but cross-checking AI insights. This middle group is the largest and most complex, as they expect their advisers to deliver on the full scope of the client proposition while also verifying AI-generated advice.
Time is of the Essence
The most immediate value of AI for multifamily offices, according to Unni, is freeing up adviser time to deliver on the client proposition. The range of services offered by these firms is broad, but the capacity of individual advisers is limited. AI tools can reduce the time spent on non-revenue-generating activities, allowing advisers to focus on the substantive client engagement that is the core of their business.
Security Implications
Unni also raised the security implications of building an AI ecosystem, a point that received less attention from other panellists. He described emerging solutions designed to provide a security overlay across an entire AI technology stack, regardless of its composition. This is a critical consideration for independent wealth managers, who handle sensitive client data and operate under strict regulatory obligations. Compliance and security must be budgeted for and planned from the outset.
Cultural Adoption
Finally, Unni challenged the assumption that AI resistance is a generational phenomenon. He argued that adoption is a function of leadership and institutional culture, not individual demographics. Where the leadership articulates a clear rationale for AI adoption and embeds it within the firm's strategic priorities, resistance tends to dissipate. This is evident in Taurus, where CEO Mandeep Nalwa places a significant strategic emphasis on AI capabilities, fostering an environment where the question is not whether to adopt AI, but how to do so rigorously and compliantly.
