Goldman Sachs had its largest class of new private wealth advisors ever, even as AI can do more of the job

Goldman Sachs is betting that professionals who counsel the wealthy will have a strong future in the age of AI.

AI chatbots, which are increasingly capable of doing more of an advisor's work, may be able to serve the needs of many middle-class and mass-affluent investors. But managing a fortune requires navigating thorny situations like helping a billionaire plan how to split their money among family members.

Those services will require a very human touch, and Goldman is training its newest financial advisors not just on financial products, but on the soft skills that will keep clients coming back.

"Now you've actually got to think about all the next generation decision makers who might care about very different things," Mallory said.

"We serve the wealthiest people in the world, large family offices, ultra-high-net-wealthy folks," Waldron said. He expects AI to create more, and wealthier, ultrawealthy people.

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A core part of Goldman's four-week program, which ran from late July to mid-August, focuses on something nearly untrainable: how to get clients to like and trust you. This shift toward relationships reflects a long evolution of the wealth advisor from personal broker to "financial doctor," Mallory said, someone to find the right financial solutions for whatever ails your pocketbook.

In the first three weeks, they learn the basics of wealth advisory, Goldman's platform, and the breadth of financial tools. The final week focuses on putting this all into practice, building a business, and understanding how it applies to clients.

To focus on relationships, PWAs must give advice to simulated clients. Sometimes, tenured advisors roleplay financial whizzes looking to quiz you on your stuff, but they can also be a "much less sophisticated person," Mallory said. Learning when and how to switch approaches is part of the job.

"In corporate finance, I had some leaders that wanted to dive into the details, while others wanted a high-level overview," Pigott said, comparing it to wealth management. "Similarly, you're going to have clients who want to deeply understand each investment solution, and others who will put a lot of trust in you and want things communicated in a different way."

You need "verbal dexterity," said Mallory, to be able to explain highly complicated topics to all sorts of clients, and you also need to know those products inside and out.

This can lead to surprising feedback for new advisors after completing a mock call. You may have felt "good vibes" and won the account, but you "didn't do half of what the platform had to offer," Mallory said.