The year is 2030, and Sam has spent the last two hours talking to the Michaels family. This is the third such conversation they have had. Through these discussions, Sam has developed a deep understanding of the couple, their goals and concerns, dreams, and worries. Sam has also learned all about their financial world.

They own three businesses and some real estate, with their Ultra-Processed Food Court & Life Rejuvenation Center franchise being the real money maker. Since 2027, when the Everyone’s a Victim Act passed, the Michaels family has been incredibly worried about being sued. Protecting their wealth from predators-for-hire is at the top of their to-do list. The problem is that all the offshore banking and trust jurisdictions were closed down in the 2028 multi-governmental crackdown, and they do not feel comfortable with any of the new low-orbital satellite asset protection trusts that are being heavily promoted. But there are other alternatives.

The couple is considering establishing a 321 Plan (the all-in-one replacement for all qualified retirement plans, Social Security and Medicare) but are unsure if it will be cost-effective, as some prognosticators say all withdrawals, no matter when, will be taxed to just about nothing. However, they have heard that setting it up as a slingshot through Antarctica Trust and Lemonade Stand or a similar Antarctica-based institution will ensure they have the money later in life, and this possibility intrigues them.

The Michaels have two children who will be attending virtual college in a few years. They are concerned about the cost and want to know if a couple of 1058 plans make sense or if there are better options.

Another financial concern for the family is the ever-escalating federal, state and local fees since the Universal Tax Hike Limit and Safe Water Law was passed. Then, there is the matter of deciding the best way to license their personas and personal information for use by personal data exchanges.

The couple has a woefully outdated estate plan. Since the billionaire tax was implemented in 2025 and, after being proved worthless, rescinded in 2027, the estate tax laws have changed quarterly. Across all the economic-beauty newsfeeds, they hear that locking assets in forever trusts can be disastrous, especially as the Billionaire Free Pass Tax Bill is highly likely to become law, finally codifying trickle-down economics.

Sam takes all the insights based on the conversations with the Michaels about their desired outcomes and expressed limitations, adds the requisite financial information, including e-copies of their existing documents, and gives them to Turing (named after the cryptologist). Within 15 minutes, he has a complete set of possible cohesive wealth management and related legal solutions for the Michaels family.

Sam’s job now is to walk through the various options, detailing the advantages, disadvantages and synergies so that the Michaels can make smart decisions. With Turing a vocal prompt away, Sam can adjust the options as everyone discusses them. The result is that the Michaels family selects an integrated course of action that is as aligned with their objectives as best as possible, which Sam will implement.

Sam is a para-advisor, and Turing is a twelfth-generation generative artificial intelligence (AI) that provides singularly targeted and comprehensive wealth management and related expertise. Sam plus Turing represents the future of wealth management for most people. Sam’s expertise is his ability to connect intellectually and emotionally with and understand clients. Generative AI provides all the technical solutions.

Para-advisors must also know how to use Turing to produce meaningful wealth management options for clients. They must also communicate the wealth management solutions in a way that resonates with clients. Once clients make smart decisions, para-advisors oversee implementation.

Aside from para-advisors, wealth advocates will also be using Turing but must also rely on Elion (named after the biochemist). This eighth-generation plug-in adds extensive functionality and wealth management solutions for the ultra-wealthy and more complex situations. Because these clients' lives are steeped in complexity, the value wealth advocates provide is the ability to develop a deep understanding of their financial and life situations, explain exotic concepts by their sophistication, and help them think through various scenarios in real time.

Another requirement of wealth advocates is to work with private wealth industry savants. These professionals are cutting-edge specialists, of which there will be few, who can assist in developing one-off ultra-wealthy client-specific solutions. Of course, the savant will use AI programs like Midas (named after the King), which searches the tax code to find misplaced punctuation and unintended consequences. Some private wealth industry savants and Midas were the reasons the billionaire tax was so quickly reversed. Going forward, if the Billionaire Free Pass Tax Bill is enacted, being able to help those families below the billion-dollar net worth threshold will be a niche specialty in high demand and will require more of the services of wealth advocates, savants and AI.

Some of our predictions may not come to pass. The Universal Tax Hike Limit and Safe Water Law is a long shot. We admit that having safe water for all is a fantasy. On the other hand, the 321 Plan is highly likely. Timing is probably an issue. What we are discussing may take longer to come to pass. It might not be until 2032 before para-advisors and wealth advocates have displaced wealth managers and many other private wealth industry professionals.

One thing is for sure: generative AI will dramatically transform the entire private wealth industry. Turing will replace most wealth management and legal specialists in very short order. The AI upgrades will happen quickly, as AIs will write the code for AIs.

Until a few living generations die out, an empathetic individual will be needed to help individuals and families make smart wealth management decisions. There is a good chance there will always be the need for an empathetic professional to help people think through issues and concerns so they can make smart decisions.

Because of exponentially greater efficiency, there will be far fewer para-advisors than current wealth managers, and the para-advisors will do much more. So, all the whining about the next generation of wealth managers is just that, meaningless whining.

Wealth advocates will better understand the wealth management options than para-advisors and be adept at working with Turing, Elion and the new plug-ins that will be built. Most importantly, they will be highly proficient at processes like discovery and collaborative thinking, capabilities that have so far evaded the most advanced AIs.

Critically, clients will significantly benefit from this paradigm shift of para-advisors replacing wealth managers with wealth advocates serving the financial elite. Today, the private wealth industry is biased toward professionals. In 2030, transparency and changing demographics, including a growing cohort composed of the tech-comfortable, highly commoditized expertise and the like brought about by Turing and Elion, will significantly empower clients.

For today's wealth managers who want to be in business and excel in the years to come, building strong professional relationships with clients, especially the ultra-wealthy, is the answer. These relationships are not based on technical proficiencies but on interpersonal knowledge and skills, curiosity, and caring. Being proficient at discovery and collaborative thinking is essential. The only other possibility for success in 2030 is becoming one of the few private wealth industry savants, the niche specialists with their own suite of AI assistants that wealth advocates will rely on.

Jerry D. Prince is the director of Integrated Academy, part of Integrated Partners, a leading financial advisor firm. Russ Alan Prince is a strategist for family offices and the ultra-wealthy. He has co-authored 70 books in the field, including Making Smart Decisions: How Ultra-Wealthy Families Get Superior Wealth Planning Results.