A framework for Personalized Wealth Management exploiting Case-Based Recommender Systems

Wealth Management is a business model operated by banks and brokers, that offers a broad range of investment services to individual clients, in order to help them reach their investment objectives. Wealth management services include investment advisory, subscription of mandates, sales of financial products, collection of investment orders by clients. Due to the complexity of the task, which largely requires a deep knowledge of the financial domain, a recend trend in the area is to exploit recommendation technologies to support financial advisors and to improve the effectiveness of the process. This paper proposes a framework to support financial advisors in the task of providing clients with personalized investment strategies. Our methodology is based on the exploitation of case-based reasoning. A prototype version of the platform has been adopted to generate personalized portfolios, and the performance of the framework shows that the yield obtained by recommended portfolios overcomes that of portfolios proposed by human advisors in most experimental settings.