Evaluating Advanced Forecasting Tools in Wealth Management

You are the head of economic research at a prominent wealth management firm. Your team is currently evaluating the efficacy of advanced forecasting tools to provide accurate economic predictions in an increasingly volatile global market. In this context, prepare a comprehensive essay detailing the advantages and limitations of various advanced forecasting tools, such as econometric models, artificial intelligence-based predictive analytics, and sentiment analysis from financial news/databases. Evaluate their applicability in the context of wealth management and make recommendations on how they can best be utilized to enhance investment strategies for clients. Include a discussion of the potential ethical considerations and biases associated with these forecasting tools.