Two of the world’s largest wealth managers are experimenting with moving client meetings from oak-paneled boardrooms to the metaverse, but have struggled to overcome data security and motion sickness.

UBS and Julius Baer, ​​Swiss banks that specialize in providing white-collar financial advice to billionaires, have tested using clunky headsets and pixelated avatars to interact with clients, according to people involved in the investigation.

But neither bank is close to launching a virtual reality offering for its ultra-rich customers after experiments raised concerns about the technology’s ease of use and the ability to share documents securely.

“The technology is not there yet; frankly it looks like Atari graphics right now and the people who have tried it…