Man vs. machine? Not in wealth management
Financial Planning
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ARTIFICIAL INTELLIGENCE: As big-name wealth management firms race to invest in and adopt artificial intelligence technology, financial advisors will become fast friends with the robots, according to experts.
The increasingly popular form of generative AI known as large language models (think of OpenAI's ChatGPT bots as an example) can bring automation to many manual tasks for advisors and their teams, deliver greater scale in working with more customers at once and help wealth management firms identify leads for potential long-term client relationships. Rather than viewing AI as a threat, advisors and industry professionals ought to see the technology tools as "a historic opportunity" for the field, said Sindhu Joseph (She/Her/Hers) , CEO of AI wealthtech firm CogniCor Technologies .
"The tools are out there, and the trend is going toward an AI-enabled advisor," Joseph said in an interview. "It becomes a real disadvantage for advisors not using AI because the others are going to supercharge, and you will be missing out if you are not using AI tools."
CHAT GPT: It can help college students sleepwalk through their term papers. It can generate last minute Valentine's Day greetings for those who forgot what day it is.
It might even make Bing cool again — assuming that it ever was, and assuming that Microsoft can get out of its own way.?
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So what long-term impact will ChatGPT have in the world of financial services? Some expect it to dismantle the industry and rebuild it anew while others are arrogant enough to believe it will just come and go.
ESTATE PLANNING: FP Alpha , a developer of AI-assisted wealthtech solutions, announced significant upgrades to its Estate Snapshot tool for financial advisors at Technology Tools for Today, or T3, a leading financial tech conference being held in Las Vegas.?
When launched in 2022, the Estate Snapshot promised financial advisors a way to simply upload a client's legal documents and generate summaries and visualizations for estate planning purposes.?
That process, which required human analysis of the output, could take three to five days, Andrew Altfest, CFP? fest, founder and CEO of FP Alpha, said in a statement. The new iteration fully automates some tasks, like setting power of attorney, advanced directives and health care proxies. It also reduces processing time to minutes in most cases.?