The Evolving Dance of AI and Financial Advisors

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AI is a tool to elevate and redefine job duties. Here are strategies for how AI can augment the work of fiduciary advisors while helping them stay relevant and competitive.

In our rapidly evolving technological landscape, artificial intelligence has made inroads into our daily workflows, performing tasks such as answering client emails, creating content and facilitating internal communication. Even Google’s auto-complete function in Gmail is a significant time saver. AI provides a sturdy foundation. Because of this, large firms like Intuit have developed AI financial assistants.

Despite the vast utility, the advent of AI is not without its hitches. The technology requires human intervention for research, fact-checking and voice modulation. Take, for instance, the SECURE 2.0 Act. Our firm and others have been interpreting and publishing content on this new law for months, but AI tools are somewhat behind in this aspect due to their lack of timely updates.

But what does AI in the financial advice sector truly entail, and what are the misconceptions surrounding its role?