SPOTLIGHT

AI in wealth management

Artificial intelligence (AI) is rapidly evolving, with applications like ChatGPT taking this old field of study to new heights. Find out more about this technology, its risks, and its potential to transform the future of wealth management.

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Discover the potential opportunities and risks of AI in wealth management

Did you know that 6 in 10 financial advisors already use, or are interested in using, ChatGPT?1 In the months following its launch, many have become keenly aware of the potential of this new tool, as exemplified by its notable successes and failures. Advisors appear to be embracing this opportunity to explore the possibilities for this powerful new technology. Now’s the time to get up to speed on considering what AI could offer your business.

AI has recently evolved to reach new heights

The field of AI has produced applications with a range of human-like capabilities. More recent releases are especially powerful.

Generative AI holds unique promise and peril

ChatGPT and similar solutions have shown that they can be very effective and useful, but they have yet to demonstrate that they can be consistently credible.

Firms could start using these tools today

Wealth management firms could consider using generative AI in several ways to help them realize benefits while helping mitigate risks.

Consider the potential, in both directions

Firms may eventually have to adopt these tools to compete, but healthy skepticism and effective risk management are essential, especially with evolving regulation.

Using AI in wealth management

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1 SmartAsset, "60% of Financial Advisors Use or Are Interested in Using ChatGPT—2023 Survey," July 11, 2023.

Fidelity Investments is comprised of several legal entities that provide a variety of services to intermediaries and other institutional clients including but not limited to clearing, custody, and brokerage services provided by National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC. None of the legal entities that comprise FBS and NFS have been involved with the preparation of the content supplied by Catchlight or Saifr nor do they guarantee, or assume any responsibility for its content, notwithstanding their affiliation with Catchlight and Saifr.

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