This November marks the one-year anniversary since ChatGPT was released for public use. From that moment on, AI has managed to butt its way into nearly early conversation the industry has had about the evolving relationship between technology and financial advice.
But the GenAI takeover of financial services hasn't happened as some feared it would. It hasn't even come close. It could even be argued the past year has proven exactly how vital the human touch is for this bleeding-edge tech to be worth the investment.
So that still leaves a whole lot of questions, and a whole lot of firms interested in AI's potential are taking real steps to explore practical applications of artificial intelligence in wealth management. In an attempt to answer a few of those questions, wealthtech management consulting company F2 Strategy conducted a study that highlighted four big AI trends advisors should check for heading into 2024.
Key takeaways include the importance of education, collaboration and vendor partnerships moving forward.
The study also finds that despite the popularity of generative AI, efficiency trumps flash when it comes to AI that firms are the most interested in.
Anything else on your mind? Drop me a line at [email protected]. Have a great weekend, everyone!
Regards,
Justin | | Justin Mack
Reporter, Financial Planning
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| By Staff report | According to a new study from F2 Strategy, AI enthusiasm is high in wealth management, but understanding remains low. Read story → |
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| | | By Staff report 2 min read | Called Knowledge Hub+, the new learning platform curates insights from more than 30 academics, industry innovators, financial planning experts and practice management leaders. Read story → |
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| | | By John Adams 5 min read | The tech billionaire wants the former Twitter's users to manage all of their finances on the site — the sooner, the better. Read story → |
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| | | By Victoria Zhuang 4 min read | The event's theme this year was "creating a culture of accountability," and speakers aimed to help Black consumers access generational wealth. Read story → |
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