AI can save us! AI will doom us! We've heard a lot of both, but we know that the reality is somewhere in the middle.
To find that happy medium between man and machine, organizations tasked with protecting both investors and the industry are calling on companies who plan to leverage the tech to make their plans crystal clear.
The state of Massachusetts is the latest entity to get in on the action with the securities division reaching out to J.P. Morgan, Morgan Stanley, Tradier Brokerage, U.S. Tiger Securities, E*Trade, Savvy Advisors and Hearsay Systems.
Secretary of the Commonwealth William F. Galvin told FP the purpose was to investigate how these firms are using the technology in their interactions with investors to make sure everything is on the up and up.
He joins the SEC, the FTC, and the White House in urging tech companies and others who are working with AI to place what they believe to be the necessary guardrails around AI-powered tools.
But Galvin points out that his office isn't anti-AI. Instead, he said he just understands that the technology is kind of a big deal right now. "There's no prejudgment here other than a desire to know that something new is coming and to know how it applies," Galvin said.
Check out the full story and much more, only at Financial Planning.
Anything else on your mind? Drop me a line at [email protected]. Have a great weekend!
Regards,
Justin | | Justin Mack
Reporter, Financial Planning
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