Topic · Updated
AI & advisor tech
How AI and new software are changing the work of advisors and their firms.
Advisory firms run on a stack of software: a CRM for client relationships, portfolio management and rebalancing tools, financial planning software, performance reporting, and custodial platforms that tie them together. Choosing and integrating that stack is one of the biggest operational decisions an independent firm makes.
Artificial intelligence is now part of that stack. Firms use it to take meeting notes, draft follow-up emails, summarize documents and prepare for client reviews, and vendors are building it into planning and compliance tools. Regulators have said existing rules on supervision, recordkeeping, privacy and conflicts of interest apply to how firms use it.
Financial ADVSR covers the technology firms buy, the vendors that sell it, and how AI is changing the job.
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Questions
How are financial advisors using AI?
Common uses include transcribing and summarizing client meetings, drafting emails and meeting follow-ups, preparing for reviews, reading and summarizing documents, and supporting compliance review. Firms remain responsible for the accuracy of anything sent to clients.
Do regulators have rules on AI for advisors?
Existing obligations apply: firms must supervise the tools they use, keep required records of client communications, protect client data and manage conflicts of interest. The SEC and FINRA have both addressed AI in exam priorities and guidance.
What is an advisor tech stack?
The set of software a firm uses to run its business, typically including a CRM, financial planning software, portfolio management and trading tools, performance reporting, document management and the custodian’s platform.