How Advisors Can Use ChatGPT and Other AI Tools

Artificial intelligence is rapidly transforming industries across the board, and financial advising is no exception. ChatGPT, DeepSeek and other models have captured headlines for their ability to generate original artwork and written content, blurring the line between human and machine creativity. These technologies are advancing quickly, even passing business and law school exams. And their potential applications in professional settings continue to expand. For financial advisors, learning how to use ChatGPT and other AI tools can help streamline daily tasks and enhance client service. Here’s how AI can support your work as an advisor.

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Uses of AI Tools for Financial Advisors

There are a variety of tools that can help a financial advisor that are readily available today. Many AI tools are similar and are chatbot-type tools, but these tools can be used in a variety of ways. Here are some of the best potential types and uses of AI tools for financial advisors right now:

Client Outreach. A financial advisor can use AI tools to streamline copy for client outreach, personalizing it for each person. The more data you feed into your chosen AI tool, the more it can help you personalize your own tone and information directly to your client.
Risk Management. There are AI-driven risk management tools that you can use to identify potential risk much quicker and easier than before.
Analyze Data. You can pour data into an AI tool and use it to help get answers to your questions or help you identify investments that aren’t a good fit for a specific portfolio. For example, maybe you need to identify which stocks wouldn’t be a good fit for a portfolio focused on ESG investments.
Organization. AI tools can help you get organized, and stay that way. It can help you organize data or help you find the right way to stay organized over time.
Marketing. The right AI tool can help you with marketing campaigns, specifically in creative brainstorming or creating copy. For example, automating your marketing efforts with a platform like SmartAsset AMP can help you reclaim hours each week to focus on serving clients and growing your business. This subscription-based solution allows fiduciary advisors to create automated outreach campaigns through text and email. But AMP goes beyond automation. It also delivers up to 540 validated leads per year, helping you connect with high-potential prospects and accelerate your growth.
Personal Growth. There are tools that can help you grow personally or professionally by analyzing news or articles that you want to stay on top of, giving you the highlights you need.

While these are popular methods, it’s really up to you to define what AI can do to help you grow and manage your firm.

Will AI Tools Change the Financial Landscape?

All of this technological advancement raises the question: Where can this technology go next? Specifically, will AI tools change the future of financial advice? To answer this question, SmartAsset reached out to several experts in the field of financial technology. Below are their thoughts on how tools like ChatGPT will apply to the financial advising business.

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How Experts See AI Tools Changing the Future of Financial Advice

“Perhaps the greatest impact (of AI) for customers will be seen in financial advisory services,” says Arthur Weissman, co-founder of the firm Industry FinTech. “(It) will yield an improved customer experience, a lowering of overhead costs and (provide) greater access to more options for investors.”

Weissman sees AI as an invaluable tool for improving the customer experience. Chatbots have been proven to work for essential customer interactions, such as scheduling inquiries and administrative questions, he says.

Leaning into a more human-like AI can both reduce a financial advisor’s overhead and improve customer service. That’s because a customer could get questions answered immediately without having to wait for a return phone call.

Clients Still Need a Human Touch

Two advisors discuss how to use ChatGPT for financial advisors.

Companies have spent years cycling out customer service in favor of bots. But those automated tools can infuriate customers as easily as engage them. The upshot is that a chat system can provide sophisticated, always-on support – as long as your firm can easily connect customers with a human when the system can’t handle their questions.

But fintech leaders are clear that AI tools won’t be limited to just routine questions. Instead, these systems will help firms develop portfolios and research investment opportunities.

A majority of financial advisors already see AI as a powerful tool to help them grow their businesses, says Zoe Barry, CEO of Zingeroo, a retail trading platform. It can help them streamline time-intensive tasks such as gathering research, finding potential assets and identifying patterns in the market.

But even with today’s tools, there are hard limits to how far an AI can go, Barry says. Ultimately, financial advisors still need to provide a personal touch to their client interactions.

While an AI system can act without bias, helping financial advisors check their own instincts toward emotional investing, that emotional connection is essential to helping a client figure out their needs.

AI Presents a Powerful Data Tool

Financial advisors shouldn’t miss one of the most important features of AI. That’s its ability to analyze enormous amounts of data, says Mina Tadrus, CEO of Tadrus Capital, a quantitative high-frequency trading and fixed-income fund.

“One of the key benefits of using AI tools for financial advice is the ability to provide highly personalized recommendations,” Tadrus says. “AI algorithms are able to analyze vast amounts of data about an individual’s financial situation, including their income, spending habits, investment portfolio and risk tolerance. With this information, AI tools can provide customized recommendations that are tailored to each individual’s unique circumstances.”

This kind of data analysis is often at the heart of financial advising, whether you’re helping a client review their personal finances or you’re combing the market for investments that meet their stated goals. In all cases, the first step is to go over reams of data and look for patterns. This involves doing what technologists refer to as “high-routine” tasks. That means that while the process may be difficult, it requires essentially the same analysis every time. Advisors may be able to have an AI find those patterns for them.

“This allows financial advisors to focus on more complex tasks that require a human touch, such as developing long-term financial plans and providing guidance during major life events like retirement or divorce,” Tadrus says.

What Chatbots Can and Can’t Do

Chatbots like ChatGPT aren’t yet capable of true originality. They’re better thought of as stunningly advanced autocorrect than a mind at work. These tools work by scraping the internet for vast amounts of data in the form of written text. When you prompt the system, it searches this database for similar prompts and then returns the text that, in some other document, followed that input.

In some cases, it does so by filling out new text based on what, historically, is most likely to follow the previous word or sentence. In other cases, it may simply paste existing copy wholesale.

This is not to diminish the accomplishments here. These AI chatbots really do represent a novel and sophisticated technology. But, at heart, this is sophisticated database search-and-retrieval software. Chatbot software excels at retrieving text, patterns and ideas that already exist, not generating original ideas.

Bottom Line

A financial advisor reviews how to use ChatGPT to help grow her firm.

Artificial intelligence may revolutionize how financial advisors do their business from fielding customer interactions to analyzing financial information. Some experts believe that it will become an essential tool in the years to come. However, the final step will still require human interaction. An AI chatbot can help clients with basic tasks like scheduling or unambiguous questions. But it will need a human option to back up the system.

Tips for Growing Your Financial Advisory Business

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