AI ain’t gonna wreck financial advising (but it’s gonna change it big time)

11 July 2023

OpenAI dropped ChatGPT just a few months back and it’s turned Artificial Intelligence from some nerdy MIT stuff into a hot topic you chat about over coffee or dinner. Even my 78-year-old mom had to give ChatGPT a go. So yeah, AI hype is hitting everyone these days. Nowadays, almost everyone’s got an opinion on AI. Some think it’s gonna doom humanity, while others believe it’s gonna solve all the world’s problems and make our lives way better.
But let’s face it, there’s still a long way to go, and those who’ve tried it know what I mean.

AI is gonna be a huge help in financial advising

It’s hard to predict how AI will impact our lives and work in just a few years, but one thing’s for sure: it’s gonna change everything. And that includes the world of wealth management. We don’t think AI can replace human financial advisors. The trust and ability to analyze events beyond just data and numbers is something AI can’t replicate. But we do believe it can be a massive help and those who ignore the huge contribution AI can make to financial advising will be left behind.

The most important thing in the short term is figuring out how to ask the right questions to these AI tools. Asking the right questions can make a huge difference in how these AI-based tools function. Providing real personalized and goal-based advice: that’s where AI comes in. The essence of financial advising is the trust factor. That’s the main reason why we think human financial advisors will always have a place. But AI can really help solidify that trust relationship.

Think about it, what’s the best way to gain clients’ trust if not by knowing their situation in detail and fully understanding their needs and goals? AI can speed up and optimize these processes, like providing a precise check-up on each client’s personal situation. That way, you get personalized service and advice solutions based on goals that wouldn’t be easily achievable without efficient data processing like what machine learning applications offer.

AI makes financial advisors’ lives better

Financial advisors spend a lot of time preparing analyses, documents, and materials for client meetings. Well, with the new AI tools, all that stuff can be produced in seconds and without errors. Even communication and reporting to clients can be fully personalized, depending on their specific portfolio and individual skills and preferences, thanks to an AI-based system.

The second most important contribution of AI, after improving customer service quality, is boosting productivity and efficiency for the advisors themselves. They can spend more time meeting with clients.

Wealthype puts AI to work for financial advisors

Today, we’re launching our new site,, where we’ll tell you all about the latest updates on the first AI-based platform for financial advising. We’ve created this platform with input from financial advisors, for financial advisors.

Plus, the platform can include all sorts of investment products, insurance options, and debt solutions. There are personalized reporting and communication styles, and tools to convert prospective clients.

At Wealthype, this is precisely what we focus on, and we have already helped thousands of advisors improve their work. For a demo of our tools, you can contact us using the link below and discover how to apply Machine Learning principles to your business processes.