Two tools Commonwealth now offers to our advisors—Microsoft Teams Premium Intelligent Recap and Zocks Enterprise—help advisors run better meetings. Although their functionality differs in many ways, both provide detailed meeting notes, summaries, and follow-up tasks, enabling advisors to focus more directly on clients. Zocks also includes built-in sentiment tracking to gauge client reactions to specific topics.

Microsoft 365 Copilot Chat, a new app we offer, is more secure than ChatGPT. It helps advisors by answering questions, generating ideas, and finding information. It can also help streamline communications by drafting clear, professional emails, meeting summaries, and investment updates, ensuring consistent and thoughtful engagement. (And yes, Copilot Chat crafted that last sentence.)

Tools such as eMoney, RightCapital, and Holistiplan already use AI to save advisors time by simplifying complex planning functions, analyzing data, generating reports, and identifying opportunities to create more tailored plans for clients.

Scheduling software such as Microsoft Bookings, Calendly, and Acuity Scheduling can enable clients to set up meetings without a phone call while integrating with calendars to keep advisors from getting double-booked on a day already packed with meetings.

If you or your staff haven’t used ChatGPT or another application, be sure to get proper training so you’re using it to its full potential. And keep in mind there are numerous regulatory guidelines covering areas such as advertising, safeguarding client information, and books and record requirements.

Many of the tools we use every day have added AI functionality. Review your tech stack to see if there are new features you can take advantage of.

Although stories like the one above are amusing, they can also be dangerous. Imagine, for example, asking ChatGPT for current market trends and getting data from a previous year. It’s important to always review the results and ask it to cite references you can verify.

Advances in AI have made it possible to get very client specific, like anticipating financial needs or flagging high-risk investments. But it’s possible it overlooked something, so always be sure to review any recommendations before making a decision.

Despite its ability to simulate emotions, it’s important to remember that AI is still based on algorithms and data. And it can’t replace you or a member of your team. So, while it may be quicker to leave client communications up to ChatGPT, there are times when a personalized message—perhaps even a phone call—is warranted.