AI in Financial Advising

AI in Financial Services Today

In the workplace, there is a constant push to increase efficiency. In 2025, AI is at the forefront of that push for efficiency. With companies like Google¹ and Meta² committing more than $65 billion each to increase their AI infrastructure, the importance of AI cannot be understated.

However, AI can make a difference in a space that feels a lot closer to home, not just at mega-corporations that have billions of dollars to commit to building resources. According to Chet Bennetts, PhD, CFP®, ChFC®, CLU®, RICP®, CLF®, this increased usage for AI in financial services can be attributed to a “deconsolidation” of the industry as RIA firms become more common. The use of AI to increase efficiency can give RIA firms an advantage to even the resource gaps between themselves and larger, household name firms.

Bennetts also acknowledged that some people naturally fear the potential of AI, with many worrying that the increase of technology in the industry could pose a threat to their careers. However, Bennetts likened this to the rise of spreadsheets in the 1980s. “CPAs were up in arms. They were furious because of this new technology that allowed consumers to be able to do complex computations really quickly. That was a spreadsheet,” he says.

Bennetts believes the use of AI is actually more likely to improve the relationships between advisors and their clients. Bennetts suggests clients using AI will not abandon their traditional advisors, but rather bring a more educated perspective to advisor-client conversations due to the research they’ve conducted using AI. From a consumer standpoint, this signifies a potentially positive trend as improved client conversations will likely lead to improved client outcomes.

From an advisor perspective, AI offers a variety of exciting potential use cases. Something as simple as an AI notetaker writing transcripts for client interactions, recapping key points of the meeting, and integrating action items discussed in these interactions into the advisor’s calendar can save a considerable amount of time when leveraged on a regular basis. According to Bennetts, this has the potential to save advisors up to an hour per day. That’s five hours per week, or twenty-five hours per month. When used in this manner, a relatively achievable goal for a majority of advisors, days can be saved in a given month, allowing for an increased volume of client meetings. This acts as a serious boon for RIA firms, as it will allow them to get in front of more clients and increase their exposure as advisors.

Using AI Ethically

With AI still being in its early stages, it is of the utmost importance that advisors also make the appropriate ethical considerations when integrating it into their practices. These ethical considerations will differ when it comes to the type of AI being utilized, however. Generative AI, such as ChatGPT, should never be granted access to any form of personal information or information that could identify the user, the user’s company, the client, or company policies, for example. When discussing this subject, Bennetts elaborated by saying, “The models are going to train on the prompts, and it’s going to train on the interaction unless you explicitly tell it not to.”

When it comes to third-party solutions, such as an AI notetaker, Bennetts stresses the importance of understanding the terms and conditions of usage. “We are absolutely in a generation where anything you do, you have to accept and agree before you can use it,” he says. “And yet, I would venture to say that 99.9% of the population, whether it’s an app on their phone, a website, whatever, we’re just saying accept and continue without reading it. When you are an advisor with a responsibility and a potential liability associated with that responsibility, you can’t do that.”

Bennetts preaches diligence for the RIA firms utilizing AI tools. He encourages thorough vetting processes and emphasizes that advisors develop a strong understanding of the tools they’re using in order to maintain strong ethical practices.

How Younger Advisors Can Leverage AI to Gain an Edge

For younger advisors starting out in the profession, the use of AI can be a significant advantage over older advisors who may have no interest in learning how to use a new tool. According to Bennetts, “Being able to come in and have that skill set and be able to demonstrate how you bring value to that individual and that practice is absolutely a way to stand out.”

Bennetts also encourages younger advisors looking to break into the industry to use AI for the variety of other advantages it can offer to young professionals. He cites market research and an ability to help advisors promote themselves as two simplistic functions that can make a huge difference in the career of young advisors first looking to establish themselves in the industry.

Though there may still be controversy about AI and its uses, it’s safe to say that AI is here to stay. For many advisors, AI can be used as a tool to develop improved client conversations, greater efficiency, and more. For young advisors, AI can be a difference-maker in their career.

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