Orion launches ChatGPT Integration as Morgan Stanley investors hype advisor AI: Wealthtech Weekly

May 12, 2023 5:44 PM

As interest in generative AI remains red hot, Orion Advisor Solutions has introduced what its billing as the industry's first ChatGPT integration via Redtail Speak.

With the goal of streamlining client communications for advisors, the ChatGPT-3.5 series-powered offering first shown at Orion's February Ascent conference is a third-party integration that will allow users to select from and edit AI-generated responses.

Deemed an "assistive technology," the tool aims to save advisors time and facilitate faster client communication. It draws from and builds on the previous 20 text messages sent between the advisor team and client to understand proper conversation context and tone.

That information then goes into the dialogue created by ChatGPT, providing automatic prompts and recommended responses to client questions with actual knowledge of the advisor-client relationship.

Redtail Speak users can turn the integration on or off at their discretion.

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Orion's own research suggests that advisors are interested in artificial intelligence and its potential applications, with 33% of respondents to its inaugural Wealthtech Survey citing AI as the most disruptive technology trend facing the financial services industry.

"Redtail Speak's first-of-its-kind integration with ChatGPT will allow advisors to have an assistive technology at their fingertips while keeping them in control of responding to clients," Brian McLaughlin, president of Orion Advisor Technology, said in a statement. "This marks the beginning of Orion's journey to integrate AI into our applications, and we're thrilled to take this important step in helping advisors understand what's possible by adding AI technology into their practice."

The company is also working on an auto-complete feature for Redtail Speak using ChatGPT. As advisors write messages in Speak, the AI technology will suggest text to complete the response. Redtail Speak users will also be able to turn on or off this integration functionality at their discretion.

Redtail Speak is currently available to Orion clients via the Orion Advantage Stack. Speak is available as a desktop application and a mobile application that can send texts to clients.

Scroll down to get caught up on other recent fintech news you might have missed in our Wealthtech Weekly recap. And check out the previous edition here.

Morgan Stanley Wealth Management survey finds Investors bullish on AI advisor tech

Bloomberg News

While advisors are excited about the potential of AI, a new Morgan Stanley Wealth Management survey suggests investors are just as enthusiastic about AI as a tool for financial advice.

Results from the firm's quarterly individual investor pulse survey provide a look into how investors view artificial intelligence and possible investing use cases. The study finds that most investors believe AI will be revolutionary for financial services, with 72% saying that AI is a game changer for investors and traders.

Nearly 3 out of 4 (74%) believe the technology will help financial advisors better serve their clients, and 63% would be interested in working with a financial advisor that leverages it.

But investors do not expect AI to replace human advice. The study finds that 82% of respondents believe that will never happen, and nearly 9 out of 10 (88%) agree that the human-to-human financial advisor relationship is extremely important.

"While AI is clearly groundbreaking, and we are just scratching the surface of its potential impact within financial services, this data aligns with an insight we've known for some time. The clients who are most engaged with their Financial Advisors are also the most satisfied," Morgan Stanley Analytics, Data and Innovation Head Jeff McMillan said. "Within this context, AI should be viewed not as a replacement of human guidance, but as a powerful tool to help turbocharge a financial advisor's practice management and client interaction capabilities."

The research follows Morgan Stanley Wealth Management's announcement that an internal-facing service that leverages OpenAI technology to deliver content and insights to advisors is being developed.

TIFIN Wealth gives NAPFA-aligned advisors platform access at no cost

TIFIN Wealth

TIFIN Wealth is now providing free access to personalized investments for NAPFA-aligned advisors with less than $100M in assets under advice.

The client personalization platform announced the NAPFA partnership this week as an effort to help the smallest advisors achieve faster growth.

AJ Boury, chief operating officer for TIFIN Wealth, said over the years, his team has heard from advisors looking to enhance their assessment and proposal capabilities but are often shut out of these advancements in wealthtech because of cost-prohibitive pricing.

TIFIN leaders say this partnership advances their mission to make intelligent advice accessible to more individuals.

"By partnering with NAPFA to provide this member benefit, we are happy to remove these barriers for cost-sensitive firms and further our mission of intelligent advice for all," Boury said.

"We are excited to partner with TIFIN Wealth to provide this opportunity to members." Kathryn Dattomo, NAPFA CEO, said in a statement. "This will help further our members' ability to provide independent, personalized financial advice to their clients."

JPMorgan teams up with Vestwell to support small biz 401(k) platform

Vestwell

Digital 401(k) recordkeeper Vestwell has been selected by JPMorgan to expand the Wall Street giant's recordkeeping options and support Chase's small business workplace savings platform.

The Thursday announcement also came with the news that Vestwell has expanded its distribution partnerships with advisory firms including Commonwealth Financial Network and Cambridge; and expanded API integrations with payroll providers Gusto and Intuit QuickBooks.

"In light of recent regulatory tailwinds and our modern technology solutions, we've experienced unprecedented demand from financial advisors for the ability to offer retirement plans to their clients," Aaron Schumm, founder and CEO of Vestwell said in a statement. "These new partnerships and integrations signal the rapid growth across the savings industries with strategic interest from the world's leading advisory and asset management firms."

Steve Rubino, head of retirement at JPMorgan Asset Management, said the retirement industry is experiencing unprecedented growth.

"Enhancing our offering by coupling a modern technology platform with an assigned client success professional, like Vestwell, will enable us to quickly and efficiently meet the increasing demand," he said. "Small businesses are seeking affordable and tech-forward retirement plans in record numbers, and we are proud to be able to deliver for them."