NewsDialy
AI chatbots built on large language models are appearing in wealth management conversations, and industry leaders are framing the shift as a genuine competitive challenge.
A large language model is software trained on large volumes of text to produce conversational answers to complex questions, financial ones included.
Wealth management leaders say the technology may be capable of giving advisors a run for their money, and that the human element of advisory work is not something a chatbot replicates.
The competitive pressure is particular in one way: the challenger is not a rival firm. It is the client's own software.
Keep reading