cnbc_topnews

Wealth managers face a new challenger: their clients’ AI chatbots

📰 source: cnbc_topnews · 💼 business

wealthy clients are increasingly using ai chatbots like claude and chatgpt for portfolio advice and tax planning, wealth management leaders told cnbc. pathstone ceo matthew fleissig said chatgpt is 'the single largest investment advisor in the world.' firms see it as a second opinion tool that can deepen client conversations, but risks include hallucinations, errors, and data leaks. morningstar's sean dunlop noted wealth management stocks have pulled back as ai encroaches, with tools like altruist's tax planner and openai's personal finance feature. dunlop said ai won't wipe out advisors but will raise the service floor. northern trust's pamela lucina said clients use ai to double-check advice, and more now send formal proposals, even with smaller assets. we family offices' michael zeuner is concerned clients may not catch mistakes, like chatgpt confusing two etfs. lucina found ai got capital gains math wrong. firms emphasize human relationships and access, especially in volatile markets. morgan stanley's vince lumia said value of human touch becomes clear during crises.

why it matters: wealthy clients using ai as second opinion pressures advisors to justify fees and raises data security concerns.

source: cnbc_topnews
sentiment: -0.10 · impact: 0.30

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Surprise fall in US jobs last month as slow summer continues

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

China is gaining ground in AI. But the U.S. still has a major advantage

US strikes $1.2bn deal to pay German firm to halt offshore wind projects