I’ve been using a saying recently. It’s one of those sayings that’s obvious—maybe even obnoxious—but I like to say it in a way that simplifies complex thoughts and feelings on heady topics. It also reliably earns an eye roll from my teenage daughter whenever I empathically say it in public, especially with strangers, which, I’ll admit, is entirely intentional and more than a little gratifying.
Lately, I find myself saying it more and more, particularly when conversations touch on AI:
“What a time to be alive!”
As anyone who has used tools like ChatGPT, Copilot, or Gemini can attest, we’re living in an era of jaw-dropping technological advancement. While we’re not quite at the level of having our own Jarvis (for Iron Man fans out there), we’re closer than ever. These tools are saving us time, elevating our professional output, providing fresh insights, and reframing how we approach challenges. From building web apps without coding experience to ghostwriting articles, AI is already transforming countless aspects of our lives. And that’s before we even get into its potential impact on fields like medicine, finance, and engineering.
The possibilities seem endless, and more importantly, we’re at a significant inflection point in human history. What a time to be alive, indeed!
Like other inflection points—think the printing press, the discovery of antibiotics, or the invention of the semiconductor—we can expect shorter and shorter innovation cycles to follow. These cycles will result in rapid changes to how we do, well, just about anything. But with innovation comes disruption. With disruption comes market shifts as new opportunities emerge and old paradigms fade. Uncertainty becomes the norm. The paradox here? While change is certain, the impact of that change is anything but. So, what a time to be alive…?
This article isn’t about exploring these possibilities or the broader impact on our industry—there’s no shortage of commentary from futurists, consultants, and industry experts on those topics. For business owners seeking frameworks to navigate uncertainty, I’d recommend this article by Sahil Bloom. Instead, this article focuses on a practical, albeit comparatively mundane, aspect of AI adoption: regulatory considerations.
Regulation and Responsibility in the Age of AI
Two sobering facts shape how we must approach AI in our industry:
- Our industry is heavily regulated.
- As such, adopting new applications and tools requires adequate due diligence and care (see FINRA Notice 24-9).
As a FINRA member firm, your Broker Dealer is required to have procedures in place to ensure regulatory compliance when using technology, including AI. While AI tools aren’t generally prohibited, the same level of scrutiny and care applies to them as with any other technological solution.
For instance, a golden rule to remember is that you should never use a client’s personally identifiable information (PII) with an AI solution unless that tool meets strict safeguarding standards. Broker Dealers have a named Chief Information Security Office and qualified third parties to manage safeguarding tests precisely for this purpose. In fact, I would argue that you should seek guidance from your Broker Dealer or OSJ whenever you are seeking to add or evaluate your tech stack as there could be vetted solutions that integrate with proprietary technology, as well as group discounts, that should be considered amongst your primary options.
That said, AI tools can unlock significant efficiency and productivity gains. Solutions like notetaking and meeting follow-up apps offer compelling use cases—automating time-intensive tasks while letting you focus on what matters most.
So far at our Broker Dealer, Osaic, we have two vetted options available that summarize meeting notes and follow-up tasks:
- Jump – made exclusively for Financial Advisors, Jump focuses on integrating with the tools you use every day to serve your clients
- Zocks – also geared towards financial services, Zocks is a security-focused solution with impressive integration points and automations
Both providers offer free trials as well as discounts for Osaic financial professionals. Feedback from advisors exploring these solutions has been overwhelmingly positive. Some have even reported saving hours every week.
Best Practices for Using AI Tools
When incorporating AI tools into your workflow, it’s important to keep a few best practices in mind
- Use only broker-dealer-vetted products to ensure compliance
- Review and correct notes for accuracy before finalizing them—AI isn’t perfect.
- Ask clients for consent when using these applications – even though these tools summarize the conversation, a client should be aware that it’s listening in.
On the horizon, we’re excited about additional tools like the GReminders AI Companion, currently in a pilot phase. We anticipate it being added to the approved list in the coming weeks.
Looking Ahead
Evolution Financial and our partners will continue to evaluate today’s available solutions and preparing for tomorrow’s breakthroughs. And Osaic is committed to adopting AI into their systems and processes responsibly. In fact, at Evolution Financial Advisor’s Summer Summit on June 23 and 24, Clayton Chandler, Osaic’s Chief Data Officer, will delve into this very topic.
If you have any questions related to this topic or would like to know how your OSJ can assist you with your tech stack, feel free to reach out to Evolution Financial Advisors.
The tools we have today for delivering advice and exceptional client experiences have never been better. And with AI, they’re only going to improve from here. Indeed, what a time to be alive!
