Interest in ChatGPT and other forms of artificial intelligence is growing rapidly among financial advisors, according to data collected by SmartAsset and included in a new report by the company.
The news comes as financial services firms have started implementing AI tech.
Orion Advisor Solutions, for example, recently launched ChatGPT-3.5 series integration with Redtail Speak, the real-time communication platform for advisors offered through Redtail Technology, the client relationship management software firm that Orion acquired last year.
Fifty-seven percent of advisors are already using some version of AI technology or are at least interested in experimenting with ChatGPT or other generative AI tech, according to SmartAsset, which is a subsidiary of Financial Insight Technology.
In a recent survey conducted March 29-April 12, SmartAsset asked 100 advisors on its SmartAdvisor matching platform about their use of AI.
When asked if they were currently using generative AI such as ChatGPT in any aspect of their advisory practices, 27% of respondents replied they were using or testing it out in some capacity.
Meanwhile, 30% of respondents said they hadn't used ChatGPT yet but wanted to test it out, SmartAsset said.
The Holdouts
In stark contrast, 43% of respondents answered they were not using ChatGPT or other AI and had no plans to, according to SmartAsset.
When asked, as a follow-up, why they weren't using AI, 38% of respondents answered they were not comfortable with the technology.
