Wealth management clients, including high-net-worth investors, are increasingly turning to AI chatbots like ChatGPT and Claude for financial advice, portfolio recommendations, and tax guidance. Industry leaders observe that this trend can enhance client engagement by fostering more informed and insightful discussions with advisors. Matthew Fleissig, CEO of Pathstone, even describes ChatGPT as the largest investment advisor globally. However, wealth managers caution that AI tools can sometimes deliver inaccurate or misleading information, posing risks especially when clients lack the expertise to discern errors.

Pamela Lucina of Northern Trust notes that clients have been using AI for about 18 months, often employing chatbots to vet advice or generate specific questions for advisors. This shift has also affected the wealth management sales process, with more clients requesting detailed proposals irrespective of their asset size. Clients’ use of AI is helping meetings focus less on basic information sharing and more on strategic outcomes, which some firms see as a positive evolution enhancing the advisor-client dialogue.

Despite the benefits, wealth advisors emphasize the limitations and potential pitfalls of relying on AI chatbots. Clients risk exposing sensitive information when using personal AI accounts lacking enterprise data protections, and the technology sometimes "hallucinates" details or makes factual errors, such as misidentifying investment products. Firms like WE Family Offices have adopted secure enterprise AI solutions to safeguard client data and train advisors to engage critically with AI-generated insights rather than accepting them blindly.

Crucially, many experts stress that AI cannot replace the nuanced judgment and personal relationship that human advisors provide, especially during market volatility or crises. Vince Lumia of Morgan Stanley highlights that while AI tools enhance efficiency, clients tend to seek human advice when uncertainty rises. Matthew Fleissig points out that AI lacks the real-world experience and connections essential for certain investment opportunities, reaffirming the enduring value of trusted human advisors despite AI’s growing role in wealth management.