Business consultants and futurists love to wax lyrical about the potential for AI-enabled wealth advice, but the reality is, advice businesses have been too inwardly focused and compliance obsessed to bring a future-forward customer experience to the table.

Advisers are inquisitive about ChatGPT, and many are experimenting with the technology behind the scenes. However, use cases for the latest version of the powerful generative AI tool are still limited to repetitive compliance tasks such as producing product and strategy descriptions to be fed into clunky statements of advice documents that clients will barely read.