In a recent CNBC Inside Wealth article, Michael Zeuner, Managing Partner at WE Family Offices, discusses how wealthy clients are using AI chatbots like Claude and ChatGPT to get a second opinion on their investment strategy.
Zeuner views client engagement with these tools as mostly positive. When clients check recommendations against an LLM or use it to prepare questions, they’re actively involved in their own wealth strategy.
He cautions, however, that LLMs can make real mistakes, including hallucinating details about documents and making basic errors, such as incorrectly calling two different ETFs identical.
And for wealthy families, data security is equally critical. Because personal AI accounts don’t offer the strict data protections of the enterprise plans used by wealth advisories, clients should be made aware of general best practices for using these LLMs.
Read the full article here.
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