Best AI for AdvisorsWhat is an AI assistant?
Also called: AI chatbot, chat assistant.
Short answer
A general-purpose AI chat tool, such as ChatGPT, Claude or Gemini, that answers questions and drafts or summarizes on request.
Definition
An AI assistant is a chat tool you talk to in plain language. You ask a question, paste text or upload a file, and it writes, summarizes, explains or analyzes. The best-known are ChatGPT, Claude, Gemini and Microsoft 365 Copilot.
They come in consumer, team and enterprise plans, and the plans differ in data controls, admin features and contract terms.
Why it matters for advisors
AI assistants are the most flexible tool an advisor can use, and the easiest to misuse. The main questions are which plan is approved, whether client data may go in, and how AI-drafted client communications get reviewed.
Our AI policy template says to approve the plan, not just the brand, because consumer and enterprise plans of the same tool can differ a lot.
Example
A firm approves the enterprise plan of one assistant for de-identified planning questions and drafting, bans client data in any personal account, and keeps a library of approved prompts.
Watch out for
A personal account used for firm work is shadow AI, even if the firm approved the same brand on a business plan.
Related tools
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- ChatGPTOpenAI's general-purpose AI assistant for writing, research, analysis and images.
- ClaudeAnthropic's AI assistant for work, strong at long documents and careful writing.
- GeminiGoogle's AI assistant for writing, planning and brainstorming.
- Microsoft 365 CopilotMicrosoft's AI assistant built into Word, Excel, PowerPoint, Outlook and Teams.
Related terms
- Large language modelThe type of AI model behind chat assistants: trained on huge amounts of text to predict and generate language.
- AI copilotAn AI assistant built into software you already use that suggests, drafts or summarizes as you work.
- Shadow AIAI tools staff use for work without the firm's approval, such as personal chat accounts or unvetted browser extensions.
- AI acceptable use policyA firm's written rules for which AI tools staff may use, for what, with what data, and how output is reviewed and kept.
Learn more
Last updated .