As artificial intelligence continues to transform the financial planning profession, the CFP Board has formed an AI Working Group to explore the role of the technology.
The group was convened last month at the board’s headquarters in Washington, D.C. to begin its work of studying AI’s impact on the industry, and developing recommendations that ensure technology enhances the human relationships central to the profession.
“We want to look at where AI can augment, support and create greater efficiencies for the human advisor because that is the core of what we provide and what we will continue to provide in the future,” said CFP Board COO K. Dane Snowden.
Snowden leads the working group in partnership with consulting company Heidrick & Struggles. The group includes financial and technology leaders who will explore how the financial planning profession can rise to meet the challenges and opportunities of an AI-driven future.
The group is examining emerging trends, real-world use cases and ethical considerations shaping AI adoption across the profession. The discussions also include how AI can enhance client experiences and streamline advisor workflows. The group members include Andrew Altfest, former Assistant Secretary of Commerce Alan Davidson, Tim Foley, the head of LPL’s Artificial Intelligence Accelerator, Sage CEO Brooke Juniper, Fidelity Institutional Vice President Celeste Revelli, and David Goldberg, an SVP and Chief Data and Analytics Officer for Edelman Financial Engines.
“AI is not a distant wave. It’s already reshaping client expectations and how advisors deliver value,” said CFP Board CEO Kevin R. Keller. “CFP Board is taking the lead to help the profession harness AI’s potential to elevate financial planning and strengthen engagement.”
Snowden told Insurance News Net that the AI Working Group was formed “to be able to have the financial planning sector – our profession – ready for AI. We want to be able to be mobilized to handle AI and to elevate our work using AI.” He said the first order of business was examining future scenarios involving AI and financial planning.
“What is happening? What do we need to prepare for? We want to be sure we are in a position where we can steer the profession in the right direction,” said Snowden.
In March, the CFP Board published the Generative AI Ethics Guide: A Checklist for Upholding the Code and Standards. The guide was developed to assist financial planners in the effective use of generative artificial intelligence in their services. According to the CFP Board, it provides a checklist to help protect confidentiality, verify the accuracy of material generated by AI, and maintain compliance with privacy laws. The guide also highlights the need to confirm that the use of AI does not jeopardize professional integrity or lead to conflicts of interest.
“When wielded with care and responsibility, AI has the power to amplify expertise, unlock efficiencies and enhance the value financial advisors bring to their clients,” said CFP Board CEO Kevin R. Keller, CAE. “The Generative AI Ethics Guide helps CFP® professionals integrate AI into their practices while staying true to CFP Board’s Code of Ethics and Standards of Conduct.”
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