Dan Shaw

Another rough 12-month stretch for active portfolio managers is giving advisors even more reasons to present themselves as something more than stock pickers and emphasize expertise in tax planning and other services.

A study by website designer and digital strategist Bonfire Studio found that advisor-owned websites were the most frequently cited sources when ChatGPT recommended financial advisors, accounting for 45% of 1,048 cited sources. The findings suggest advisors can improve AI visibility by regularly updating their websites with current information, expertise, locations, services and relevant content. The study also found that ChatGPT recommendations can vary significantly, with nearly 45% of websites cited changing when identical questions were asked again. Advisors may therefore benefit from monitoring AI search results across different queries. Individual advisory firms dominated recommendations for retirement, tax and fee-only planning, while larger financial institutions appeared more frequently for high-net-worth services.

As anxieties swirl that America's tech giants are betting too much on AI, some in wealth management are sounding alarm bells about overspending on advisor recruiting.

RIAs worried that Charles Schwab's decision to again up its asset minimum for client referrals may consider putting a little distance between themselves and the Schwab brand.

For RIAs contemplating a sale of their business and looking for a way to obtain a quick valuation, there's now a free online service for that.

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Regulators may have no formal rule governing advisors' use of AI. Even so, their goal is clear: prevent firms from using the burgeoning technology in ways that violate long-standing investor and market protections.

With its Digital Managed Solutions robo advisory service, Edward Jones is moving into territory already occupied by Fidelity and Vanguard. But it's building the offering on one of its greatest strengths: its network of branch advisors.

Vanguard Group's planned purchase of Altruist promises to disrupt the RIA custody market, giving RIAs access to an innovative alternative.

Marketing experts suggest alternative ways for firms to promote themselves after a $6 million "gift" received by a former top editor at Forbes was seen as tarnishing the publication's industry awards and rankings.