Orion Introduces ChatGPT Integration at Ascent Conference

Orion Advisor Solutions may be the first company to provide the OpenAI ChatGPT engine to financial advisors.

A new integration between ChatGPT and Redtail Speak, a compatible text messaging client platform offered through Redtail CRM, allows AI to analyze conversations and suggest responses. Consultants can then edit responses as they see fit and submit them, said Orion CEO Eric Clark, who announced the integration Tuesday at Ascent’s annual conference in Orlando, Florida.

Clarke said, citing data collected from Orion’s technology study, a third of consultants already viewed AI as the most disruptive technology trend facing the financial services industry, and that was before commercial interest in AI exploded. But only 18% plan to make research investments in AI and machine learning over the next three years.

Adding ChatGPT to Redtail Speak is an easy way to help consultants understand what’s possible if they add AI technology to their practice, Clark said. InvestmentNews. After all, the company sees the potential to communicate data points — without any personal information, Clarke explained — in AI to offer advisors ways that advisors can talk about portfolio analytics beyond traditional reports.

“Many advisors naturally talk to portfolio analytics, but the next step for us is to create narratives around this and be able to create arguments beyond being able to respond to text messages,” Clarke said. “This is the beginning of the journey to integrate AI into our applications.”

Orion’s engineering team has been running internal beta testing of the ChatGPT application programming interface (API) for months, and the company intends to make it available to consultants in the next couple of months, added Brian McLaughlin, former CEO of Redtail. who was named President of Technology Orion Advisor as part of a corporate reorganization in September. Orion acquired Redtail in April.

“Talking was the most natural place to put it in because it’s colloquial,” McLaughlin said. “I don’t think we have any deadlines as such. I think we want to make sure we go and explore all the different directions as quickly as possible.”

If the company can meet its soft goal of 60 days, it could be the first to bring the ChatGPT app for financial advisors to market. OpenAI CEO Sam Altman said his company is working on something for Morgan Stanley consultants and their clients, but the company has yet to make any public announcements.

BEHAVIORAL FINANCE

Clark began his keynote by reviewing some of the efforts that Orion is making to help wealth management firms incorporate behavioral finance ideas into their practice, which has proven to be more challenging than expected.

“Two and a half years ago, when we started working with [Orion chief behavioral officer] Dr. Daniel Crosby, I thought the instruments would be accepted faster than they were,” Clarke said. InvestmentNews.

Orion recently launched the Advisor Academy to help advisors better learn how to use its behavioral finance tools such as the 3D Risk Profile and BeFi 20, the company’s approach to risk assessment that incorporates the emotions and values ​​of the client.

“These tools … will help the consultant understand what the client wants to achieve,” Clarke said. “These are not exact results, they are more of a conversational nature, which in many cases is not comfortable for consultants to have such conversations. This is something the Academy of Counselors can help provide resources.”

Investment grouping is now implemented in Orion client portals to show how assets are channeled into different aspects of the financial plan. The company calls the buckets “Protect, Live, and Dream,” but consultants can change the names and number of buckets, such as adding a fourth for charitable donations. Due to the distribution of customers, Clark says they are 12 times less likely to return to cash in difficult markets and twice as likely to increase long-term savings.

“This seemingly simple process of pooling investments can have a profound effect on behavior,” he added.

In addition to AI, Clark also introduced a new enhancement to Orion’s custom indexing product called Story Paths, which advisors can use to create a proposal for a new account or move an existing account to a new portfolio created through direct indexing.

Orion now has $7 billion on its platform from registered investment advisors using their own indexing platform, Clark said. He expects this to grow as consultants recognize the opportunity to build platforms tailored to the client’s life and goals.

With organic growth and eight M&A deals since 2018, Orion has grown into a significant force in both fintech and asset management outsourcing. The company now has $3.7 trillion in assets on the platform, including $60 billion in asset management assets. The Redtail acquisition attracted more than 110,000 consultants, Clark said.

The company is offering the offer generation tool it launched for portfolio solution clients to its technology clients. The tool is integrated with Orion Connect, Planning, Community Model Marketplace, Risk Intelligence and Redtail CRM.

Orion also announced that over the past 18 months, its entire ecosystem has been migrated to Amazon Web Services, allowing for greater real-time data synchronization between the technology and the consulting firm, as well as helping to process large amounts of information, which is a big deal for large firms. , according to Joel Brookenstein, producer of the Technology Tools for Today conference.

Content Source

News Press Ohio – Latest News:
Columbus Local News || Cleveland Local News || Ohio State News || National News || Money and Economy News || Entertainment News || Tech News || Environment News

Related Articles

Back to top button