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Technology > Artificial Intelligence

Orion Launches ChatGPT Integration: Tech Roundup

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What You Need to Know

  • Orion's latest integration leverages ChatGPT to provide automatic prompts and recommended responses to client questions.
  • Morningstar has launched a beta version of its generative AI chatbot: Mo.
  • FMG is adding Nitrogen's (formerly Riskalyze) Risk Number and Lead Gen Questionnaire to its content library.

Orion Advisor Solutions launched ChatGPT-3.5 series integration with Redtail Speak, the real-time communication platform for advisors being offered through Redtail Technology, the client relationship management software firm that Orion acquired last year.

The ChatGPT-3.5 integration was first “teased” in February at Orion’s Ascent conference, it noted.

The third-party integration will enable users to select from and edit suggested artificial intelligence-generated responses. The integration “draws from and builds upon the previous 20 text messages” that were sent between an advisor team and the client, Orion explained.

The integration features assistive technology that Orion said was designed to save advisors time and enable faster, more effective client communication.

The dialogue created by ChatGPT provides automatic prompts and recommended responses to client questions, Orion said, adding the integration “underscores Orion’s commitment to serving advisors’ needs and helping them remain ahead of evolving trends.”

Up next: Work is “underway to create an auto-complete feature for Redtail Speak using ChatGPT,” Orion said, adding, “As advisors write messages in Speak, the AI technology will suggest text to complete the response. Redtail Speak users will, again, be able to turn on or off this integration functionality at their discretion.”

Redtail Speak’s integration with ChatGPT is the first of several projects in development at Orion that it said will introduce AI to advisors, “empowering them to streamline operations and communications and focus on the most important matter at hand — their clients.”

Redtail Speak is available to Orion clients through the Orion Advantage Stack. Speak is available as both a desktop and mobile application that can send texts to clients.

Morningstar Launches AI Chatbot

Morningstar on Thursday launched a beta version of its generative AI chatbot named “Mo” across its multiple platforms: Morningstar Investor, Research Portal, Direct and Advisor Workstation.

Powered by the Morningstar Intelligence Engine, which pairs the firm’s large investment research library with Microsoft’s Azure OpenAI Service, Mo was “designed to surface and summarize Morningstar’s independent insights in a conversational format for investors and investment professionals,” Morningstar said Thursday.

Investors now face the challenge of an “overwhelming amount of information amid a growing sea of more than 750,000 investment options,” according to Morningstar.

Large language models and other AI tools can make navigating large volumes of information significantly easier, according to the firm.

Rather than working with keyword searches and pages of results, Morningstar customers can now ask questions directly to Mo and receive a “concise response within a matter of seconds,” it said, adding that Mo does not provide investment advice.

Mo is the first of what Morningstar said will be “several applications planned to be built on the Morningstar Intelligence Engine platform, which draws from Morningstar’s breadth of equity and managed investment research, editorial and ratings.”

The launch into Morningstar products reflects a welcome reception for the digital avatar and voice-recognizing representation of Mo that it said first debuted at last month’s Morningstar Investment Conference.

Envestnet | PMC Launches ActivePassive ETFs

Envestnet | PMC introduced a series of ActivePassive exchange-traded funds that it said Tuesday allow advisors to access the combined strategy within cost-effective, tax-efficient, liquid and transparent investment vehicles.

The new ETFs are featured in the ActivePassive PMC ETF Portfolios, the company said.

The launch supports Envestnet | PMC research “indicating that systematic factor-based strategies and skilled, traditional active strategies, combined with passive investment vehicles may be a more efficient and cost-effective approach to returns generation,” the firm said.

The four ActivePassive ETFs being offered — the ActivePassive U.S. Equity ETF (APUE), ActivePassive International Equity ETF (APIE), ActivePassive Core Bond ETF (APCB) and ActivePassive Intermediate Municipal Bond ETF (APMU) — include passive and factor-based exposures managed by Envestnet, as well as active exposures the firm said are managed by third-party industry-known investment managers that are “carefully vetted by PMC’s research team.”

The ETFs, available in the ActivePassive PMC ETF Portfolios and Envestnet | PMC’s ActivePassive multi-asset model portfolios, have been offered to implement the views of the models’ portfolio managers in a tax-efficient way with no additional management fee.

FMG Teams With Riskalyze

During Tuesday’s webcast in which Riskalyze announced it changed its brand name to Nitrogen, Samantha Russell, chief evangelist at FMG Suite, disclosed that the two companies are building an integration that advisors had been requesting for a long time.

“We’ve heard this request over and over and we’re so excited to announce that the Risk Number and Lead Gen Questionnaire will very soon be in the FMG Content Library and also available as a widget on your website,” she said.

Users will be able to “create emails and social posts featuring your unique link, and we are thrilled to unveil it for all of you soon,” Russell told viewers, adding: “This will be the first integration in the next chapter of the Growth Platform era, and we couldn’t be more excited to partner with Riskalyze on this.”

JPMorgan Taps Vestwell

Vestwell on Thursday said it is rapidly expanding its partnerships and integrations to better serve the financial advisor industry.

The latest example is a partnership with JPMorgan to expand its recordkeeping options and help power Everyday 401(k), Chase’s small business 401(k) workplace savings platform.

Vestwell also said it has expanded its distribution partnerships with advisory firms including Commonwealth Financial Network and Cambridge.

Meanwhile, “to further allow for a seamless recordkeeping solution for advisors and small businesses,” the firm has expanded its application programming interface integrations with payroll providers Gusto and Intuit QuickBooks.

“In light of recent regulatory tailwinds and our modern technology solutions, we’ve experienced unprecedented demand from financial advisors for the ability to offer retirement plans to their clients,” said Aaron Schumm, Vestwell CEO and founder.

“These new partnerships and integrations signal the rapid growth across the savings industries with strategic interest from the world’s leading advisory and asset management firms,” he added.

“As the retirement industry is experiencing unprecedented growth, we remain committed to offering best-in-class solutions for our clients,” said Steve Rubino, head of Retirement at J.P. Morgan Asset Management.

“Enhancing our offering by coupling a modern technology platform with an assigned client success professional, like Vestwell, will enable us to quickly and efficiently meet the increasing demand,” Rubino said in a statement. “Small businesses are seeking affordable and tech-forward retirement plans in record numbers, and we are proud to be able to deliver for them.”

ViewTrade Chosen by One Zero Digital Bank

Technology and brokerage services provider ViewTrade said Monday it was selected by Israel-based One Zero Digital Bank to be the broker and technology partner for a new securities trading platform.

The collaboration will provide Israeli investors with “seamless access” to U.S. markets, Vestwell said.  One Zero clients can now trade in a wide range of equities and ETFs listed on the New York Stock Exchange and Nasdaq, using either foreign currency or shekel accounts, Vestwell added.

The new trading platform allows independent trading on U.S. stock exchanges and “will help clients consolidate their financial activity through a single provider,” according to Vestwell.

Traders are able to execute individual trades or subscribe to a monthly package with no maintenance or trading fees and no minimum commissions, regardless of the order amount, it said. The bank also provides investors with real-time AI-generated insights and updates about their investment portfolios, according to Vestwell.

(Image: Shutterstock)


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