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May 11, 2023 at 11:32 AM
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.
