The Certified Financial Planner Board has published a new guide that helps CFP professionals use artificial intelligence tools while adhering to the organization’s code of ethics and standards.
The eight-page document provides a checklist to help safeguard confidentiality, verify the accuracy of AI-generated output and maintain compliance with privacy laws. It 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,” outgoing CFP Board CEO Kevin Keller said in a statement.
The guide emphasizes that AI can assist with tasks like research and content refinement but cannot replace the expertise, judgment and care of CFP professionals. It draws on a 2023 consumer sentiment survey conducted by the CFP Board, which found that investors demonstrate more confidence in AI-generated advice after verifying that advice with a financial planner.
The CFP Board also announced it is forming an external AI working group later this year, bringing together financial and technology leaders to help shape future initiatives and programs. This group will explore how AI is transforming financial planning and what it means for firms, advisors, clients and stakeholders across the financial industry.
The working group will further assess AI’s impact and provide actionable recommendations to help ensure that CFP Board and its stakeholders navigate technology developments ethically and responsibly while harnessing AI’s full potential.
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