AI tools for Wealth Management are arriving faster than most firms can evaluate them. Your compliance team, your clients and eventually your examiners will want to know how a tool handles the families’ information. These are the questions worth asking before anything touches a client record, and the answers to look for.
Where does our data live, and who can see it?
Look for a dedicated environment for your firm, encrypted at rest and in transit, with access limited to named people. Ask when and how the vendor’s own staff can reach your data.
Will our data train anyone’s models?
The answer should be a plain no, written into the agreement, for the vendor and for every model provider it uses. Ask which providers process your data, and on what terms.
Can we see where every answer came from?
Every claim should carry its source, down to the document and the passage. If a reviewer cannot check an answer, the firm cannot rely on it.
What happens when it does not know?
A good assistant says so, and says what it would need to find out, rather than guessing. Ask to see it handle a question it cannot answer.
Who approves what reaches a client?
Nothing should leave the firm without a person signing off. Ask how drafts are reviewed and how each approval is recorded.
What is on the record?
Every question, answer, automated action and approval should be logged and retained, so the firm can supervise the work and meet its recordkeeping obligations.
What independent assurance exists?
Ask for current security reports and certifications, and read their scope: what they cover and for what period.
What happens if we leave?
You should be able to export your data and have it deleted, with confirmation, on a timeline written into the contract.
If a vendor cannot answer these simply, keep asking.
This article is general information, not tax, legal or investment advice.