As artificial intelligence becomes a bigger part of client conversations, advisors need to be aware of the capabilities of chatbots such as ChatGPT and Google AI, whether that’s good or bad.
New research shines a light on these tools that are becoming mainstream for consumers and slowly gaining traction in the wealth management industry to find out if clients and even advisors can rely on the technology in a key area of advisory practices.
The study, published today (9/23), reveals that AI tools can be unreliable when used for estate planning, leaving users at risk of inaccurate information in a field where accuracy and nuance are non-negotiable. It highlights how human advisors remain key to estate planning advice.
The EncorEstate Plans study assessed four widely used platforms (ChatGPT, Claude, Perplexity, and Google AI Mode) by asking each of them 46 estate planning questions drawn from the most frequent client inquiries that the firm’s planning team has fielded over the past 45 years.
Answers were scored on a traditional A–F scale and the results are sobering. The top performer, Claude, achieved 69% of answers graded A or B, while Perplexity followed closely at 63% A or B responses.
Probably the best-known AI chatbot, ChatGPT, performed significantly worse than the two top-rated options tested, with nearly half of its answers earning only a D or F.
Meanwhile, Google AI Mode performed worst of all with 61% of responses failing, before it stopped after question 19, leaving 28 questions unanswered.
That means that a client who relies on an AI chatbot for guidance could end up with a trust riddled with errors or omissions and EncorEstate CEO Matt Morris says that his team has seen clients attempt to finalize AI-generated documents containing “nonsense POA powers” or questionable clauses that would never hold up in practice.
Even when chatbots do provide complete answers, they often fail to account for client-specific context. That gap is where professional oversight is essential.
The takeaway from the study is not that advisors should ignore AI, but rather that they should set boundaries for its use. Tools like Claude and Perplexity may offer reasonable starting points for basic education, but they cannot replace professional review.
For advisors, the opportunity lies in reinforcing their value and impressing on clients that estate planning is not just about documents, it’s about judgment, context, and guiding families through complex choices.
Just five actions were started in the first half of fiscal 2026, a new analysis finds.
For business owners, the company is often more than an income source. It becomes their largest asset, their retirement plan, and in many cases, part of their identity. Advisors who understand that dynamics can deliver far greater value than traditional financial planning alone
John S. Winslow, 57, was indicted just over a year ago for his scheme to steal from an elderly client.
Hamachi's new model portfolio partnership and an industry-first solution from Vestmark join the growing wave of AI tools for wealth managers.
Meanwhile, LPL attracted a five-advisor team managing $380 million in Kansas, while a veteran with stripes from Morgan Stanley, UBS, and Fidelity has joined Prime Capital Financial.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
