CFP Board publishes guide to help CFP professionals in using GenAI

The  CFP Board has published the Generative AI Ethics Guide: A Checklist for Upholding the Code and Standards, a guide to assist CFP professionals in using generative artificial intelligence (AI) in their professional services. The guide is part of an ongoing series of resources to help CFP professionals with their practice.

“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,” said CFP Board CEO Kevin R. Keller, CAE. “The Generative AI Ethics Guide helps CFP professionals integrate AI into their practices while staying true to CFP Board’s Code of Ethics and Standards of Conduct,” he added.

When used effectively, generative AI can boost efficiency and enable advisors to focus on areas of their business that AI cannot replicate, such as strengthening relationships and providing personalized value to clients, the CFP Board said. The guide outlines practical steps for CFP professionals to address privacy concerns, data integrity, and potential biases, helping maintain the trust and quality that clients expect.

It also provides a checklist to help safeguard confidentiality, verify the accuracy of AI-generated output, and maintain compliance with privacy laws. In addition, it highlights the need to confirm that using AI does not jeopardize professional integrity or lead to conflicts of interest.

The guide also emphasizes that AI can assist with tasks like research and content refinement but cannot replace the expertise, judgment and care of CFP professionals. CFP Board’s Consumer Sentiment Survey — Trust, But Verify supports this, finding that investors demonstrate more confidence in AI-generated advice after verifying that advice with a financial planner, the board said.

So why did the CFP Board decide to develop this guide? According to CFP Board Assistant General Counsel Sara Cortes, JD, “CFP professionals are increasingly using Gen AI, and we want them to know that they can easily do so in accordance with CFP Board’s ethical standards. Some CFP professionals are unsure of where to begin, what uses are appropriate and what measures they should take to use the technology in a way that aligns with their ethical obligations. We framed the guide as a checklist because that will help CFP prove                      mxzsdzfessionals focus on key issues.”

By publishing this guide, the board wants to empower CFP professionals to use AI in a responsible way and gain the benefits that AI offers, said CFP Board General Counsel Leo G. Rydzewski, JD. “CFP Board wants to empower CFP professionals to use AI in a responsible way and gain the benefits that GenAI offers. By making their practice more effective and efficient, a CFP® professional can spend more time deepening their relationships with clients.”

The benefits of GenAI

The CFP Board said that when used appropriately, GenAI can offer significant benefits, enhancing efficiency and allowing CFP professionals to dedicate more time to aspects of their business that GenAI cannot replace. These include improving relationships and providing personalized value to their clients.  GenAI can also be a good starting point for idea generation, synthesizing information, and refining work product.

Using GenAI platforms

According to the CFP Board, ways in which a CFP professional might use Generative AI platforms in their professional services include:

• Gathering information about a client, such as taking and summarizing client meeting notes or aggregating and summarizing client documents, so long as the information may be kept confidential.
• Conducting initial research to assess strategies and investments that are in the client’s best interests.
• Improving the clarity and comprehensibility of communications to the client and other constituents.
• Creating or refining public-facing content, such as educational information, articles, blogs or marketing materials.
• Generating ideas for building or improving a successful brand, such as idea generation for business names.

New working group to explore how AI is transforming financial planning
This year, the CFP Board will form an external AI Working Group, 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- advice landscape. It will also assess AI’s impact, develop future scenarios and provide actionable recommendations to help ensure that the CFP Board and its stakeholders navigate this evolving landscape ethically and responsibly, while harnessing AI’s full potential.

 

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