The CFP Board recently launched an AI Working Group to examine how artificial intelligence can enhance financial planning while preserving the profession's human core. As reported by Financial Planning, the group includes notable industry figures like Andrew Altfest of FP Alpha and Joel Bruckenstein of T3 Technology.

This initiative follows the release of the CFP Board's Generative AI Ethics Guide in February, which outlines the acceptable uses of AI in financial practices, ranging from gathering client information to generating content ideas. The initiative also emphasizes privacy, integrity, legality, and accuracy. The guidance cautions against delegating tasks requiring sophisticated judgment or outcome analysis to AI.

Financial Planning reports that the working group reviewed over 600 AI-related state and federal bills. The goal is not to take policy positions but to prepare the profession for a regulatory landscape still in flux. A staff report drawing from the group's insights is expected by year's end, with an eye toward whether existing guidance needs updates.

As regulators weigh their moves, firms have begun drafting internal AI policies. Chris Blotto, senior vice president and chief digital and information officer at Commonwealth Financial Network, described how his firm's Generative AI Working Group has already issued and revised guidelines several times to address the fast-evolving technology.

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