Over the past few months, I’ve collected funny, awkward and occasionally alarming stories about AI faux pas in the financial industry. The goal is to remind advisors and firms that responsible AI use isn’t just about governance and compliance — it’s also about basic etiquette.
AI tools have become embedded in advisors’ work lives, even as the ground rules for their use continue to evolve.
Take the experience of the CEO of a large wealth management firm who hosts a monthly call with advisors. As AI notetakers became prevalent, something unexpected started happening.
“We noticed there were about 20 different AI notetakers on the meetings,” the CEO said. “When I finished hosting, my inbox went ding, ding, ding — it was filled with meeting summaries.”
Each tool generated its own slightly different version of the same discussion, flooding participants with redundant notes.
“Some [advisors] just didn’t know how to use these tools properly,” the CEO said. “They were sending summaries to people who didn’t want them.”
A fix could’ve been to designate one or two official notetakers and make it clear in the invite that everyone else should turn theirs off.
Other awkward interactions are more personal.
A fintech executive told me they were dictating instructions to an AI assistant while working from home. Mid-sentence, they tripped over their dog and let out an expletive. The AI promptly replied that the language was inappropriate.
Not all AI tools would be so careful. Microsoft’s Copilot masks profanity with asterisks, while others, such as Otter, transcribe everything verbatim.
That should remind firms to ensure their AI tools reflect internal standards.
As AI-enabled devices such as Meta’s Ray-Ban smart glasses gain traction, advisors may use them to record client meetings, particularly useful when they’re offsite, another wealth management leader told me.
Clients will expect advisors to disclose when smart devices are being used.
They should know whether they’re being recorded, whether video or audio is being captured, how AI will process the meeting notes and what will happen to that information. If they’re uncomfortable, advisors should swap the smart glasses for a regular pair.
Firms are moving quickly to build AI governance frameworks. They should also prepare staff on the finer points of usage. AI risks don’t stop at compliance. Small lapses in etiquette left unchecked can become widespread annoyances.
As the CEO put it: “You start realizing, ‘Man, we need to build some guardrails around this.’”
With files from Katie Keir.
Have a story about an AI mishap you’d like to share? Email jonathan@newcom.ca