Introducing the Prospero Wealth AI Policy
Eric Franklin
Today, we are announcing the adoption of the Prospero Wealth AI Policy.
Whether you are ready for it or not, responsible usage of AI is the future for the wealth management industry, and at the very heart of improved client experiences and financial planning outcomes.
Failure to successfully navigate and adopt AI will lead many wealth managers into irrelevance. We will not neglect the obvious.
Our clients—generally tech workers and executives—expect us to be at the forefront of adopting technologies that enable them to achieve better planning and investment outcomes; but they also expect us to counterbalance that with common sense and solid risk mitigation. We believe the AI policy sets that decision-making framework for us.
Our AI Policy is based on the following core tenets (if we don’t agree on these, we’re probably not going to agree to what’s in the actual policy):
With regards to AI adoption, Prospero Wealth’s default posture is “Yes, with controls,” not “No.” Our AI Policy lays out the controls to ensure that we are responsible to our clients.
Client data is client property. All client data belongs to the client. As advisors, we are entrusted stewards of client data. While we use client data in our practice—even Personally Identifiable Information (“PII”)—it is never sold, never used to train third-party public models, nor is it disclosed (except as authorized).
Fiduciary first. Human accountability. While AI is a tool that can provide support for decision-making. A named human—typically the lead advisor—is accountable for every output that impacts a client. AI will never relieve any person from the Fiduciary obligations of care and loyalty.
Transparency over opacity. We disclose our AI policy to clients in plain terms, document how systems are used internally, and maintain records sufficient to review any AI-based decision.
Proportional controls. The intensity of our review and approval of AI outputs, scales with the sensitivity of the data being used and the consequences of those outputs.
Continuous improvement. Always. As with all things in technology, the AI Policy is a living document and will be revised over time. Prospero Wealth will continue to proactively pilot, evaluate, and adopt new AI technologies.
You can find our new AI Policy at https://www.prosperowealth.com/ai-policy.
Note: Not a single line of this post has been produced using AI.
