Wealth management clients, including high-net-worth individuals, are increasingly turning to AI chatbots like Claude and ChatGPT for portfolio recommendations and tax advice, according to industry leaders. Matthew Fleissig, CEO of US-based Pathstone ($185 billion AUM), stated that ChatGPT is currently the largest investment advisor globally. Clients use AI for second opinions, to formulate questions for their advisors, and to evaluate firms, a trend observed by Northern Trust and WE Family Offices over the past 5-18 months. While this can make client meetings more efficient, experts warn of risks such as inaccurate advice, factual errors, and personal information leakage. The trend is prompting wealth advisories to justify their fees more rigorously, with Morningstar noting a pullback in wealth management stocks as AI encroaches on the industry.