Michelle Knight to lead RWA Wealth Partners; inflation numbers and the market; training up your AI chatbot
Financial Planning
The leading resource of news, data and analysis for the wealth management industry.
INDUSTRY NEWS: The $15B RWA Wealth Partners announced today that Michelle Knight, firm president, will take over as CEO. The appointment means the Newton, Massachusetts-based registered investment advisory firm will become one of the largest in the United States to be led by a woman.
RWA was formed last year via the merger of three other firms: Ropes Wealth Advisors, Adviser Investments and Polaris Wealth Advisory Group.
ECONOMIC POLICY: Investors aren't just hoping for lower inflation for its own sake. For months, the Fed has insisted it needs to see more evidence of cooling prices before it lowers interest rates — an action that would lower business costs and likely boost the stock market. But as inflation remained stubborn, the central bank has held the federal funds rate frozen at 5.25% to 5.5%, where it's been for the past 10 months.
Some hope the latest PCE data will help give the Fed the reassurance it needs. Here’s what the experts are thinking.
Recommended by LinkedIn
TECHNOLOGY: When Morningstar launched its AI-fueled research assistant chatbot Mo a year ago, it could comprehensively answer tens of thousands of investment-related questions in an instant, largely making it a success with users.
But what it couldn't do was cancel subscriptions. By and large, most chatbots have limited capabilities centered on providing scripted answers, like how to open or close an account, or how to fill out an application. But the recent development of LLMs, like ChatGPT, has given bots the ability to be more interactive with smarter responses.
Register now for ADVISE AI, the first-ever wealth management conference focused solely on AI.
Subscribe for the latest in wealth management and financial planning news here.