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- Raymond James CEO Paul Reilly told Yahoo Finance how his company is using artificial intelligence.
- AI technology is "already here," he said, and it will only become more influential in the financial sector.
- Advisors at the company use a program that can highlight potential investment opportunities.
Artificial intelligence technology is already in the world of finance and will only become more influential, according to Raymond James CEO Paul Reilly.
He told Yahoo Finance on Thursday that the company deploys AI in financial platforms that its advisors use.
"When advisors get up every morning, they have a thing called 'Opportunities' and it talks about what's happening in portfolios," he explained.
The AI can offer warning messages or investment opportunities for advisors to look into, or highlight how a portfolio is performing on a given day, Reilly said.
Then, the Raymond James advisors can use the information from the platform to help clients make decisions and also better determine what their clients are doing with their finances.
Across the company, too, some documents and support processes are all handled with AI, Reilly said, which helps the firm save costs and provide better services.
"[AI will] be continued to be used, and it's very very helpful to the advisor," Reilly maintained. "It's helpful to us in terms of support to see things that are going on, or supervision or compliance, so it'll be become a bigger and bigger part of the industry, but it's already here."
This year, the rise of OpenAI's ChatGPT has sparked a wave of interest in AI across financial markets, with obscure tech stocks rallying on the bot enthusiasm.
The financial industry has been using AI for years, including trading algorithms. And in 2017, AI Powered Equity ETF (AIEQ) was launched by ETF Managers Group in partnership with the fintech firm Equbot.
The fund leans on IBM's Watson supercomputer to balance its portfolio, and it's been outperforming the broader market so far this year.