Fiduciary
Dispatches on fiduciary for AI agents in financial services.
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Dispatches on this topic
- Evergreen.ai gives free advice under a fiduciary's name. Its fine print says you are not the client.
Bill Harris's new AI advice app is free through 2028 and offered by an SEC-registered adviser whose Form CRS lists it as one of two services; the other is a 0.39% wrap program with a $100,000 minimum. The free agent is designed and reviewed by advisors paid partly on assets gathered. The conflict is disclosed candidly. The rule for when the free agent points users at the paid one is not.
- Datalign's agents answer clients in your firm's voice. Your ADV has to say whose they are.
On 18 March Datalign opened Halo, letting advisory firms deploy branded, client-facing agents grounded in their own investment philosophy — most on a white-label basis the vendor cannot name. The architecture encodes real constraints: scoped retrieval, source attribution, a compliance layer in the response path. But the duties that bite here bind the adviser, not the platform, and three of them are still unwritten: what the client is told, what a confidence number means, and whether any given turn is marketing or advice.
- Identical Prompts, Different Allocations: Advice That Tracks Vocabulary Is Discretion
Four economists collected 1,000 real advice prompts and simulated the lifetimes that followed. The advice was directionally sound and it paid out unequally — roughly $50k less for low financial literacy, $100k less for LLM novices, $60k less for women's prompts. That gap is not a bias problem. It is an unstated rule.