Originally published in Advisor Perspectives on August 12, 2026.
In the three-plus years since the launch of ChatGPT, artificial intelligence (AI) has quickly evolved from novel party trick to critical business tool. Workers in the professional services sector, in particular, now rely on AI for a broad range of tasks, such as taking notes, synthesizing documents, meeting prep, and composing emails.
According to a 2025 Thomson Reuters Report, 41% of professional services workers are using generative-AI tools such as ChatGPT, and another 17% are using industry-specific tools. But highly regulated industries must tread carefully.
For retirement advisors, the Employee Retirement Income Security Act (ERISA) — enforced by the Department of Labor (DOL) — does not prescribe specific rules for the use of AI. Instead, it establishes a broader fiduciary framework that governs prudence and loyalty, which advisors must apply when evaluating and using AI in their practices to remain compliant.