‘Agent in your pocket': How AI tools are being used to provide better investment outcomes

CTV News

5 hours ago

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Canadians are rethinking the way they invest and are leaning into artificial intelligence to help make financial decisions, according to the president of one of Canada's technologies services company.
Karin Kirkwood, president of Broadridge Canada, a provider of wealth management and capital markets technology services, says millennials in particular are seeking investment information from generative AI.
'When we look at technology, we see millennials are seeking information, and that's why they're using digital tools and enablement,' Kirkwood told BNN Bloomberg in a Wednesday interview. 'The clients that we work with specialize in providing capabilities, investment tools and services online so investors can find the information that they're looking for. The interesting thing with millennials, though, is that they act on that information, but equally, they reach out to friends and social media for more information on how to best invest.'
Kirkwood says AI tools and technologies do not take away from analysts and advisors but rather provide better outcomes.
'Imagine AI is the sort of an agent in your pocket that can go compile information and personalize that information for the investor that you're dealing with, and then the advisor is powered to provide better advice in the moment and provide that personal touch,' said Kirkwood. 'Investing is deeply personal, even for millennials that are so involved in social media and really aren't interactive in the same way.
A new survey from Broadridge Financial Solutions Inc. looked at how Canadian investors are feeling and fairing in this moment with a newly elected prime minister and ongoing tariff tensions with the United States. Surveyors found that 88 per cent of people of all demographics who have used AI say they are likely to act on the information it provides.
According to the study, AI is beginning to make its mark on Canadian investing behavior, but widespread trust remains elusive. Nearly nine in ten investors (87 per cent) of all demographics worry about the use of AI, citing data security, misinformation, and ethical concerns like algorithmic bias as top issues. Younger generations are even more cautious than their elder peers with 93 per cent of Gen Zs voicing concerns compared to 85 per cent of Gen Xers.
Kirkwood has some advice for those using AI to help with their investment portfolio and says personal information needs to be protected when using AI and the tools and capabilities of AI systems need to have regulatory overlays when using services through technology.
'AI is assumed to be a high-risk situation, and it can be in certain cases, but the institutions that we work with and the tools and technologies that we provide bring data together in a safe and meaningful way,' says Kirkwood. 'Personal protection and information need to be protected when we use AI, and the tools and capabilities need to ensure that regulatory overlays are put together and serviced through that technology. That's the key part. I think young millennial investors are very comfortable with technology, but our survey also indicated that older generations, also like to use technology. So that goes to show you that no matter the demographic, we need to be able to support the digital services through AI.'
Methodology
The survey presents the findings of a CARAVAN survey conducted by Big Village Insights among a sample of 1,004 adults, aged 18 and older, who live in Canada and have household investable assets of $100,000 or more. The survey was conducted from March 20 to March 26.