Firm Update: June 2023

Welcome to our June Broker-Dealer Newsletter. 

This month, I will share some thoughts on how boutique investment bankers can leverage AI technologies to enhance their practice. Then, Michelle Mueller will provide compliance updates, and Zaya Bold will do so for collaboration.

To all of our success!

AI and the Banker

Artificial Intelligence (AI) is obviously taking the world by storm.  Like many of us I am sure, I have been exploring how boutique investment bankers can, might, and should utilize AI technologies to enhance their practices. 

Here are three ideas:

  1. Research and Report Generation Automation. While still developing, there are a number of cool AI tools that can help navigate through the “information jungles” of the web, social media, and traditional business intelligence databases to allow for “natural language” search of target companies, investors, and acquirers. And we imagine that the traditional databases like PitchBook and CapitaIQ will soon be incorporating these kinds of searches into their platforms.  A potential game-changer here is how as of this month the Bing search engine in now integrated into ChatGPT, allowing for “real time” AI queries – versus of now standard ChatGPT only retrieves data from before 2021 (though this promises to change soon). 
  2. AI Phone Call Transcription. AI-powered tools can provide fast and accurate transcriptions of phone calls – both Zoom and otherwise. One I like here is MeetGeek, which in addition to digital transcription also provides an AI summary of the key discussion points / action items for the call. 
  3. Compliance. As a preview of coming attractions, GT Securities is in the process of incorporating “internal” AI to our compliance processes and protocols, including brokerage statement and outside business activity reviews and monitoring. 

Additionally, next month we will be rolling out a GT Securities “Registered Person Only” AI chatbot. 

Here, many of the standard questions asked as to securities laws, rules and regulations, WSPs, collaboration, deal approvals, and more will be able to be first asked via our chatbot, both increasing efficiency and ensuring consistency and accuracy across personnel and business scenarios. 

Let me conclude with a very important guidance as to verbal communication in this brave new world of ours. 

Because of the now ubiquitous proliferation of AI technologies across all communication platforms – i.e. via our Apple and Google-powered mobile phones and via the digital conferencing (Zoom, Teams, Google Meet, etc.), we should now assume that all of our verbal communications are in fact being recorded and transcribed.

It is what it is, and so moving forward the strong guidance here is to not “say anything” that you would not “write,” as they are fast becoming one and the same. 

Compliance Updates

Finra Regulatory Element Continuing Education. Registered Persons must complete their Regulatory Element CE annually by December 31 of each year moving forward. 

GT Securities Registered Persons can do so by logging into their Finpro account. As we are halfway through 2023, please take some time to complete this prior to year-end. 

More information and instructions can be found here.

Michelle Mueller, Chief Compliance Officer

Platform Resources and Deals 

Collaboration Deals. GT Securities now lists all deals available for collaboration through our Axial Collaboration Account (though per Jay’s note as to Firm AI chatbots, this might change very soon!). Please email me for account access information. 

Referrals. Do you know an investment banker looking for the benefits of independence and  professionalism provided on the GT Securities platform? We are always interested in speaking to highly ethical and credentialed banking professionals to join our platform. Please reach out to me at [email protected] to learn more.

Zaya Bold, Director of Banking Partnerships

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