The adoption of AI by retail brokers is not just a trend—it’s the future of the business, according to Don Montanaro, President of Firstrade.
“Certainly, every player must adopt the tools towards back office and operational speed, efficiency and excellence,” he told Traders Magazine.
“There is a rapid transformation underway in how investment decisions are made, driven by the capabilities of AI,” he added.
Today, Firstrade announced FirstradeGPT, an advanced research and analysis offering for everyday investors; an AI tool trained on in-depth data on global equities and business-specific KPIs.
The FirstradeGPT tool provides all Firstrade clients with access to AI-driven insights, research, in-depth analysis, and data visualization enabling them to streamline their investment research and find their trade ideas faster.
Firstrade is the first U.S. broker dealer to partner with FinChat.io, offering investors institutional-quality data that’s been verified by human equity analysts.
“The launch of FirstradeGPT marks a pivotal moment in our ongoing mission to empower retail investors,” commented Montanaro.
“We are excited to lead this adoption curve and are dedicated to enhancing our AI services to help our customers stay ahead,” he said.
According to Montanaro, AI tools are reshaping nearly everything in our lives, including the investing landscape.
“AI enables us to find, filter, process and analyze vast amounts of data at speeds that were previously unimaginable,” he said.
For everyday investors, this means quicker access to insights and ultimately, better-informed financial decisions, Montanaro explained.
Integrating AI in the investment process turns complex data into simple, actionable learnings and insights in moments, making it easier for individual investors to compete with institutional players, he said.
“At Firstrade, we recognize the transformative potential of AI, and our goal is to empower our clients with these advanced tools to enhance their trading and investment experience,” Montanaro added.
FirstradeGPT features available to Firstrade clients include:
· Detailed Company Analysis: FirstradeGPT provides exclusive features like “Segments” and “KPIs” to break down a company’s revenue and performance in ways not available elsewhere. This includes specific prompts to extract detailed information about business segments, key performance indicators, and historical data.
· Robust Financial Data: While not giving investment advice, the tool generates analyst estimates for stock prices, revenue, EPS, and other financial metrics, helping investors with one data-deduced view of the future as they anticipate market trends and make their own strategic investing and trading decisions.
· Beginner-Friendly Tools: The “Related Questions” feature suggests additional queries that users might not have considered, enhancing and speeding the research and trading idea discovery experience for both new and experienced investors. Learning progresses conversationally and accelerates intuitively, thanks to FirstradeGPT.
· Data Visualization: FirstradeGPT’s users can now instantly discover and visualize complex data through easily comprehensible charts and graphs, making it simpler to identify trends and compare companies at a glance.
· Advanced Financial Language Processing: FirstradeGPT is specialized in financial terminology, ensuring more accurate and relevant responses compared to general-purpose AI tools.
· Enhanced Customer Engagement and Satisfaction: By offering FirstradeGPT, Firstrade seeks to dramatically improve the customer experience, offering a cutting-edge tool hosting more interactive, insightful and tailored financial discussions. This reinforces Firstrade’s long-running commitment to applying the latest technologies to benefit its customers.
Montanaro said that while the technology behind AI is sophisticated, the tools themselves are extremely user-friendly and accessible.
An investor can start by asking FirstradeGPT a question about a stock they are interested in; review the info and graphs returned; ask a natural follow-up question or select one of the tool’s suggested next prompts, and off you go to discovering or validating a new trade idea, he said.
“With FirstradeGPT, we’re offering an AI tool that’s designed to simplify the research process, providing clear insights and data visualizations that retail investors can easily understand and use,” he added.
“As AI technology continues to evolve, we are committed to expanding our resources and tools, ensuring our clients have access to the best possible technology to make faster, more informed trading decisions,” Montanaro said.
“We believe that with the right tools and resources, retail investors can harness the power of AI to make more informed and confident trading decisions,” he concluded.
