Not all versions of Microsoft Copilot are created equal. If you’re using – or considering using Copilot in your RIA firm, it’s important to understand the difference between the version built into your Microsoft 365 environment (“Work”) and the web-based version (“Web”).
Here’s a breakdown of what each version can do, where the data comes from, and what that means for security, compliance, and productivity.
What Is Copilot for Work?
Copilot for Work refers to the version of Copilot that’s integrated into Microsoft 365. It works inside apps like Word, Outlook, Excel, PowerPoint, and Teams, and it has access to your organization’s data according to the permissions you’ve set up.
With Copilot for Work, you can:
- Ask Copilot to pull from your emails, calendar, Teams meetings, and documents
- Get personalized, context-aware responses based on files you have access to
- Use it securely inside your Microsoft tenant with enterprise compliance protections
This version is ideal for regulated firms like RIAs and financial advisors because it respects your data policies and doesn’t share your content with Microsoft’s broader AI model.
What Is Copilot for Web?
Copilot for Web is the AI assistant available through Bing, Microsoft Edge, and the Windows 11 taskbar. While useful for general research and creativity, it has major limitations when compared to the work-integrated version.
With Copilot for Web, you can:
- Ask general questions, generate summaries, brainstorm, or draft content
- Search the internet or use web-based plugins
But you cannot:
- Access your company’s internal Microsoft 365 data (emails, docs, meetings, etc.)
- Get context-specific answers from your organization’s content
- Rely on it for security and compliance unless you’re using the enterprise-protected version (e.g., Bing Chat Enterprise)
Key Difference: Where Copilot Looks for Data
- Copilot for Work looks across your Microsoft 365 tenant. It reads your files, your email, your Teams chats, and more (based on access permissions).
- Copilot for Web only references public web data. It doesn’t know anything about your internal documents or client interactions.
This distinction is critical for RIA firms who handle confidential financial data and need to meet compliance requirements.
Real-World Example
Imagine you want to prepare for a client meeting:
- With Copilot for Work: You ask, “Summarize key insights from my recent meetings and emails with John Smith.” Copilot compiles insights using your Outlook, Teams, and Word files.
- With Copilot for Web: You ask the same thing, and Copilot responds: “I don’t have access to your organization’s data.” Since it can’t access internal data, try asking questions that can be answered from information on the web, like: “What are good questions to ask in a financial planning review meeting?” Or “Summarize recent news about retirement planning trends.”
Watch the Demo Copilot for Web vs. Work. Microsoft explains this difference clearly in their skilling video
How to Access and Use Each Version of Copilot
Copilot for Work (Microsoft 365)
To use Copilot for Work, your organization needs:
- A Microsoft 365 Business Standard, Business Premium, E3, or E5 license, and
- A Copilot for Microsoft 365 add-on license (purchased per user)
Once licensed, Copilot is built directly into Microsoft 365 apps like Word, Excel, Outlook, PowerPoint, and Teams. You’ll find it in the ribbon or sidebar. No toggle is needed. Copilot runs in Work mode automatically, using your signed-in Microsoft 365 account to reference your files, meetings, and emails (based on permissions).
Copilot for Web
Available to the general public, Copilot for Web can be accessed via:
- microsoft.com
- Microsoft Edge sidebar
- Windows 11 Copilot panel
When using it in a browser, you may see a toggle at the top labeled Web or Work. If you’re signed in with a licensed Microsoft 365 account, selecting Work allows Copilot to respond using your organization’s data. Otherwise, Copilot defaults to Web mode, using only public data.
If you’re not seeing contextual results, double-check that you’re signed in with your business account and that you have the appropriate Copilot license.
Tip: Encourage staff to check the mode they’re using—look for the Web or Work toggle in the browser. When in doubt, open Copilot directly inside Microsoft 365 apps like Outlook or Word, where it always runs in Work mode.
Bottom Line for RIAs
For secure, compliant, and personalized AI support, RIA firms should be using Copilot for Microsoft 365 and not relying on the free or public web version.
Web-based Copilot tools can be helpful for generic tasks, but they don’t offer the security, control, or contextual awareness that RIAs need.
Need help configuring Copilot the right way?
At RIA WorkSpace, we help financial advisory firms use AI securely and effectively – without introducing risk.
Schedule a Discovery Call to make sure your Copilot is set up to work for you, not against you.