AI tools like Microsoft Copilot and ChatGPT are changing how businesses work but not all AI is built the same. For RIAs, where data sensitivity and compliance are top priorities, understanding the difference matters.
Here’s a simple breakdown of each tool, how they compare, and what to consider for your firm.
What Is Microsoft Copilot?
Microsoft Copilot is an enterprise-grade AI assistant integrated directly into Microsoft 365 apps like Outlook, Word, Excel, PowerPoint, and Teams. It helps you:
- Draft emails, documents, and presentations
- Summarize Teams meetings and generate follow-ups
- Analyze spreadsheets and financial forecasts
- Get answers and suggestions based on your own files and data
Copilot works within the tools you already use and keeps all data within your Microsoft 365 environment. That means it’s private, secure, and built for regulated industries like financial services.
What Is ChatGPT?
ChatGPT is a consumer-facing AI chatbot created by OpenAI. It’s incredibly flexible and great for:
- Brainstorming ideas
- Writing first drafts
- Learning or exploring new topics
However, unless specific settings are applied, ChatGPT runs in a public cloud environment. That makes it a less secure choice for firms handling sensitive client data, especially those needing to meet SEC compliance standards.
Key Differences Between ChatGPT and Copilot
Feature | Microsoft Copilot | ChatGPT |
Integrated with Microsoft 365 | ✅ | ❌ |
Keeps data inside your Microsoft tenant | ✅ | ❌ (unless configured) |
Business-grade security & compliance | ✅ | ❌ |
Uses your firm’s documents/data | ✅ | ❌ |
Designed for consumer use | ❌ | ✅ |
Choosing the Right Tool: Common RIA Scenarios
To make the most of AI, it helps to match the tool to the task. Here are a few everyday scenarios common to an RIA or financial advisor firm – and which tool is the better fit:
Scenario 1: Drafting an email to clients
Use Copilot. It can generate drafts within Outlook or Word using your firm’s templates and existing content – keeping everything secure and within your Microsoft tenant. It can also identify and flag any sensitive information based on your data loss prevention (DLP) settings.
Scenario 2: Brainstorming topics for a client newsletter
Use ChatGPT. It’s great for creative prompts and idea generation. Just be sure not to include sensitive information in your queries.
Scenario 3: Creating a PowerPoint from client onboarding notes
Use Copilot. You can point Copilot to a Word doc or meeting notes and have a ready-to-go presentation in minutes.
Scenario 4: Writing internal training material
Use ChatGPT to get a first draft quickly. Then move it into Word or PowerPoint and refine with Copilot using your firm’s tone, structure, and internal data or files.
Scenario 5: Summarizing a recent Teams meeting and assigning next steps
Use Copilot. It integrates directly with Teams and can generate follow-up emails and action item lists right after a call.
In short: for anything involving client data, internal documents, or compliance workflows, Copilot is the right choice. For early-stage content or idea exploration, ChatGPT can help jumpstart your thinking.
RIA firms can’t afford to treat AI like a trendy new tool. You need AI that respects client confidentiality, works within your compliance framework, and helps your team work smarter without increasing risk.
Copilot fits that model. It’s already built into the Microsoft 365 platform most RIAs are using—and it can offer real gains in productivity, accuracy, and compliance support.
If your firm uses Microsoft 365, you may already have access to Copilot—or be just a step away. At RIA WorkSpace, we help RIA firms get the most out of the tools they already have. From setup to training to real-world use cases, we make sure Copilot delivers value, securely and compliantly. Schedule a Discovery Call to learn how we can help your firm take the next step.