How AI is Making Advisors More Efficient and Effective
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This isn’t another doom-and-gloom blog post about how artificial intelligence (AI) will destroy your business.
I have no idea how AI will impact the advisory profession. However, I’m confident it will fundamentally change almost every aspect of what you do and how you do it.
Less than six weeks ago, I had to look up “Chat GPT” to see why everyone was talking about it.
I didn’t take long to incorporate AI into my firm’s consulting practice. We now serve clients quicker, better, and at a lower cost than before. We have also augmented the services we provide.
Here are the programs we use and how we use them.
Much of what we are engaged to do (especially for our SEO clients) is to write content. Our work includes white papers, blogs, video scripts, and social media posts.
Grammarly is an indispensable tool.
Grammarly is an AI-powered desktop app that reviews text we write in documents, social media, Slack, and e-mails.
It reviews, in real-time, grammar, spelling, style, and tone. I can tell Grammarly if I want my tone to be formal and professional or warm and engaging. It will conform its suggestions to my instructions.
Grammarly also has a plagiarism checker which compares our work to billions of websites and provides a rating showing how much of our content appears elsewhere.
Where to start?
It’s a game-changer, but it’s important to understand how to maximize its usefulness, which I learned in the course.
Here’s how I use it. When you experiment, you’ll find many other uses.
Better article titles
I asked for title suggestions for this article. While I prefer the one I used, here are the suggestions I received.
- "The Rise of Artificial Intelligence in the Business World"
- "Navigating the AI Revolution: Its Impact on Today's Companies"
- "From Hype to Reality: The Real-World Applications of AI in Business"
- "AI Transforming the Business Landscape: Opportunities and Challenges"
- "How AI is Driving Business Innovation and Efficiency"
- "AI and the Future of Work: How Businesses are Adapting"
- "The Business Benefits of Artificial Intelligence: A Closer Look"
- "Maximizing the Potential of AI in Business: Key Considerations"
- "AI in Business: Separating Fact from Fiction"
- "The Power of AI: Transforming Industries and Driving Growth.”
I provide the title of an article I’m writing and ask Chat GPT to give me an outline in a designated style.
I asked for an outline of a blog entitled: “10 Ways AI will revolutionize the investment advisor industry.” Here’s the unedited output:
- Explanation of AI in the investment advisor industry
- Importance of AI for investment advisors
- Purpose of the blog
II. Streamlining client onboarding
- Automating client data collection and verification
- Reducing time to onboard clients
- Improving accuracy of data collected
III. Portfolio management
- Improved risk management with AI
- AI-driven asset allocation
- Customized portfolio creation
IV. Investment recommendations
- AI-powered investment analysis and prediction
- Integration of big data and machine learning
- Personalized investment recommendations
V. Fraud detection
- Real-time monitoring of transactions
- Early detection of fraudulent activities
- Reduction of losses due to fraud
VI. Market forecasting
- Predictive analytics for market trends
- Improved market analysis with AI
- Better decision-making with AI-driven market forecasting
VII. Compliance monitoring
- Automated compliance checking
- Real-time monitoring of regulatory changes
- Minimization of compliance risks
VIII. Client communication
- AI-powered client communication
- Personalized communication and advice
- Increased client engagement and satisfaction
IX. Efficient use of time
- Automation of routine tasks
- More time for high-value tasks
- Improved productivity and profitability
- Recap of the benefits of AI for investment advisors
- Future potential of AI in the investment advisor industry
- Final thoughts and recommendations.
I could ask it to write the entire article and list all the sources it used, but I don’t do that. I find it easier to review the outline, select the areas I want to focus on, research, and write the content in my voice.
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I’m also aware that Google penalizes the use of AI-generated content.
I probably don’t save time using Chat GPT in this manner, but it alleviates the drudgery of preparing the first outline and permits me to focus on more creative aspects.
Preparation of summaries and scripts
Chat GPT can take any article and summarize it using bullet points or prepare a script from the text that can be used to create a video.
Social media posts
Chat GPT can create a social media post with hashtags. I recently provided the text of an article we did on factor-based investing. Here’s the social media post it generated:
Discover the power of #FactorBasedInvesting! 💰This investment strategy looks beyond traditional metrics and identifies specific characteristics of a stock to predict future performance. Learn more about the benefits, including improved diversification and the ability to customize your portfolio. 📈💪 #InvestmentStrategy #StockMarket #FinanceTips
I’ve only scratched the surface of the possibilities of Chat GPT.
After we generate an article, we use Pictory to create a video promoting the post.
We upload a script created by Chat GPT. Pictory then uses AI to create a short, branded video. We include the logo and contact information of our client.
The client can record the voiceover, or we can select from the options offered by Pictory. We can even use someone with a British accent or scroll the text without voiceover.
Clients use the video on their website, in social media posts, and other communications with prospects and their clients.
The data on the use of video is compelling. On average, website visitors spend about 1.4 times more time on pages with video than without.
Bringing it all together
We combine Chat GPT, Pictory, and software called “Dall E 2” to generate images we use in videos and articles.
Dall E 2 is a unique AI system that creates realistic images and art from a description in natural language. It permits us to customize our work in ways unimaginable before.
Here’s an image the software created in response to a request for “an avatar of an investment advisor working alone in the desert.”
The possibilities are endless.
Expansion of services
Using artificial intelligence has permitted us to expand our services in a very cost-effective way. Instead of just providing content, we create a script for a video. We then create a branded video, a summary of the blog for use in a newsletter or e-mail, and a social media post promoting the blog.
For those additional services (video, summary, social media post), our fees range from $250-$750, depending on the level of customization required. We don’t view it as a profit center but rather to enhance the value we add to clients who use our other services.
Competitors to Chat GPT already exist, and many are planned. It’s an exciting time to embrace AI.
Your competitors will.
Dan trains executives and employees in the lessons based on the research in his latest book, Ask: How to Relate to Anyone. His online course, Ask: Increase Your Sales. Deepen Your Relationships is currently available.