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The right AI platforms will increase your efficiency and improve productivity. Most advisors are not taking full advantage of them.
Here are two suggestions that can save you money or time, especially if content marketing is part of your strategy.
ChatGPT (with a twist)
I spend my days consulting, writing, and coaching. I use Zoom and Google Meet daily, often for multiple meetings.
I use ChatGPT extensively. It gives me blog ideas, outlines content, and even provides its sources (although the links frequently don’t work).
I also use it to answer random questions mostly related to my work.
I’m mindful of its proclivity for error. When writing blogs for SEO, I independently source every material fact and hyperlink to the source.
Here’s the twist.
I installed ChatGPT for Google as an extension to Chrome. Now, whenever I enter a search term in my browser, on the right-hand side of the screen, I get a response from ChatGPT. It summarizes articles and provides explanations, saving me the time of scrolling through hundreds (or more) of the websites listed by Google as having relevant information.
Because I use it so often, I upgraded to version 1.0.10, released on July 30, 2023. It fixed several bugs, added keyboard shortcuts, allows me to use different ChatGPT models, and provides quick access to utilities such as Claude, Bard, and Bing chat.
You can find a comparison of the different AI platforms here.
I find Bing particularly helpful because it provides sources that make it easier for me to factcheck.
Chat with .pdfs
As someone who does extensive research, I read some dense articles. I don’t have the background to understand some of the technical jargon. Often, I’m just trying to figure out the main points and findings made by the author.
Enter Chatpdf.
With this remarkable program, all I do is drop the .pdf into a box on its website or enter the URL where it can be found. It will then analyze the paper and let me ask questions about it in an interactive chat.
Here’s an example.
I’m writing a new book targeting the 97 million investors who don’t have enough assets to hire an advisor. I have a section on insurance where I question the premise of “buy term and invest the difference.”
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I found this article by two Ph.Ds, entitled: “Buy Term and Invest the Difference Revisited.”
Here’s a question I asked:
Give me a quote discussing how buyers of term insurance don't invest the difference?
Here’s the response provided by chat pdf:
The PDF file does not contain an exact quote that says, ‘Buyers of term insurance don't invest the difference.’ However, the study does mention that the assumed financial discipline necessary to successfully implement the BTID approach is an unrealistic expectation for many consumers. It also notes that there are many important studies that suggest investors perform far worse, on average, than the returns on market indices to which they aspire and which are used in enticing them to try the BTID strategy.
I then engaged in an interactive dialog and extracted the information I required for my research, which included asking the bot to show me where certain information could be found in the paper.
Every week, new AI platforms are being announced. What’s particularly exciting is that some are designed specifically for financial advisors.
In my next article, I’ll discuss one new entrant that could significantly change how you conduct discovery meetings.
Dan trains executives and employees in the lessons based on the research in his latest book, Ask: How to Relate to Anyone. His digital marketing firm makes extensive use of artificial intelligence to help advisors increase their SEO rankings and improve their marketing and helps advisors integrate AI into their practices.
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Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
