3 Ways Advisors Can Get Started With ChatGPT

Financial Planners

You can use AI to boost your efficiency while improving your communication with clients.

As a financial advisor or leader of a wealth management firm, you know the importance of providing frequent, personalized communication to your clients. The question has been how.

How can firms help their advisors easily, efficiently and affordably scale the level of client communication/? ChatGPT now provides some answers.

Frequent communication increases an advisor’s presence in their clients’ and prospects’ lives, through more visibility, demonstrated value and expertise. Most firms and advisors acknowledge the growing importance of communication, as people are now plugged into the internet 24/7, getting financial advice from everywhere all the time.

Recent studies reinforce this:

Historically, delivering frequent communication was a time-consuming task for financial advisors, especially with a large client base. Fortunately now, ChatGPT is getting lots of attention as it delivers simple new ways for advisors to increase client satisfaction through more communication while saving time and money.

Below are three practical opportunities you can start today.

1. Use ChatGPT to write personalized, FINRA-compliant client emails and social media posts.

Advisors who want to save time writing their own personalized notes and posts can simply set up a free ChatGPT account, then log in and use the tool to create content.

With the right prompts, you can even use ChatGPT to avoid “hot words” that run afoul of regulations. (Of course, check with your compliance department for best practices and words to avoid.)

Here is a quick sample of me asking ChatGPT to “write FINRA compliant 500 word personalized note explaining impact of continued interest rate increases on investments, from Financial Advisor Bill Smith to their client Susan Jones, do not use any of the following FINRA red flag words or phrases (Meet, reaching, achieving , Solutions, Expert, expertise, Maximize, Meet, Successful, Financial security, Protect, Peace of mind, Unique, Reduce, minimize, Unbiased, Success, Protect against, Will, Proven, Cutting-edge, Urgent, Rollover, Financial advisor).”

Thanks to Teresa Leno at Fresh Finance for sharing her FINRA hot word list.

2. Try out new ChatGPT content creation tools built for advisors.

With the exploding popularity of ChatGPT, we are seeing the launch of a wide range of tools purpose-built for users in various industries. Examples include Jasper.ai and Copy.ai, which help marketers and advertising agencies save time writing content and emails; Bibit.ai, which helps real estate professionals quickly create content for new listings, and Regie.ai that helps sales teams efficiently build prospecting communication sequences and emails.

We recently launched WealthManagementGPT, a new ChatGPT-powered content creation tool built for for financial advisors and planners. WeathManagementGPT enables advisors to easily and efficiently create a variety of FINRA-compliant content including emails, blog posts or social posts.

Here is an example of the advisor dashboard from Wealth Management GPT’s new solution. This tool is currently in pilot. If you are interested in trying it, please contact Marc Butler at marcbutler123@gmail.com to participate.

3. Use ChatGPT features within modern client communication platforms.

For many advisors and planners, writing notes to clients is a necessary but time-consuming task. Advisors usually have an idea what they want to talk about, or may start with an existing template and customize it.

Advisors using client communication solutions such as ReachStack, Orion or FMG Suite may have conversational AI integrated into the platform, making it easy to draft suggested email subject lines, notes or posts.

Within these tools, advisors can either use AI to create a rough draft and then fine tune it themselves, or create the rough draft themselves and use AI to refine it.

ChatGPT is a hot topic with new use cases being explored daily. Its utility and potential disruption of the economics of the traditional creative process make for some interesting discussions. As an advisor, you can use it to boost your efficiency while improving your communication with clients.

Brendan Kenalty is chief marketing officer, data scientist and advisor content strategist at ReachStack. Marc Butler is the founder and CEO of Wealth Management GPT.

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