Artificial Intelligence (AI) technology is revolutionizing many professions, including financial advice. The rapid rise of ChatGPT, the chatbot made publicly available by OpenAI, is estimated to have reached 100 million users in just two months, the fastest growth for a consumer application in history. With fairly limited training, ChatGPT has much more of a human feel than previous examples of AI technology. It steers clear of giving personal advice, but provides a summary of things clients should consider, tailored to their specific needs. The fast uptake of AI technology is because, for the first time, it feels good. AI technology has the potential to transform the way financial advisers operate, and it is important that they use it to their advantage by learning to use it and embracing it. With the help of AI, advisers can free up their time and focus on what they do best: coaching their clients.
Advisers Should Embrace AI and Focus on Coaching Clients
Artificial Intelligence (AI) has become a buzzword in many professions, including financial advice, and is contributing to a period of significant upheaval. Until recently, the potential for the technology to transform our daily lives felt like it lay somewhere in the future. However, the rapid rise of ChatGPT, the chatbot made publicly available by OpenAI, has changed that. ChatGPT is estimated to have reached 100 million users in just two months, the fastest growth for a consumer application in history.
This has left many professionals wondering if AI is going to replace them. But the truth is, AI technology, as it is trained in specific industry contexts, will have very wide applicability. It will enable financial advisers to focus on what they do best: coaching clients. The technology can provide a wide-ranging summary of things clients should think about when seeking advice.
With fairly limited training, ChatGPT has much more of a human feel than previous examples of AI technology. It steers clear of giving personal advice, but provides a summary of things clients should consider, tailored to their specific needs. Unlike previous AI technologies, ChatGPT shows its workings and explains its limitations. It gives conditional statements such as ‘if the following things are true, you should consider investing in a pension, taking into consideration X, Y and Z’.
This is a step forward from the black-box decisioning that has driven some of the ethics concerns about AI technology, such as embedded biases in AI used in the US justice system. It is already clear that AI technology, as it is trained in specific industry contexts, will have very wide applicability. For instance, just recently, someone in San Francisco used an AI to listen to a conversation and produce a summary.
The fast uptake of AI technology is because, for the first time, it feels good. It is more human-like in its interactions with users than previous AI technologies, such as virtual assistants like Alexa and Siri or customer service chatbots. The technology is still in its infancy, but it has the potential to transform the way financial advisers operate. It is important that advisers embrace the technology and learn to use it to their advantage. With the help of AI, they can free up their time and focus on what they do best: coaching their clients.
In conclusion, AI technology is revolutionizing many professions, including financial advice. Financial advisers need to embrace the technology and learn to use it to their advantage. AI will enable them to focus on what they do best: coaching clients. With its conditional statements, it shows its workings and explains its limitations, thus avoiding the embedded biases that have driven some of the ethics concerns about AI. AI technology has the potential to transform the way financial advisers operate, and it is important that they use it to their advantage.
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