Advisor Interest Rising in ChatGPT
Another 26% of respondents answered that AI wasn’t permitted by their firm’s compliance or management. In addition, 23% of respondents said they had privacy concerns with ChatGPT and other AI.
Although AI chatbots have the ability to interface with clients and prospects while analyzing data and drafting memos, “many financial professionals are balancing their interest in this new technology with concern and wariness,” the report pointed out.
How Advisors Are Using ChatGPT
Advisors who used ChatGPT in their practices were asked how they were using it. Among those responding, 44% answered they used ChatGPT for writing educational blog content about finance topics.
Meanwhile, 28% of respondents reported using ChatGPT to follow up on leads with prospects and another 28% answered they used it for routine communications and scheduling.
Among “other” reasons, advisors answered they used ChatGPT to see how it responded to certain finance topics or asked it questions about marketing, according to SmartAsset.
The Future of AI and Advising
AI is generating interest in the financial advising community for its potential to streamline certain marketing, outreach and “data-crunching tasks,” the report said.
The “greatest impact” of AI for customers will be seen in financial advisory services, Arthur Weissman, co-founder of the firm Industry FinTech, told SmartAsset earlier this year. “(It) will yield an improved customer experience, a lowering of overhead costs and (provide) greater access to more options for investors.”
Generative AI could someday also “create new opportunities for advisors to serve clients and grow their client base,” according to SmartAsset. “It may even be able to crunch reams of data and offer tailored portfolios and financial plans to disparate clientele. But advisors who intend to use AI as part of their advisory business will need to be disciplined in understanding the technological and compliance-specific limits of this technology as well.”
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