ChatGPT - Hot Or Not - Wealth Management Marketing

by Jacob Solomon Feb 7, 2023 News
ChatGPT - Hot Or Not - Wealth Management Marketing

In this photo illustration, the ChatGPT (OpenAI) logo is...

There is a logo on a phone screen. There is a photo illustration by Rafael Henrique.

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Key marketing and communication functions will be taken over by artificial intelligence. There are many articles and social media posts that suggest it could. A lot of people are checking out the capabilities of generative artificial intelligence with machines. Sometimes the volume of users testing Openai's chatGPT causes it to close down.

If you have tested it yourself, you can see that it can be used to generate content. For example, if you ask, "What are the advantages of contributing the maximum allowable amount to a 401(k)?", the bot will immediately generate an article that explains the benefits of investing all you can in a company-sponsored retirement plan

Understanding the potential advantages and limitations of generative artificial intelligence is important in determining how to incorporate this new capability into the marketing of wealth management.

There are a number of benefits when properly deployed.

This is the first thing. Work can be done by machines. As a customer service tool, bots can be used to provide answers to basic questions. A wealth management web site could use a chatbot to answer questions such as, "What's the difference between a traditional and aRoth IRA?" If an advisor wanted a series of social media posts on a topic like, "How to save for the high costs of college," the bot could quickly generate posts for a campaign that could be run as is or perhaps serve as a draft for further refinements.

There are two It is quick and cheap. The tasks that rank as the "low-hanging fruit" are some of the ones that can be used withrative artificial intelligence. There are simple content needs that can be created in seconds with the current version of ChatGPT. Enhanced versions may cost more later.

There are three. It's a useful tool. This capability can be useful for research even if wealth managers and marketers need to improve their content. Each topic is searched for on the internet. It is a good idea to see the content to make sure you are covering all the relevant issues.

There are limitations of bot-developed content.

This is the first thing. It doesn't represent an expert's voice. Wealth managers are valued by clients because of their expertise. An article about how to invest during a recession would not convey the individual insights and perspective of a trusted advisor. Clients value advisors' personality and temperament when relationships are strong. Readers who aren't experts tend to find financial content boring. Wealth managers with their personality and style come through in their writings. The voice of a bot is not strong.

There are two It can be misleading and biased. generative artificial intelligence doesn't do well with content that is complex and nuanced Humans are often needed to give a quality control check. When the internet gets scoured by a bot for information that has been posted online about a topic, there is no way to know if the information is accurate, unbiased or up-to-date with the latest legal or regulatory changes.

There are three. It's not a one-off. It's easy to explain the benefits of maxing out your 401(k) to a general audience. People are the best convoys of personalized messages because of their income level, investment temperament and long-term goals. Clients value the human touch even if a bot can be used. It is one of the reasons why many young people still want to work with human wealth managers.

There is a balance between total skepticism and blind faith in technology.

When it comes to new technology, it is best to avoid the extremes of being a Luddite-like resistors of innovation or a wholehearted enthusiast who embraces it with no questions asked. When and where the values of human involvement, interaction and insights shouldn't be replaced are likely to be the best uses of generative artificial intelligence.