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Inside Horsesmouth — Thursday, May 30, 2024


IN THIS ISSUE

 * AI for Advisors: Use ChatGPT to Draft Client Communications in a Snap
 * Free Webinar: Unlocking Co-Intelligence: A Two-Part AI Book Discussion for
   Financial Advisors

--------------------------------------------------------------------------------




WHY YOU STILL NEED TO PICK UP THE PHONE AND TALK WITH YOUR CLIENTS

Emails, texts, and other tech-based methods make it incredibly easy to get in
touch with clients. So easy, that more and more of us are using these channels
exclusively. But when you never talk to a client over the phone or see them
face-to-face, the personal connect is missed and the relationship suffers. Learn
to balance the technology with more personal methods such as good old-fashioned
picking up the phone.



Listen now.

--------------------------------------------------------------------------------

MORE BUSINESS BUILDING IDEAS FOR YOU…

—

AI for Advisors: Use ChatGPT to Draft Client Communications in a Snap

—

Last week's top 5…What your competitors know that you don't.

—

Use Client Testimonials for Google Reviews

—

Advisor feedback: "Excellent article…"

--------------------------------------------------------------------------------

Hi Advisor,

Artificial intelligence tools can help busy advisors cut the amount of time it
takes to write articles and other client-facing pieces. We take ChatGPT for a
test spin in today's article.

—Doug Pierce, Associate Editor

--------------------------------------------------------------------------------


FREE WEBINAR


UNLOCKING CO-INTELLIGENCE: A TWO-PART AI BOOK DISCUSSION FOR FINANCIAL ADVISORS

Date: Thursday, June 6
Time: 4:00-5:00 pm ET / 1:00-2:00 pm PT
Expert Presenter: Sean Bailey



In his book "Co-Intelligence: Living and Working with AI," Ethan Mollick
introduces the concept of co-intelligence, which he defines as a form of
intelligence that emerges from the interaction between humans and artificial
intelligence (AI) systems, particularly large language models (LLMs).

In this book discussion, we'll explore the potential for AI to transform how you
and your team operate to deliver superior service to your clients. In this
exclusive webinar series, you'll:

 * Explore the evolution and capabilities of cutting-edge AI systems.
 * See examples of practical strategies for collaborating with AI tools as a
   "co-intelligence."
 * Learn how leveraging AI's strengths can complement the human touch that
   defines your practice.
 * Explore a few real-world applications of AI that will boost efficiency and
   productivity for you and your team.

By the end of our two-part discussion, you'll have a clearer sense of how and
why incorporating generative AI into your practice will elevate your efficiency,
expertise, and value proposition. Don't miss this opportunity to future-proof
your skills and stay ahead of the curve. Order your book and register now for
our discussion!

GET THE BOOK:

It’s a fast, easy read available in all formats. Order your copy today!

 

 Learn More and Register Here » 

--------------------------------------------------------------------------------


AI FOR ADVISORS: USE CHATGPT TO DRAFT CLIENT COMMUNICATIONS IN A SNAP


BY DEBRA TAYLOR, CPA/PFS, JD, CDFA

We’ve all heard the buzz about artificial intelligence and that “large language
models,” such as ChatGPT, Bard and others, will be remaking our workplaces and
our lives.

We have experimented with the technology, and I want to share some of our
experiences, as these tools hold promise for making our work more efficient. In
future articles, I’ll discuss additional opportunities offered by these tools,
and also some items to be concerned about.


WHAT IS A ‘LARGE LANGUAGE MODEL?’

The forms of artificial intelligence—or AI—that have been getting much attention
lately are “large language models,” or LLMs for short. LLMs are designed so that
users can interact with them through plain language, directing the models
through “prompts” in which users ask the AI engine to perform tasks.

LLMs have been shown to be effective at summarizing long texts and assisting in
writing tasks. That’s what we set out to test.

As an experiment, I asked one of my team members to use ChatGPT, an LLM
developed by the company OpenAI, to help create a piece for our firm on Roth
conversions loosely based on a piece I had previously written. The original
piece was geared toward CPAs and industry professionals, but I believed we could
rework the information to create a valuable resource to give to our clients.

Normally, when writing a communications piece, I would typically sit down with
my iPad and write something like, “3 (or 5 or even 6) Strategies for Roth
Conversions.” It would be geared to clients. These pieces can take me anywhere
from one hour to several hours to write, depending on the topic and the research
required.

Although this experiment with ChatGPT is about writing a client piece, your
requests to ChatGPT could be anything that you are writing—a marketing piece, a
blurb on your website or a blog post, for example.

When I delegate the first draft of an article or marketing piece of any
substance to a team member, it always takes them several hours. Then I am
required to edit the work and there is the inevitable back and forth of
revision. When I review their drafts, I need to not only review for content, but
I need to review for sentence structure, grammar, punctuation and possible
mistakes. This process typically adds up to about five hours of time, possibly
slightly more. All this while my time is becoming more valuable as my practice
grows.

Instead of drafting this Roth conversion client piece completely on my own, we
asked ChatGPT to provide the first draft loosely based on a previous version I
had written for industry professionals.


FIRST CHATGPT PROMPT

A typical session with an LLM like ChatGPT involves a series of prompts, in
which you ask the model to conduct tasks. The best results come through posing a
series of prompts that start with asking for relatively basic tasks, then
building on the results with more in-depth prompts. Often, you need to pose
prompts through a series of trial and error to get the results you want.

First, we asked ChatGPT: “Convert the following link into an article geared
toward a financial advisor’s clients” and provided the link to the original
piece I had written. At the time, we were not using plugins that are available
for ChatGPT to be able to read from a PDF or website link. Figure 1 shows the
first response we received.



Source: Taylor Financial Group

There’s a simple workaround to fix this issue—just copy and paste the text you
want to be summarized and it does all the work for you. Since this experiment,
we’ve started using the plugins available to ChatGPT 4.0, and now have access to
PDF and link readers.


FREE WEBINAR


UNLOCKING CO-INTELLIGENCE: A TWO-PART AI BOOK DISCUSSION FOR FINANCIAL ADVISORS

Date: Thursday, June 6
Time: 4:00-5:00 pm ET / 1:00-2:00 pm PT
Expert Presenter: Sean Bailey



In his book "Co-Intelligence: Living and Working with AI," Ethan Mollick
introduces the concept of co-intelligence, which he defines as a form of
intelligence that emerges from the interaction between humans and artificial
intelligence (AI) systems, particularly large language models (LLMs).

In this book discussion, we'll explore the potential for AI to transform how you
and your team operate to deliver superior service to your clients. In this
exclusive webinar series, you'll:

 * Explore the evolution and capabilities of cutting-edge AI systems.
 * See examples of practical strategies for collaborating with AI tools as a
   "co-intelligence."
 * Learn how leveraging AI's strengths can complement the human touch that
   defines your practice.
 * Explore a few real-world applications of AI that will boost efficiency and
   productivity for you and your team.

By the end of our two-part discussion, you'll have a clearer sense of how and
why incorporating generative AI into your practice will elevate your efficiency,
expertise, and value proposition. Don't miss this opportunity to future-proof
your skills and stay ahead of the curve. Order your book and register now for
our discussion!

GET THE BOOK:

It’s a fast, easy read available in all formats. Order your copy today!

 

 Learn More and Register Here » 


SECOND CHATGPT PROMPT

For our second request, we used the following prompt, “Convert the following
into an article geared towards a client from a financial advisor. Use
second-person point of view. The article should be geared for the full year, not
just year’s end.”

This time we received results MUCH closer to what we wanted. It had all the
information and structure, but it was much too long. I was looking for a shorter
piece for clients to quickly read through with just the high-level information.


THIRD CHATGPT PROMPT

Finally, we asked ChatGPT the following: “In 500 words or less, convert the
following into an article geared toward a client from a financial advisor. Use a
second-person point of view.” This was the winning prompt. ChatGPT generated a
well-written, succinct piece for clients based on what I had already written. It
included a title, opening and closing paragraphs, three bolded key points with
further information in each paragraph, and all under the 500-word limit I set.



Source: Taylor Financial Group


FOURTH CHATGPT PROMPT

I didn’t love the opening and closing paragraphs, so we asked ChatGPT to
re-summarize its own opening and closing paragraphs for more substance and
better flow.



Source: Taylor Financial Group

From here, our team member was able to combine all ChatGPT’s generated material
into one document and edit it down from there. After adding a couple of
PowerPoint slides to include as examples and some editing and personalization,
our document was ready.

After editing and adding our own flare, ChatGPT’s draft is just under 600 words.
It is concise, smart, and well-written with proper punctuation throughout. And
most of all, it was quick. It took less than 10 minutes to generate and combine
these responses into one draft. The whole process took less than an hour.

Our team member has been using ChatGPT and other LLMs to help generate content,
edit and so on, quite a bit, so she knows how to provide prompts to get the
responses she wants. It will take time to learn how to use ChatGPT properly so
that it can make your work more efficient, but it is worth the time. I suggest
you just start using it.

Updates to these platforms are being made every day, making them even better and
more useful to us. It’s a fascinating concept that can only get better with
time.

Is it perfect? No. It doesn’t demonstrate intuition, it is somewhat high-level
and lacking in voice.

Having said that, if you can get a well-written piece within 10 minutes for
free, and then take a few minutes of your time to personalize or edit, how is
that not a huge win for a time-strapped financial advisory practice?

--------------------------------------------------------------------------------


FREE WEBINAR


UNLOCKING CO-INTELLIGENCE: A TWO-PART AI BOOK DISCUSSION FOR FINANCIAL ADVISORS

Date: Thursday, June 6
Time: 4:00-5:00 pm ET / 1:00-2:00 pm PT
Expert Presenter: Sean Bailey



In his book "Co-Intelligence: Living and Working with AI," Ethan Mollick
introduces the concept of co-intelligence, which he defines as a form of
intelligence that emerges from the interaction between humans and artificial
intelligence (AI) systems, particularly large language models (LLMs).

In this book discussion, we'll explore the potential for AI to transform how you
and your team operate to deliver superior service to your clients. In this
exclusive webinar series, you'll:

 * Explore the evolution and capabilities of cutting-edge AI systems.
 * See examples of practical strategies for collaborating with AI tools as a
   "co-intelligence."
 * Learn how leveraging AI's strengths can complement the human touch that
   defines your practice.
 * Explore a few real-world applications of AI that will boost efficiency and
   productivity for you and your team.

By the end of our two-part discussion, you'll have a clearer sense of how and
why incorporating generative AI into your practice will elevate your efficiency,
expertise, and value proposition. Don't miss this opportunity to future-proof
your skills and stay ahead of the curve. Order your book and register now for
our discussion!

GET THE BOOK:

It’s a fast, easy read available in all formats. Order your copy today!

 

 Learn More and Register Here » 

--------------------------------------------------------------------------------

LAST WEEK'S TOP 5: WHAT MEMBERS ARE READING

 1. Stop Google Searching
 2. 3 Key Points We've Learned About Tax‑Loss Trading for 2024
 3. Defining the 'Long Run'
 4. 3 Steps to Overcome Fears Holding You Back in 2024
 5. 4 Key Items to Think About When Creating Videos

--------------------------------------------------------------------------------

Pro Tip: Use Client Testimonials for Google Reviews

"Don't be shy about asking happy clients for Google reviews. When asking
satisfied clients for testimonials, ensure that you are clear on how it will be
used and where. You want the testimonial to accurately reflect the work you did
and reflect positively on your business. Double-check that the client is happy
to be named in the testimonial. Sometimes they may be uncomfortable with
this--in which case, always respect their wishes and leave their name out."

From the article, "3 Ways to Use Testimonials to Close Prospects," by Debra
Taylor, CPA/PFS, JD, CDFA

--------------------------------------------------------------------------------

WHAT YOUR COLLEAGUES ARE SAYING

"Excellent article. SORR must be considered whenever a retirement plan is
created."

"Hi Craig, thanks as always for your work."

Responses to the article: "Sequence-of-Returns Risk, or Size-of-Returns Risk?"



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