3 Pros and 3 Cons for Your Use of ChatGPT as a Financial Advisor

Everyone’s heard of it, yet it’s hard to discern facts behind the hype.

Should you or shouldn’t you adopt ChatGPT as a tool in your workflow?

And if yes, how exactly should you use it? What are the downsides or even dangers of using it?

Let me try to shed some light on these questions, but before I want to remind you to sign up for our completely free 2 session challenge:

Unlock Value of AI for Your Practice. It will take place live on May 22nd and 23rd at noon Eastern.

Our President, Daniel Satchkov, will teach you what you need to know about ChatGPT to educate your clients and to use it (Daniel is not only is a finance quant, but also a member of the IFCC Artificial Intelligence and Genetics committee, so you will be in great hands with his instruction).

CLICK HERE TO SIGN UP FOR FREE CHALLENGE -?

https://lnkd.in/ev-pYH-Y

Here are 3 Pros of ChatGPT for your practice:

Efficiency: this is the key point. ChatGPT is a generative model and can generate communications very quickly. Those communications are often very good. You can use it for marketing and education. There are two keys to using it for communication. One is writing good prompts. Despite what anyone says ChatGPT is not intelligence, it is a very sophisticated probabilistic model of language. So, to get a good result you really need to know how to write good prompts. We will cover that in our free trainings. The second key is to use as a writing block remover, not as something that you accept as is.

Breadth: humans can write much better than ChatGPT, but for humans it is difficult to quickly switch between different topics and tasks. ChatGPT has no such problem. Thus, you are able to achieve diverse tasks with ChatGPT, because it is a massive 175 billion (!) parameter model. If you think of it as an equation with 175 billion terms, then you get the picture.

Summarization: while AI is not really “intelligence” nor is it creative in any real sense, it can do some things amazingly well. One of them is to summarize or compress content, while keeping it comprehensible. If you need to make a phone call and pitch to a 401(k) plan in 30 seconds, while making that pitch custom to that plan, then ChatGPT will create such a pitch and faster than most human beings.

And now the 3 Cons:

Outdated: ChatGTP is trained on data only through 2021. Thus, it is not aware of Secure Act 2.0 or myriad of other things that happened in the financial markets or retirement space since. This is a huge drawback. In our live sessions we will discuss and demonstrate how exactly to overcome that problem.

Liar, liar, pants on fire: ChatGPT can lie. Creators of the model call it hallucinations, but come on, this is good old lying. This is the nature of a soulless machine; it knows not what truth is and it doesn’t care. However, there are ways to overcome this problem, and this goes back to proper prompt writing. If you write narrow prompts in an area where you are sure ChatGPT has the required data, then you don’t have that risk. How to know that is something we will discuss during the Unlock Value of AI For Your Practice.

Difficult to customize: let’s say you want to analyze or communicate with a particular plan sponsor prospect. To make ChatGPT work for you, you would need to carefully gather all the data about the plan and pass it into a very good prompt to get a good result. This kills any efficiency gains. We will discuss during live sessions how we at RiXtrema overcame this limitation with 401kAI.