We want more advisors using AI, but beyond the most basic use cases like writing an email or drafting a blog entry. Today’s AI should be viewed as a consultant and personal assistant, helping you make better and quicker decisions in your business.
We’ll narrow our focus to ChatGPT since it’s the most widely used and arguably the most powerful (especially with a paid subscription). You’ve likely used it, but if you haven’t created a custom GPT, you’re missing out. This is training the AI on your processes, team, and client base so it can provide more relevant responses.
For a random example, I set up a custom GPT that tells me how to keep my pool clean and balanced. I’ve given it my pool’s dimensions, equipment, and climate. Once a week, I take a picture of a test strip and upload it to my GPT. It then tells me exactly which chemicals to add, how to add them, and even where to buy them at the best price.
Let’s work through some examples that are specific to financial advisors. Here are three unique ways to embrace AI and how custom GPTs can help.
1. Role Playing Sales Scenarios
Sales conversations are never one-size-fits-all. The way you approach a skeptical business owner differs from how you’d speak with a recently widowed retiree. The way you approach a first follow-up is different than how you’d handle a third follow-up. Leverage AI for specific language.
“I have a meeting with a 52-year-old executive with $3 million investable. He’s considering moving his assets to us but is worried about market volatility. We’ve met twice before and I’m hoping this meeting closes the deal. What are some key phrases I should use?”
This technique is even more powerful when you’ve trained a custom GPT on your style and voice. For example, give it instructions like:
- We have a 3 meeting process for onboarding new clients (details attached).
- I want language that is somewhat assertive, but in no way pushy.
- My clientele averages $5 million investable and 63 years old.
- Never use the words “wealthy” or “affluent.”
- Our differentiator is multigenerational wealth planning (details attached).
With custom GPTs, you only have to input these instructions once, but you reap the benefits for all future queries.
2. Meeting Summaries Based on Transcripts
AI can help you summarize your meetings, whether it be with a client, prospect or COI. You may use this summary as a follow-up for meeting participants or simply for your own notes. I think It’s especially helpful for remembering the specifics of what you discussed and it’s made me realize that my own memory sucks in comparison.
This all starts with recording and transcribing your meetings. There are a variety of tools that can accomplish this, and it’s especially easy if you’re meeting virtually. You then upload the transcript into ChatGPT and ask for a summary. Don’t worry, it can make sense of even the messiest and meandering conversations.
Once again, training a custom GPT will help. Give it instructions like:
- I want a meeting summary (300 words max).
- Use direct quotes when relevant.
- Focus on what the client is saying more than what I’m saying.
- Conclude each summary with action items (if any).
- Write in a way that can be sent to participants.
3. Standard Operating Procedures (SOPs)
SOPs are essential for scaling a practice, but many advisors don’t create enough of them or update them very often. Leverage AI to jump start the process, but be sure to include your teammates in the process.
Consider recording your explanations instead of typing in loads of notes. ChatGPT can transcribe it, summarize your key points, and deliver a thoughtful SOP. You can even do this as a group, talking through your process together, making sure you don’t miss anything.
You can create SOPs for a wide range of critical tasks, from onboarding new clients to hosting quarterly reviews. SOPs help maintain consistency and make training new hires a breeze.
When training a custom GPT, give it instructions like:
- Write SOPs that are concise and actionable.
- Help us improve each SOP with industry best practices.
- Leverage this example SOP (attached) for formatting.
- Our team members and roles can be referenced (attached).
- Our core values are empathy, consistency, and attention to detail.
You don’t have to become an AI expert to benefit from these tools, you just need to start experimenting. As a starting point, ask your clients and COIs how they’re using AI in their businesses. You’ll probably learn some new and interesting ways it can help you as well.
