Robo-advisors threatened disruption to financial advisors, just as online brokers before them. Now, generative AI is rekindling the same fears. But like other technologies before it, AI won’t replace advisors as much as augment their ability to serve clients.
In this episode of The Disruption Is Now, Greg Matusky talks with Marc Butler, founder of Wealth Management GPT, a company offering financial advisors AI-powered content creation tools for everything from emails to blog posts.
While ChatGPT and other large language models allow for more freedom and unbound creativity, it’s more specialized AI tools that can quickly address an industry’s needs, like Wealth Management GPT does for financial advisors.
Greg and Marc debate the two schools of thought and how generative AI is already reducing the burden of content creation for advisors.
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Key takeaways:
AI boosts advisor efficiency through templated communications
Marc discusses how Wealth Management GPT provides templates and frameworks for financial advisors to easily create client communications like blog and social media posts, client emails, and meeting prep docs. This allows advisors to produce more and better content if they lack expertise in writing or technology. The tool is designed to make advisors more efficient, productive, and able to serve more clients.
AI enables personalized, customized messaging
Unlike traditional templated communications, Wealth Management GPT allows for customization and personalization. Advisors can target specific generational audiences like Baby Boomers or Millennials. They can also edit the AI-generated raw text output to include custom details like client names.
Regulation and compliance are top of mind
Marc discusses how compliance is the #1 concern they’ve heard from financial advisors about using AI writing. Wealth Management GPT has built-in forbidden word checking aligned to FINRA and SEC regulations. It also enables seamless integration with existing compliance review processes common at broker-dealers and advisory firms.
AI can empower more creators
Greg expresses optimism that AI will empower more people to become creators by enhancing their abilities. As examples, he points to tools like Canva that have made high-quality graphic design more accessible. Marc shares this belief that generative AI can give communication capabilities to advisors and others who aren’t professional writers.
We’re already living in an AI-enabled world
Both guests believe we’re already living in a world enabled by AI in many behind-the-scenes ways. Greg believes generative AI will become more prominent and widely adopted across sectors like marketing and communications in the next five years. Marc gives examples like AI website builders and CRMs that are already empowering more professionals.
Key moments:
● Is AI repeating the history of robo-advisors? (1:01)
● How Wealth Management GPT helps financial advisors (2:11)
● General AI versus specialized tools (4:03)
● Why templated AI tools are perfect for advisors (5:24)
● Examples of the range of specialized AI tools available (8:01)
● Fine tuning specialized AI (8:30)
● How AI will resculpt the landscape of work for advisors (10:53)
● Customizing AI outputs to different audiences (12:43)
● Staying in compliance while using AI (15:25)
● The promise of AI and where the technology is heading (16:31)
