Friend or Foe? Let’s Explore the Pros and Cons of Utilizing Artificial Intelligence
Artificial intelligence is revolutionizing how business gets done in just about every industry. A prime example is ChatGPT, the remarkable AI chatbot that can converse like a human and even write articles with amazing accuracy—all using its transformer algorithm that mimics the way the human brain works.
Here at Indigo Marketing Agency, we’ve been pondering what implications this might have for us, as well as other businesses out there looking to use artificial intelligence in their marketing strategies. Let’s explore the pros and cons of utilizing such technology so you can make informed decisions moving forward!
The Hot Topic of AI
According to CNBC, Morgan Stanley is transforming their advisors’ knowledge base with a state-of-the art chatbot powered by OpenAI. With this tool, the bank’s 16k+ advisors can access an expansive pool of research and data to give clients reliable advice on financial matters—as if they had an expert at their side. While AI cannot yet replace industry professionals, it will provide invaluable support in helping them stay informed and up to date.
- ChatGPT can help an advisor and team within wealth management create content.
- ChatGPT can be used to quickly produce the equivalent of code (e.g., Excel formula) for those who need to do operations within wealth management.
- ChatGPT requires oversight and cannot be blindly trusted at this time to auto-create content.
- Generative AI in general has serious concerns on plagiarism (lawsuits are already underway).
You can attend AdvisorEngine’s webinar on the topic here.
Our Recommendations for AI Usage in Marketing
Use AI to Brainstorm Event Ideas
Using ChatGPT as an example, enter the following question: “What are a few fun client event ideas in Tampa, FL?”
Sunset Cruise: Organize a sunset cruise on a yacht or catamaran in Tampa Bay. Your clients can enjoy a beautiful sunset while networking and socializing.
Beach Volleyball Tournament: Set up a beach volleyball tournament at a nearby beach like Clearwater Beach or St. Pete Beach. It’s a great way to get clients active and having fun.
Escape Room Challenge: Book an escape room challenge at one of Tampa’s many escape rooms. This will encourage teamwork and collaboration among your clients.
Use AI to Email Updates to Clients
Quickly send an email to clients about an update they should be aware of; e.g., stock splits, back-office changes, when to expect 1099s in the mail, etc.
Use AI to Flesh Out Article Notes
The custom articles our team writes for our financial advisor clients’ blogs sometimes require notes. You can use AI to help you express your ideas, which we will then customize to ensure we communicate your perspective in your voice, and that it remains strategic without being plagiarized. Your specialty is helping your clients achieve financial freedom; our specialty is increasing your online presence to bring those A+ clients to your door.
Use AI for Social Media Posts
Looking for a quick social media post to summarize a client event or share real-time thoughts on a market decline? AI can be a great tool to get your point across succinctly and effectively.
Beware of Bugs
Despite being incredibly powerful, AI can still make mistakes. To ensure accuracy in the financial industry, where even minor errors have serious implications, Morgan Stanley is working to improve their tool by actively involving humans when verifying responses. Jeff McMillan, head of analytics and data at the firm’s wealth management division, admitted, “Machines can’t replace people when it comes to catering to sophisticated clients”—which is precisely your bread and butter as an independent financial advisor.
Indigo’s AI Usage
At this time, Indigo is not using ChatGPT for our clients, but we have been testing it out for our use internally.
- We prefer to use AI to summarize a piece of content, however, we’ve found a lot of repetitive phrasing and lack of source citing.
- The capabilities of AI softwares are limited, and it remains to be seen how compliance will work with AI and the lack of citing sources for information given.
- Advisors understand the financial industry better than ChatGPT.
With a firm grasp on the nuances of the financial industry, Indigo Marketing Agency crafts marketing content that makes your brand stand out! Our reliable approach includes implementing search engine optimization (SEO) and keywords as part of an effective overall strategy—giving you confidence in consistent results. With our marketing experts in your corner, you can trust that your message will reach its desired audience!
We work exclusively with financial advisors and understand how your prospects think. Can AI say the same?
If you have questions about how you can leverage artificial intelligence in your marketing or if your marketing strategy could use some help, reach out to one of our marketing experts today!