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While ChatGPT can be a useful complementary tool to decrease the time and cost required to create financial recommendations, it cannot replace the emotional support that traditional financial advice relationships are built on. AI technologies will more likely evolve as complementary tools, assisting professionals with data analysis, research, and generating recommendations.
Neilson believes that AI tools can help increase an adviser's profitability, serviceability, and hopefully improve their overall well-being. Instead of writing the same 27,000 words for every single client every year, ChatGPT can help advisers save time and generate stronger regulatory adherence as well as complementing their convention offerings.
Neilson states that ChatGPT understands financial recommendations as well as any adviser and can audit fairly accurately against existing literature, such as the Corporations Act. Effectively, it's a compliance tool as well as a creation tool. When paired with a professional's expertise, ChatGPT has the pretence of creating advice documents significantly faster while adhering to regulatory requirements.
"Once we begin to understand that, there is not a soul on the earth that should have any reservations about using it," Neilson explains. While AI won't replace financial advisers and planners, it can help them become more efficient and effective in their role. As AI tools continue to evolve, they will undoubtedly become an even stronger partner for professionals in the financial services industry."
Published:Monday, 5th Jun 2023
Source: financialservicesonline.com.au
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