Exploring the Benefits and Challenges of ChatGPT and Other AI-Generated Content
AI-generated content is becoming an increasingly popular talking point among financial advisors as a means of creating engaging, targeted content with greater speed and efficiency. On the surface, it may appear to be an ideal solution; however, there are both pros and cons to leveraging artificial intelligence (AI) when producing content that should not be overlooked. In this article, we explore the potential benefits and drawbacks of using AI technology to create content for financial advisors. However, before we dive in, let’s talk about a similarity one of our clients noticed…
Robo-advisors and Robo-marketers
A client of ours pointed out that the AI buzz feels oddly similar to the frenzy that occurred when robo-advisors entered the stage. News agencies proclaimed that human advisors would be out of a job; robo would take over the whole industry. It was all doom and panic. But what really happened? Smart advisors learned how to integrate robo-services into their businesses and use the low-cost options as a resource to deepen client relationships, service clients more effectively and save time. But human financial advisors did not go away; rather, they flourished.
The same will probably happen with AI and marketers. Marketers will learn how to use the AI tools to help generate better content that connects with readers, viewers and the audience in a more compelling way. Writers will still offer interesting points of view, researchers will ask tough questions and designers will continue to innovate. AI tools will help marketing teams become more agile and efficient while saving precious time. Incorporated correctly, AI can aid marketers in reaching a targeted audience, resulting in better campaigns and greater success for retirement plan advisors.
The Advantages of AI Generated Content
Two immediate benefits to producing computer-generated content is saving time and its fun. Retirement plan advisors can save the valuable time spent on crafting emails, social media posts and/or articles, while having a good time.
In addition to being efficient, AI produced content can be highly personalized to specific audiences. Through analyzing large swaths of data, algorithms can target language specifically towards different customer types or interests, leading to increased engagement. For example, if a post is written with a plan sponsor audience in mind, an automated writing program could use familiar terminology like fiduciary, investment oversight and fee benchmarking whereas if the AI was prompted to write to retail customers, it could use different language referencing budgeting, saving, investing or other financial planning topics.
Finally, AI writing tools could help financial advisors enhance communications and improve client relationships. By quickly generating editable content, advisors can efficiently respond to emails, thus freeing up valuable time for other tasks. By incorporating AI writing tools to free up time and talent, it could enable your firm to allocate resources towards advanced marketing campaigns. For example, your office may invest in social media advertising or a coordinated email campaign to attract new clients. Ultimately, using AI writing tools allow financial advisors to focus on growing their businesses while providing greater value to clients through improved communication skills.
Disadvantages & Challenges Associated with Using AI Writing Programs
The main downside of using AI is that it isn’t always accurate. This has been demonstrated by recent missteps in major companies like Google and Microsoft, who have had to deal with the fallout of providing incorrect information or making false claims as a result of AI-generated content.
As with any new technology, there may be trial and error involved in getting the desired results. This is where experienced retirement plan professionals come in. They have the knowledge and expertise to carefully review and edit the output from AI writing tools to ensure that it meets the needs of the intended audience.
In other words, while AI writing tools can be incredibly helpful in creating content more efficiently, they should be viewed as a tool rather than a replacement for human talent. With the careful eye of an experienced professional, AI-generated content can be refined and adjusted to better meet the needs of clients and deliver greater value overall.
Furthermore, AI generated content may lack of creativity. Manually-written content will have a more natural feel because computers cannot understand nuances, nor can they think outside the box. As an example, while they might pick out relevant key points from existing data sources, they won’t be able catch cultural trends before they become mainstream topics, which limits their ability to write timely pieces or have original ideas not yet seen by audiences.
While AI writing tools can certainly save time and streamline the content creation process, it's important to remember that they are not a substitute for human talent and expertise. Even with AI support, creating high-quality content still requires time, effort, and skill.
Compliance, Design and Distribution
Having access to AI generated content is a helpful tool, although it still requires additional steps in order to produce content that meets all requirements for compliance approval and a design that appeals to today's visual consumer and to efficiently distribute the content.
As you know, the retirement plan industry is highly technical with rules and regulatory oversight by ERISA, DOL, SEC, FINRA and each Home Office. These complexities make it easy for errors, which results in a landmine of plausible mistakes. Think of the challenges you regularly face when explaining to home offices, outside marketing firms and your friends the differences between “retirement planning” and “retirement plans.” That’s one of the reasons why partnering with a provider that understands the landscape could be beneficial to your business.
Utilizing the AI Tool
Overall, there are distinct advantages associated with utilizing automated services but also some serious risks that should be carefully considered prior making any final decisions.
AI can be an incredibly effective tool for retirement plan advisors. It can automate mundane tasks, increase efficiencies and save time. However, no matter how advanced the technology becomes, experienced marketing teams will always be essential when it comes to craft engaging content that resonates with plan sponsors and employees for a real impact. AI can be a powerful ally, but just like robo-advisors, it will never replace the thoughtful insights of experienced professionals.
Thanks for Reading and Happy Marketing!