ChatGPT could help smaller businesses streamline and compete with bigger market participants, according to some advisers.
Barnsdale Financial Management financial adviser, Scott Taylor-Barr, said that, as with any new and emerging technology, language models such as ChatGPT and GPT-4 create “many opportunities” for financial advice firms.
One of these opportunities was demonstrated by Yellow Brick Mortgages managing director, Stephen Perkins, who stated: “ChatGPT is best for creating written content for websites, blogs or social posts.
“However, rather than using it to write the content and therefore risk this not being accurate or unique, it can instead be a great tool for suggesting topics and questions best to answer.
“For example, we ask it to list the most common questions from first-time buyers, and then we write answers to those as content.”
Additionally, Miles Marketing founder, Miles Phillips, said: “I’m a subscriber to GPT-4 and, as someone with dyslexia, it’s been invaluable to me.
“My strength lies in creative writing, though I sometimes struggle with spelling, grammar, and coherence.
“That’s where GPT comes into play. I draft my copy and then turn to GPT for enhancements.
“It’s crucial to note that the quality of the output largely depends on the quality of the input, with clear commands essential.”
Voice of caution
However, Taylor-Barr warned that, with anything like this, there are always risks, with the biggest one concerning data protection.
“If you use the ‘free’ version of the system then the data you put in is added to the system’s library for use in other tasks by other users, which is a huge issue if you are adding in client data or confidential business data.
“It’s the fine print in the T&Cs that will trip up many business owners if they rush to adopt without really understanding the full implications of what they are doing.”
Additional uses
Meanwhile, Dan Reddish Consulting financial business consultant, Dan Reddish, stated: “I help mortgage brokers and IFAs with ChatGPT through an online coaching programme showing my clients how technology can help grow their businesses.”
He explained that he uses ChatGPT to help with market research and to build a marketing persona of the ideal client, which previously took months of talking to people, putting out surveys and social media posts.
“ChatGPT does this in seconds. We then prompt it to optimise clients’ social media profiles based on the market research it has already given us and the psychology of their chosen market, which effectively turns their profiles into landing pages,” he added.
Thanks to the Newspage community for sharing their thoughts with FTAdviser.
tom.dunstan@ft.com
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