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August 02, 2023 at 04:43 PM
What You Need to Know
- Research shows that consistent communication is crucial to client retention.
- Advisors can use ChatGPT to draft compliant messages quickly.
- Client communication platforms are adding conversational AI features.
As a financial advisor or leader of a wealth management firm, you know the importance of providing frequent, personalized communication to your clients. The question has been how.
How can firms help their advisors easily, efficiently and affordably scale the level of client communication? ChatGPT now provides some answers.
Frequent communication increases an advisor’s presence in their clients’ and prospects’ lives, through more visibility, demonstrated value and expertise. Most firms and advisors acknowledge the growing importance of communication, as people are now plugged into the internet 24/7, getting financial advice from everywhere all the time.
Recent studies reinforce this:
- Nine out of 10 clients say advisor communication plays a major role in satisfaction and referrals.
- Three of the top four reasons clients leave their advisor are communication related.
- Sixty-four percent of clients say their advisor contacts them infrequently or very infrequently.
Historically, delivering frequent communication was a time-consuming task for financial advisors, especially with a large client base. Fortunately now, ChatGPT is getting lots of attention as it delivers simple new ways for advisors to increase client satisfaction through more communication while saving time and money.
Below are three practical opportunities you can start today.
1. Use ChatGPT to write personalized, compliant client emails and social media posts.
Advisors who want to save time writing their own personalized notes and posts can simply set up a free ChatGPT account, then log in and use the tool to create content.
With the right prompts, you can even use ChatGPT to avoid “hot words” that run afoul of regulations. (Of course, check with your compliance department for best practices and words to avoid.)
For example, you could ask ChatGPT to “write compliant 500 word personalized note explaining impact of continued interest rate increases on investments, from Financial Advisor Bill Smith to their client Susan Jones, do not use any of the following compliance red flag words or phrases (Meet, reaching, achieving , Solutions, Expert, expertise, Maximize, Meet, Successful, Financial security, Protect, Peace of mind, Unique, Reduce, minimize, Unbiased, Success, Protect against, Will, Proven, Cutting-edge, Urgent, Rollover, Financial advisor).”
