You Are Asking the Wrong Question About ChatGPT

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The question you are asking about AI (“Will AI replace me?”) is wrong. The right one is: “How can I harness AI to provide more comprehensive services at a lower cost?”

One of the most challenging aspects of writing articles is finding a subject of interest to your readers. This week, I turned to Chat GPT for assistance.

In response to a request for topics discussing why investment advisors should have a basic understanding of neuroscience and psychology, ChatGPT gave me the following suggestions:

1. The impact of behavioral biases on investment decisions and how to avoid them.
2. The importance of emotional intelligence in client interactions and how to develop it.
3. How to use principles of neuroeconomics to understand better the decisions clients make with their money.
4. The impact of stress on investment decisions and how to manage it effectively.
5. Understanding the psychology of risk tolerance and how it impacts investment strategies.
6. Techniques for effectively communicating complex financial concepts to clients using principles of cognitive psychology.
7. The role of social influence and group dynamics in investment decisions.
8. The impact of decision fatigue on investment decisions and how to manage it.
9. Strategies for helping clients overcome fear, uncertainty, and doubt during periods of market volatility.
10. Techniques for building and maintaining trust with clients using principles of social psychology.

I picked #10 and then asked it to outline the article for me, which it did. I then requested a full draft, with subheadings, listing the sources at the end of the blog.

I rewrote what it produced. I ran the final copy through a website that checks to see if the text was AI-generated, and it passed with a finding of “[T]he classifier considers the text to be very unlikely AI-generated.” This is important because, for SEO purposes, Google penalizes AI-generated content.

Here are the six principles for building trust.

Similarity

We find it easier to trust people who are similar to us. That doesn’t mean we can’t overcome differences, but they are a “trust hurdle.”

How do you know if someone has similar interests?

Not by jumping into a discussion of investing and financial planning!

Ask them to talk about themselves. Ask about their hobbies, interests, and what they do for fun.

Similarities (and differences) will soon be apparent.

Authority

Qualifications matter.

Advisors are often reluctant to differentiate between their credentials and the minimum requirements for registering as an RIA.

If you hold a CFP®, CFA®, CPA, or MBA, that’s a big deal, but it doesn’t help if prospects don’t understand what those designations mean and how difficult it is to obtain them.

Spell it out.

Content marketing is another way to establish authority. Provide helpful, educational articles that demonstrate your expertise. Avoid self-promotion.

Consistency

Consistency is critical in building trust.

Say what you will do and do what you say.

Show up on time for appointments.

Communicate regularly with your clients in clear, understandable language.

Be sure your branding (logo, e-mail signature, signage, social media) has a consistent look.

Reciprocity

It’s well established that “trust and reciprocity facilitate cooperation and are relevant to virtually all human interactions. “

You earn trust by trusting your clients.

Is it necessary to deduct your quarterly fees directly from your clients' accounts?

Is that practice in their best interest?

What if you leveraged technology to reduce your fees?

To earn a prospect's trust, why not offer a free trial period?

For many advisors, trust is a one-way street.

It shouldn’t be.

Social proof

We tend to rely more on what others in our social group are doing than on the opinion of “experts.”

The investment adviser marketing rule that took effect on May 4, 2021, permits testimonials, subject to certain restrictions.

Nothing I’ve seen significantly impacts generating leads more than reviews posted on your website and your Google “My Business” listing.

Take reviews one step further by posting video testimonials on your website.

Of course, seek professional advice before doing so.

Empathy

More AUM. Better Relationships.

Guaranteed

My micro-learning course will increase your AUM and deepen your relationships.

If not, I’ll give you a 100% refund of the $29.95 cost.

Volume discounts are available.

More Information

Empathy is the foundation of trust.

Every advisor will tell you they “care.”

Few demonstrate it.

There’s only one way to show you really “care.”

Ask questions. Listen. Ask follow-up questions.

Listen more.

Ask open-ended questions like: “How can I help?”

Then demonstrate your care by helping, not just talking about it.

Volunteer.

Drive the sick relative of a client to get medical care. Pay for something out-of-pocket that will surprise and delight a client.

Don’t talk the talk.

Walk the walk.

Dan trains executives and employees in the lessons based on the research in his latest book, Ask: How to Relate to Anyone. His online course, Ask: Increase Your Sales. Deepen Your Relationships is currently available.