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AI for Financial Advisors

Artificial intelligence (AI) is certainly one of today’s biggest innovations but industries and society are still figuring out how exactly it can (and can’t) work. Will it make our lives easier, or will it instruct people to put nontoxic glue on their pizza? AI is already proving very useful for automating time-consuming tasks, but it’s important to be smart about which AI tools you use and how you use them. In this post, we’ll share a few tools financial advisors can use to save time in their marketing and administration.

How Does Graham Media Partners Use AI?

We pride ourselves on providing human, relationship-based, and highly specialized service to our clients. As our industry naturally evolves to include Generative AI technology, it’s important that we keep pace and lead within this realm, while continuing to provide custom marketing strategies and content for our clients, and preserving the relationship-driven, boutique approach that has served us well for almost a decade.

We use AI as a tool to automate administrative tasks that consume a lot of time and billable hours, ultimately saving our clients’ money and allowing us to spend more time collaborating with our clients and producing quality, custom content.

We also use AI for brainstorming or when we experience writer’s block. AI can help generate ideas that we can use our expertise to edit, refine, and get the client’s voice just right.

AI Tools for Financial Advisors

Right now, the most valuable AI tools for financial advisors help them automate time-consuming tasks. These tools help cut down on minutia and make way for advisors to focus on what they’re good at — financial advice. Here are a few tools financial advisors can leverage:

  1. ai records and transcribes meetings, which can free you from taking notes yourself when meeting with clients and allow you to include others who weren’t on the call themselves.
  2. Chat GPT, either the free or paid version, is excellent for brainstorming, creating first drafts, offering summaries of long reports, rewording long sentences, and more. Be careful about using this tool for final drafts, as it will almost always require editing to incorporate the unique voice of a specific brand. It’s also important to note that the current free version (ChatGPT 3.5) is only updated with information through January 2022.
  3. Design website Canva makes creating, enhancing, and editing images for social media and other marketing purposes simpler by using AI. Canva offers Magic Write, a tool that helps generate text for images, and Magic Erase, which helps you remove unwanted parts of your images in seconds. (Fun fact: The image in this post was generated by Canva!)
  4. Catchlight can help your lead generation and business development efforts. With Catchlight, you can upload a list of leads, and the tool will analyze your leads and add publicly available data to enrich the lead profiles. Catchlight also scores your leads, saving you time and prioritizing lead outreach.
  5. Better Proposals is an AI-powered proposal tool that can help write, format, and send better proposal.

AI has a lot of promise. It’s come a long way very quickly, so if you’re trying out a new tool, expect a learning curve and some bumps. Overall, we think it will impact the practice of marketing for financial advisors in significant ways. Stay tuned for more thoughts as this new tech emerges, grows, and matures. We’d love to hear from you about any AI tools you’re curious about or interested in.

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