ChatGPT may transform the financial advice sector. By James Kirby.
Ben Neilson, a PhD at the University of Southern Queensland … as drawn together research from four major advice firms along with a range of consumers and compliance officers to explore the possibilities of ChatGPT and found the technology could create answers to financial problems with high levels of accuracy, “creating required content in 3.88 seconds”.
Neilson, who is also a director of Neilson & Co Wealth Management, believes the technology has an “ability to create simple compliant financial recommendation content that far exceeds human capabilities”.
According to Neilson, the technology recognises key items such as superannuation caps, regulations, and tax tiers and can create “a significant advancement in the field of compliance and reduction of human error”. …
In the US a researcher managed to get the ChatGPT technology to finish and complete the CFA Level 3 exam — the key exam for professional wealth managers which concentrates on planning and wealth management.
In Australia analysts suggest the technology will soon be used to replace back office work — particularly correspondence with investors on routine issues.
One adviser who spoke to The Australian says: “I have been using it for answering questions on everything from superannuation rules to tax tables and it is very accurate — it’s not perfect but it going to get better since it improves the more people use it, rather like Google in its early days.” …
Frustrated by paperwork and new exam standards, many advisers have been leaving the industry – more than 2000 resigned last year. The industry is now heading to less than 14,000.
Computers are great for taking care of tedious detail. Navigating the bureaucracy seems like an excellent use for computers. Well done ChatGPT!
Total time it took to reach 1 million users
Netflix: 3.5 years
Twitter: 2 years
Facebook: 10 months
Spotify: 5 months
Instagram: 2.5 months
ChatGPT: 5 days
— Watcher.Guru (@WatcherGuru) January 29, 2023