It's all about confidence. Or at least the appearance of confidence that adds to the "wow factor" generated when people get a taste of what ChatGPT is capable of for the very first time.
"It can do what? Software wrote that?!" It opens up a whole new realm of possibilities for both work and play.
But look a bit closer, and the cracks in the AI armor begin to show. No sense of time. A lack of sourcing for information being dished out as fact. Answers that include directly contradictory statements.
If you don't know better, how could you know better? But again, that "confidence" is a major key. As I chatted with financial advisors, wealthtech leaders and researchers about the long term impact ChatGPT may have on industry, Pennsylvania-based advisor Nick Rygiel may have explained it best by describing a scenario that many of us may remember from our formative years.
"You don't know enough to know that you're actually getting wrong information. Like back in school when you were trying to work through a tough math problem and you got help from another kid who's like, 'No, this is how you do it.' And you're not 100% sure how he did it, but it looks like the right answer," Rygiel said. "But then when the teacher graded it and you both got it wrong, you're like, wait. That kid that actually didn't know what he was doing at all. There's no instant feedback mechanism to say that the information is good or not."
Issues aside, the potential is real and everyone seems to agree that advisors should be keeping a close eye on ChatGPT and similar generative AI tools. Whether it be something advisors intentionally slot into their stacks, or something they end up unknowingly benefiting from as the tech is integrated into apps they already know and love, it will make an impact.
I, for one, welcome our new robot overlords. Just don't come for MY job. Domo arigato.
Anything else on your mind? Drop me a line at [email protected]. Have a great rest of the week!
Regards,
Justin

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