Are you familiar with ChatGPT? This disruptive technology leverages artificial intelligence, oten known as “AI”, to perform basic human tasks, such as holding online conversations, drafting emails, writing code, and more. In the first few days alone, ChatGPT lured in over one million users.
ChatGPT might seem like a mind-blowing concept that has no impact on your clients, but you’d be mistaken. This ground-breaking technology is at the forefront of things to come, making it highly relevant to trusts and estates.
Understanding the basics of ChatGPT, how your clients can utilize AI, and the impact on your practice going forward are important to fully embrace technological innovation and continue to meet client expectations.
What is ChatGPT?
ChatGPT is a chatbot designed to answer questions using artificial intelligence. This technology was released on November 30, 2022 by OpenAI, a research company owned by Elon Musk. The initial goal is to provide users with human-like conversations. OpenAI is not a new entrant to the AI realm, with DALLE 2, an AI art generator, and Whisper, a speech recognition system, preceding the launch of ChatGPT.
Emily Bender, a linguistic professor at the University of Washington, describes that ChatGPT “had a second training step where they had human raters give responses about how good its responses were, and then it adjusted its distributions to try and get better scores from the human raters.”
The ability to constantly adapt and improve the training are features that contribute to the widespread interest in ChatGPT. Although ChatGPT does have certain limitations and won’t be able to exactly mimic the thought process of a human, it shows significant advancements in artificial intelligence and daily application potential.
How Can Trusts and Estates Use ChatGPT?
Leveraging automation and artificial intelligence with platforms like ChatGPT can yield incredible benefits for your clients. First, people will do more writing of manuscripts, instructions, business plans, articles, creative, research, IP, and autobiographies, which may need to be included with estate plans.
In addition, clients may use artificial intelligence for investing and financial strategies. ChatGPT can be used to answer questions, like “what is the return on investment of X investment” or “how to minimize estate taxes.” Having a program like ChatGPT available for your clients can reduce the time you spend answering basic questions. Customers that have problems resolved quickly are more likely to have a positive experience.
Artificial intelligence and machine learning are also used throughout the small business realm for internal and external communications creation and storage, product conceptualization, media research, and posting analytics. An increase in the production of digital assets requires more trust and estate planning to properly protect the value.
The various applications of ChatGPT make it practical for both personal and business matters. As more users take advantage of the benefits, the technology continues to evolve and add to the database, increasing its usefulness to users.
What Does This Mean for Your Clients?
We are living in the digital age, which means we can expect more competitors to begin entering the artificial intelligence and machine learning realm. This means more accounts and content to corral while simultaneously dealing with an increasing number of custodians.
While platforms, like ChatGPT, might not be widely used today, at a point in the not-too-distant future, this technology can ultimately provide a means for users to easily create their own disposition instructions. As an advisor, you need to learn how to work with it so that you can effectively advise your clients on protecting their digital assets.
Summary
ChatGPT isn’t the only advancement in the artificial intelligence realm. In fact, countless businesses have popped up that focus on leveraging machine learning to maximize efficiency and productivity, such as Jasper for blog writing or Replika for creativity.
As this disruptive technology becomes more prevalent in the lives of your clients, it’s important that you consider the impacts on digital asset succession planning. At Directive Communication Systems, we can help you effectively manage the digital asset succession management of your clients, giving you the tools needed for succession planning.
Reach out today to learn more about how we can support you when it comes to working through these shifts in technological advancements.
Sources
https://www.kuow.org/stories/how-will-chatgpt-change-the-the-future-of-information
https://www.zdnet.com/article/what-is-chatgpt-and-why-does-it-matter-heres-what-you-need-to-
know/
https://www.yahoo.com/lifestyle/chatgpt-gained-1-million-followers-224523258.html