GPT-4o and the Latest Google Gemini Updates: Practical Use-Cases for Wealth Advisors

If you haven't heard the buzz, Google just made some major waves at their annual I/O conference yesterday. While many announcements on both the Open AI and Google fronts focused on cool consumer tech, there were some very important updates to Gemini that could be a game-changer for wealth advisors like you.

I'm sure you're reading this thinking, "Of course, everything is game-changing in AI." Well, actually, there are some use cases that are no-brainers.

It's like you see it, you hear about it, and you immediately think, "Heck yes, this is going to be transformative."

That's how some of these use cases genuinely feel, and it will be very disruptive for companies and legacy software built on top of traditional OCR. Generative AI will offer 10x faster solutions than traditional OCR software when extracting information from documents like client portfolios or market reports.

Over the next few weeks, we'll release a full-stack analyst for estate planning, tax planning, portfolio analysis, and any intensive review work that requires reading through large documents, writing reports, and getting instant insights.

Imagine getting instant insights on potential investment opportunities, regulatory changes, or economic trends. This could give you a severe edge in making informed decisions for your clients.

If you're a solo RIA, there's literally ZERO reason why you can't run all your marketing processes with this new AI stack. Google also released ImageFX, which can help you create stunning images. I've been playing around with it this morning.

Let me briefly review the GPT-4o updates and what they could mean for your practice if you're a paid GPT-4 user.

So, right out of the gate - being able to converse with ChatGPT on my app and get stuff done is pretty freakin awesome.

So, let me start there:

Conversing with GPT-4o through Voice:

With the latest update to GPT-4o, voice interaction allows you to engage with GPT-4o using natural, spoken language.

Need to pull up a client's portfolio summary? Just ask.

Want to draft an email or get real-time market updates? Speak your request, and GPT-4o delivers with accuracy and context.

This hands-free functionality not only enhances your productivity but also lets you multitask efficiently during busy days.

Better Understanding and Context:

First, GPT-4o has improved its memory functions. Whether you're drafting personalized client emails, putting together detailed reports, or even using a chatbot for real-time support, GPT-4o’s contextual awareness ensures you communicate clearly and accurately. It's got better memory across all your chats, so it remembers what you want it to write about—which is super useful.

More Accurate Information:

Accuracy is everything in our field, right? GPT-4o delivers with higher precision, minimizing errors in your client-facing materials. So, when explaining intricate concepts like portfolio diversification and tax strategies, you can kinda trust that GPT-4o will back you up with precise, straightforward language. Disclaimer: Trust but verify.

Non-compliant keywords can easily seep into AI-generated text. Also, GPT-4o is industry agnostic, synthesizing billions of web pages. So I'd say, "Trust but verify."

Seamless Data Integration

Another cool feature is advanced data integration. GPT-4o can pull relevant information quickly and efficiently from various sources. Think of it as an instant library of market data and regulatory updates. This means you can provide more tailored insights without the extra legwork.

Customization

Customization is critical, but GPT-4o still lags in this area. I fed it my own AI personas for writing content about retirement planning, and it remained rather generic. I think that's because Open AI seems to be going down this hole of being a consumer-first chatbot. What this means is that it can be a great personal assistant for the different reasons mentioned here, but it's still a generalized chatbot. It doesn't make it any less useful, it's just a general chatbot.

Client Communications

GPT-4o, like GPT-4, is phenomenal at reviewing emails and rewriting them in a better tone or format. I've noticed that one of the most common use cases with advisors is using ChatGPT to rewrite content they wrote. GPT-4o is faster and can do a great job at that, but I tried writing a full-blown newsletter and a whitepaper, and it did the job but still stayed rather generic. It even expanded on the text, but it still struggles to write long-form client-facing materials.

I believe that fine-tuning the GPT-4o API can yield at least 10x better results. Fine-tuning always leads to better results.

While Google's I/O announcements certainly made a splash, especially with the Gemini updates, it's clear that the future of AI in wealth management lies in specialization. Yes, Gemini has impressive capabilities, but it's a generalist tool. The real power comes from AI that's fine-tuned to the intricacies of your world.

That's where AdvisorX.ai steps in.

We're keeping pace with the AI revolution. Our platform is already putting the power of AI to work for advisors, tackling those complex tasks that used to eat up your time. Estate planning, tax optimization, portfolio analysis, long-form content with baked-in compliance—we've got you covered.

Jonathan Michael is the Founder of AdvisorX AI - A compliant long-form writing agent that seamlessly crushes generic AI chatbots with cited web search, adapting to your writing style, FINRA/SEC marketing guidelines, and your proprietary documents.