How advice firms can create an AI team member

Presenting at the Adviser Innovation Summit in Sydney this week, Adele Martin – founder of My Money Buddy and The Savings Squad podcast – explained how advisers could be using AI to improve their advice offerings.

“I feel like this has never been a better time to be a financial adviser than right now. I’ve had an advice business for 15 years and I’ve never been more excited about being an adviser than now because of this perfect meeting of AI and technology,” she said.

Martin explained that she uses personalised AI technology as an additional team member within her firm.

“So within ChatGPT is My-GPT. Think of it like a person. Like having a team member that’s read everything on the internet, every book. It’s the smartest person ever except you just need to give it context and tell it what to do,” she said.

“Unlike a team member, you’re never going to have to worry about sick days, worry about having them leaving for more money somewhere else. So, for me, we can build these My-GPTs and think of them as little team members.”

Explaining how she engages the AI software, Martin said she has experimented with using it to assess and improve her advice offerings, tailoring it to her ideal type of client.

“So we put together an offer. And for me, an offer isn’t just the SOA. It’s the offerings, your promise and guarantee and pricing, the whole thing. I asked for its thoughts and when I first did this, it actually gave me a few pointers that were pretty good. I didn’t think that I would think that,” she said.

“Of course they wouldn’t be worried about bias so I changed the offer a bit. That, for me, has been super helpful because it knows my ideal clients. I’ve taught it in My-GPT what my ideal clients are.”

Martin added that she has used it to improve her skills as an adviser by running through scenarios with an AI counterpart playing the role of the client, highlighting its potential as an educational tool for new and existing advisers.

“I say give me a hard client, give me an easy client, give me a medium client, so that I can test all the different ways we’re using it in that process to really practise,” she said.

“I think we should be like professional athletes, which practice beforehand. Then they go into the actual game day and then post-game day they’re reviewing as well. And this lets you do that.”