Orion Advisor Technology aims to start rolling out its ChatGPT-embedded software to advisors on its Redtail Speak communications texting platform within 60 days, Brian McLaughlin, president of Orion Advisor Technology, tells ThinkAdvisor in an interview.
That would make it the first financial services firm to integrate this groundbreaking, disruptive technology for advisor use.
"I think we've finally reached a tipping point with assistive technology for advisors," McLaughlin says.
In the coming months, Redtail Speak's thousands of customers will have access to the ChatGPT integration, he notes.
Will ChatGPT capability become an industry trend? Absolutely, according to McLaughlin, who sold his firm, Redtail Technology, to Orion last year.
Other areas of investment management will be "popping up" with ChatGPT as well, he says.
"The world is starting to see the benefits of [artificial intelligence]. It's becoming more mainstream — not just in financial services but everywhere."
The Redtail Speak-ChatGPT integration generates automatic prompts and responses to client questions.
But controlling the process is the advisor, who can vet the content before transmission — a good thing since AI is prone to making mistakes.
In the interview, McLaughlin discusses the benefits that ChatGPT will bring to financial advisors, such as time savings and greater efficiency.
The embedded technology is cost-free to advisors, and using it requires no training.
ChatGPT, available at no cost to everyone, was introduced last November through OpenAI, a firm founded by Sam Altman, Elon Musk and other investors.
Orion showed a prototype of its integrated applications for Redtail Speak at the firm's National Ascent Conference in February.
No advisors have used it as yet, McLaughlin says.
"Now we need to see it in practical application by thousands of people to know the [actual] value of it," he says in the interview.
Future ChatGPT features that Orion intends to integrate into Redtail Speak include expanded content based on a few sketchy paragraphs the advisor composes and the capability to change the tone of a message so it conveys more positivity; that is, making it "more human friendly," McLaughlin explains.
Meanwhile, he foresees compliance challenges concerning ChatGPT, and AI in general, based largely on the issue of: Who wrote this? A robot or a human?
ThinkAdvisor interviewed McLaughlin on March 8. He was speaking by phone from Omaha, Nebraska, where Orion is based.
He says the firm is already using ChatGPT internally, mainly for programming, and that it is "super useful."
Here are excerpts from our interview:
THINKADVISOR: Why did you integrate ChatGPT into your Redtail Speak communications platform?
BRIAN McLAUGHLIN: We think it's a huge value for advisors to be able to utilize this type of technology to make their lives easier and more efficient. It will let them have more time.
Now we need to see it in real use, in practical application by thousands of people to know the [actual] value of it.
It's an aid, like an assistive technology. We let the advisor control the message.
When will your advisor customers have it?
In the next 60 days. We haven't given it to advisors to try yet, but a lot of people — executives, design teams, product teams, engineer teams — who have played with or used it think it's life-changing for them.
So you've employed it at your firm?
Internally, we already use it pretty extensively for programming. It's super useful.
What are some specific ways it can help advisors?
One, it can give them automatic prompts. We can load in the last couple of messages from a client, and the AI will automatically prompt the advisor with a potential reply. So it uses that data to generate a response.
Say a client is asking questions about their financial plan. AI can automatically suggest a response. But the advisor is able to [first] look at it and decide whether they want to fire that response back to the client.
Please elaborate on the main benefits for the advisors.
Saving time and removing the complexity of a conversation. Often, it's about rewriting certain words or phrases or reorganizing the message to be more effective.
What capabilities will you be adding?
We're going to start digging into things like understanding the sentiment of a conversation. The AI filter can detect the tone of a message.
Let's say you've written a message to a client; the AI can analyze it to see whether or not it has more of a negative tone or a positive tone.
