If you haven’t yet taken a few minutes to play with ChatGPT, you really should. It’s amazing, and there’s almost no learning curve. I won’t spend much time explaining what it is – if you haven’t read any of the recent coverage about it just Google it.
I, of course, wanted to see how knowledgeable it was about online reviews, specifically with regard to the new SEC Marketing Rule. Now keep in mind, at the time of this post ChatGPT’s knowledge-base only goes through 2021, and the the SEC Marketing rule was only announced in December of 2020 (with a compliance deadline of November, 2022). So a lot of the detailed discussions of the implications of the new rule didn’t take place until 2022. Even with that caveat, what ChatGPT was able to produce (in about 3 seconds) was pretty amazing.
Now, to be clear, I don’t endorse the perspective or advice below. It’s not very nuanced, and not very relevant to the real opportunities presented by the new SEC rule. Still, it’s decent general advice, it’s well written, and it has some solid points. For context, I ran this experiment on December 9, 2022. Take a look…
Prompt: Write a blog post discussing how financial advisors might use online reviews under the new SEC Marketing Rule.
Response:
The Securities and Exchange Commission (SEC) recently released a new marketing rule that has significant implications for financial advisors. The rule, which was introduced as part of the SEC’s Regulation Best Interest, is designed to protect investors by requiring financial advisors to disclose any conflicts of interest they may have and to act in the best interests of their clients.
One of the key provisions of the new rule is the requirement for financial advisors to disclose any fees or commissions they receive from the products they recommend to their clients. This is intended to prevent advisors from recommending products that may not be in their clients’ best interests, but which are profitable for the advisor.
One way that financial advisors might use online reviews to comply with the new rule is by highlighting any positive feedback they receive from clients. This could help to show that the advisor is acting in the best interests of their clients, and that the products they are recommending are effective and well-received.
Another way that online reviews might be useful for financial advisors is by providing a platform for clients to share their experiences and feedback. This could be especially useful for advisors who are just starting out and are looking to build a reputation as a trustworthy and knowledgeable professional. By encouraging clients to leave reviews on sites like Yelp or Google, advisors can show potential clients that they are dedicated to providing high-quality service and that they take their clients’ feedback seriously.
Finally, online reviews can also help financial advisors to identify areas where they can improve their services. By regularly monitoring and responding to client feedback, advisors can learn from their clients’ experiences and make changes to their business practices to better serve their clients. This can help to build trust and establish the advisor as a reliable and trustworthy source of financial advice.
Overall, the new SEC marketing rule presents both challenges and opportunities for financial advisors. By using online reviews to demonstrate their commitment to acting in their clients’ best interests and by regularly engaging with their clients to improve their services, advisors can effectively navigate the new regulatory environment and continue to provide valuable financial advice to their clients.
Pretty amazing, huh? All you have to do to explore for yourself is go to https://chat.openai.com/ , create a free account, and try to catch a window of time when it isn’t overloaded with traffic. The next wave of technology is going to be wild!