Latest / The Efficient Advisor: Tactical Business Advice for Financial Planners / 200: Ideas to Implement -- AI Overhaul: Creative Ways to Use AI in Your Advisory Business w/ Guest Ben Olsen

Transcript

200: Ideas to Implement -- AI Overhaul: Creative Ways to Use AI in Your Advisory Business w/ Guest Ben Olsen · The Efficient Advisor: Tactical Business Advice for Financial Planners

• 0:00
  Speaker 1: Welcome back, gang.
• 0:01
  Speaker 1: I'm so glad you're here.
• 0:02
  Speaker 1: Each week I create a follow-up episode that is short, sweet and all about the actual action steps from this week's Longer Podcast.
• 0:13
  Speaker 1: So every week my goal is to distill the episode down into really a couple of bullet points that I want you to act on immediately to make a big impact in your business.
• 0:23
  Speaker 1: And I hear from advisors all of the time like, hey, I love the ideas to implement episodes because it just straight reminds me and gives me refreshers of all of the stuff that we learned in the big long you know 30 to 60 minute Tuesday episode and it's just kind of an encouragement for me to just go do the thing.
• 0:41
  Speaker 1: So I love that and I'm your host of the Efficient Advisor, libby Grywe and I built a 100% referral-only planning practice that I grew to seven figures as a solo advisor, all while just working three days a week and taking off 14 weeks a year to lean into being a mom, a wife, a friend, a sister, a daughter and, frankly, a travel-assessed human that liked taking vacations.
• 1:04
  Speaker 1: But I'm here just to really walk alongside you and to show you how to do the exact same thing so that you can take immediate action on the most important strategies for scaling, organizing and creating less stress and overwhelm in your business, or really transforming into a lifestyle business, if that's what you're looking for.
• 1:23
  Speaker 1: So we are about to transform your practice, so move over advisor exhaustion and get out of the way advisor ADD.
• 1:31
  Speaker 1: It is time to take that one right next step to build a business and a life that you love.
• 1:37
  Speaker 1: Okay, and before we recap all things, ai automation using AI to kick butt and take names inside of your financial advisory business to create all the efficiencies I do just want to quickly share that we are going to be opening up registration for the Systems to Scale group coaching and mastermind program.
• 1:59
  Speaker 1: We start this August and I've got a special discount or deal for the people who are on the wait list.
• 2:04
  Speaker 1: So if you want to join us for our 10 month coaching program that will totally transform your behind the scenes operations and the delivery of your financial services, get on the wait list and save some cash, right.
• 2:20
  Speaker 1: And if you're not sure what the heck I'm talking about, you can check out the coaching page or the website for more details, and I'll link both the wait list and the details page in the show notes below.
• 2:31
  Speaker 1: So registration opens for everybody on July 8th and for our wait list people on July 1st.
• 2:40
  Speaker 1: Okay, so this week's episode was all about an AI overhaul and really just creative ways to use AI inside of your advisory business, with my guest, ben Olson from BMO Automation.
• 2:53
  Speaker 1: So Ben is I don't even know what you want to call him an AI guru, expert, bot, building superhero, something along those lines and Ben is one of the many experts that we have speaking into and doing additional content inside of our group coaching program.
• 3:09
  Speaker 1: So one of the kind of new features, if you will, or new additions to the group coaching that we added this round and that we're even fleshing out further for this next round that starts in August, is having all of these industry experts that you know and love creating additional content.
• 3:24
  Speaker 1: Right, like I know a lot.
• 3:25
  Speaker 1: I've worked with thousands of advisors since 2014 as a coach.
• 3:28
  Speaker 1: So, like I know a lot of things, but I am not the end, all be all and there are definitely things that are not in my wheelhouse or not my sweet spot, and I am committed to bringing you the best of the best and other experts, other friends, relationships that I've built in this industry and having them speak into our group to fill in the gaps, yes, but more really to amplify the overall entire experience and for you to build relationships with these other people who just know so much in our invaluable tools.
• 3:59
  Speaker 1: So Ben is one of those people.
• 4:01
  Speaker 1: He is building these tools for advisors that are just blowing my mind and in this episode I share like how Ben kind of rocked my world the first time we talked about all of the things that he is building for one of my friends.
• 4:18
  Speaker 1: So I have an advisor friend named Michelle.
• 4:20
  Speaker 1: Ben is building all of this stuff for her.
• 4:22
  Speaker 1: Michelle's telling me like holy smokes, this crap is amazing.
• 4:25
  Speaker 1: Like you're not going to believe all of the things that this can do.
• 4:28
  Speaker 1: It's unbelievable.
• 4:29
  Speaker 1: Yada, yada, yada.
• 4:30
  Speaker 1: And I was like, okay, I got to talk to this guy.
• 4:32
  Speaker 1: So when Ben and I chatted and he started to share with me all of the things that an AI bot can do inside of your business, I was kind of like whoa right?
• 4:45
  Speaker 1: So immediately started watching the Terminator series with my 15 year old son.
• 4:48
  Speaker 1: I had I know this is crazy, but I'd never seen it before.
• 4:51
  Speaker 1: And now I feel prepared not only to have AI come into my business, so Ben is actually going to be building a bot for me inside of my business to help me.
• 5:01
  Speaker 1: Um, like, like, one of my big goals is that you can come out to the website and if you have a question about something, so maybe you want to come out and type in AI and it'll pull all of the podcast episodes, all of the blog articles, all of the videos, any resource that we have related to that keyword.
• 5:19
  Speaker 1: So advisors could come out and be like I am looking for value ads.
• 5:23
  Speaker 1: Well, here's some really cool value ad podcasts, you know resources, blog, article, all the things.
• 5:28
  Speaker 1: So he's building some bots for me and we're going to be doing some behind the scenes stuff with some note taking and yada, yada, and it's really, really cool.
• 5:35
  Speaker 1: It's actually like phenomenal stuff.
• 5:37
  Speaker 1: So when Ben and I were talking originally, kind of like how he could help me with my business and what he was doing for my friend Michelle, I was like, ooh, we've got to get you on the podcast.
• 5:47
  Speaker 1: So I have been asking our group coaching members for the last couple of months like hey, this episode is um, I'm getting ready to record.
• 5:56
  Speaker 1: What do you want to know?
• 5:57
  Speaker 1: What are some of the big things that you know you are curious about with AI in your business and sometimes it's really just like more than even what do you think AI could do for you, but really like having Ben just open the floodgates and saying this is what it's capable of.
• 6:12
  Speaker 1: So I don't know if you're like me, but like I am always blown away by the fact that I run an online business, because I am not exactly the most, I'm not a tech dum-dum, but I'm not exactly the most tech savvy person on the face of the earth.
• 6:28
  Speaker 1: So when Ben started to share with me how AI could and I say this lightly, not lightly, but how AI could come in and really genuinely replace significant roles inside of your financial advisory practice, things that you are currently paying humans to do for you, can you have a much cheaper solution?
• 6:51
  Speaker 1: Come in and do it.
• 6:52
  Speaker 1: And here's the difference between humans and computers right, like humans have this human touch, this nuance, right, computers don't.
• 6:59
  Speaker 1: But tech also doesn't have human error, right, it doesn't make mistakes, it doesn't forget things, it doesn't um miss something.
• 7:08
  Speaker 1: Right, it's all automated.
• 7:10
  Speaker 1: So you have the benefit.
• 7:12
  Speaker 1: And I say this and I say I say it lightly, not lightly, because we're not talking about replacing your employees with robots.
• 7:19
  Speaker 1: Okay, that's not what we're talking about.
• 7:21
  Speaker 1: What we're talking about is taking off a ton of tasks that you are currently paying somebody to do and redeploying those dollars and those hours towards things that really are going to move the needle in your business.
• 7:35
  Speaker 1: So being able to take money that you are currently spending on somebody generating meeting summaries or organizing your client service model, executing your service model, someone building your workflows, somebody writing your emails and drafting all of the emails that are going to go out and running lists of who needs to call so that you can meet them all in July, and all of these things that you were doing previously.
• 7:58
  Speaker 1: Having these AI tools come in and do for you really frees up the resources that you currently have to make your client experience even more significant.
• 8:11
  Speaker 1: So client experience is really the crux of your business being able to deliver a high quality, high value, executed consistently.
• 8:21
  Speaker 1: Client experience is what is going to build you into a referable practice.
• 8:25
  Speaker 1: So if we can utilize AI tools to help deliver that, or deliver parts of that, consistently, and we can reuse those resources, we can redeploy those resources towards really amplifying that human to human experience.
• 8:38
  Speaker 1: You are golden.
• 8:41
  Speaker 1: So one of the things that Ben talked about with us was well, I mean, there were like a gazillion things that Ben talked about with us, but all of the different things that AI is capable of.
• 8:56
  Speaker 1: So how does it integrate with existing systems?
• 8:59
  Speaker 1: How does open AI really even work?
• 9:02
  Speaker 1: Talk to me about chat, gpt and prompt engineering, and so really it's.
• 9:08
  Speaker 1: It's almost like hard to create these action items for this episode because I feel like we covered like so many dang things.
• 9:18
  Speaker 1: But if I were to break it down into actionable steps A, it's obviously listen to the podcast.
• 9:25
  Speaker 1: B, it's really look at what would be the simplest things that you can have AI do for you that you currently are doing yourself, and then C would be building time in your calendar to actually go learn the thing so Ben did for our group coaching program a whole module on just chat GPT right, Not even like all this other crazy cool stuff he was talking about.
• 9:50
  Speaker 1: But how can advisors actually use chat GPT and get really really good at it to do cool things inside of their business?
• 9:57
  Speaker 1: And so he spent, you know, 45, 50 minutes with us talking us through like how's, here's how you can use chat GPT to really accelerate a lot of the stuff that you're already doing and you guys, it's really cool stuff.
• 10:10
  Speaker 1: So I think that's step number one.
• 10:12
  Speaker 1: Right Is, listen to the episodes.
• 10:14
  Speaker 1: Step number two is what can we do?
• 10:15
  Speaker 1: Step number three is set aside time to actually invest in learning something.
• 10:21
  Speaker 1: So, even if you're like, oh my gosh, libby, I'm with a broker dealer Yep, I get it, I hear you.
• 10:26
  Speaker 1: Maybe you have some restrictions when it comes to AI right now, however, things like chat GPT, you can have it.
• 10:33
  Speaker 1: Write a email.
• 10:35
  Speaker 1: You can say hey, chad GPT.
• 10:36
  Speaker 1: Um, I need you to write a welcome intro email for a client of mine who's coming in for their very first discovery meeting and I here's the voice that I wanted in and here's all the prompts, yada, yada, yada.
• 10:48
  Speaker 1: So literally like, what can you do now?
• 10:50
  Speaker 1: And then start thinking a little bit bigger.
• 10:51
  Speaker 1: What would be some of those next steps?
• 10:53
  Speaker 1: What are some of the pain points that you and your team have?
• 10:57
  Speaker 1: That there are AI tools that exist, and then what are?
• 11:01
  Speaker 1: If you're in your perfect world, what are all of these different things that you're doing?
• 11:04
  Speaker 1: What if they could all talk?
• 11:06
  Speaker 1: Like what if they could all work together?
• 11:08
  Speaker 1: All of these different platforms, all of these different tools.
• 11:11
  Speaker 1: What if they could all talk together?
• 11:13
  Speaker 1: What would that look like?
• 11:15
  Speaker 1: And then I think the next step is kind of daydreaming about, like wow, what would be kind of the ultimate experience for my clients, like what would be some of the things that I'd love for my website to be able to do?
• 11:26
  Speaker 1: What would be some of the things that I would love to be able to execute consistently in my business?
• 11:31
  Speaker 1: And I could have AI research and prepare for that.
• 11:35
  Speaker 1: For me, there's just so much that it's capable of.
• 11:38
  Speaker 1: So I think for me, those first three like sitting down and really actually building time into my schedule so I know this is something that, um, I have been doing more consistently inside of my business and Ben talks about using chat, gpt as his Google right and just really getting super dialed in with it.
• 11:56
  Speaker 1: But really for me it's been spending more time.
• 11:59
  Speaker 1: So I have dedicated time in my calendar.
• 12:01
  Speaker 1: Every week I have an educational hour, and this was true while I was running my advisory business too.
• 12:06
  Speaker 1: I had times in my practice it was on Thursday mornings.
• 12:08
  Speaker 1: From 9 to 10 AM was when I would just sit and before I even opened my email or check my phone or any of the stuff that could suck away my day.
• 12:17
  Speaker 1: I sat and I learned something new, whether it was a new product our company was offering, whether it was a new concept that I had heard about on a podcast or LinkedIn, whether it was something a client had brought up and I was like, ooh, I don't know much about that.
• 12:29
  Speaker 1: Or maybe I had attended a um continuing education class and I'd heard about a new type of trust.
• 12:37
  Speaker 1: You know, I always wanted to make sure that I was getting better, and that's something that I still really hold pretty valuable inside of my calendar now.
• 12:46
  Speaker 1: So, building out time to learn, to educate, to be on the forefront and I might've shared this in the episode I can't remember because I recorded the recording with Ben a while ago but my whole family is in television.
• 13:01
  Speaker 1: If you coach with me, you will see behind me.
• 13:05
  Speaker 1: I have some of my dad's Emmys right.
• 13:07
  Speaker 1: So my whole family is in TV and I can remember when, back in the day, when my dad was directing the news when I was a little girl, the big freak out was that all of a sudden, camera operators were going to be eliminated and now all of these cameras were going to be, uh, remote, right, they could all do their own thing.
• 13:24
  Speaker 1: Then all of the editing software became more automated and they were worried that all of the editor's jobs were going to be eliminated.
• 13:30
  Speaker 1: And I can remember when my brother went into television and there was some new um software tools, new software tools, technology coming out that would make directing not obsolete but fewer because it was so efficient, right, having fewer jobs.
• 13:48
  Speaker 1: I can remember my dad saying to my brother don't be worried about it replacing.
• 13:53
  Speaker 1: You.
• 13:54
  Speaker 1: Be the absolute best at it so that you are the one person that it like.
• 13:59
  Speaker 1: You want to be the expert at it, you want to know how to use it.
• 14:02
  Speaker 1: You want to be the people person that people go to to use the tool.
• 14:06
  Speaker 1: You want to be known for being really, really good at that and that is how you will keep your job.
• 14:11
  Speaker 1: I also saw, if you know me, I love John Acuff as an author.
• 14:14
  Speaker 1: Um, I just did an episode about his book finish so good, but he was writing a.
• 14:20
  Speaker 1: He said he ran into an old friend who's a copywriter and he was sharing about how the company he was with has fired most of their copywriters because of technology.
• 14:30
  Speaker 1: And he said.
• 14:31
  Speaker 1: The thing for me was you know, we had 10 copywriters.
• 14:37
  Speaker 1: Now we have two.
• 14:38
  Speaker 1: I was one of the two that really knew how to take AI and embrace it and integrate it, so I could be the best at it, and that's how I still have my job.
• 14:49
  Speaker 1: So not that like we're afraid that AI is going to swoop in and take over your job and blah, blah, blah, blah, blah.
• 14:54
  Speaker 1: But how can you actually take advantage of it?
• 14:56
  Speaker 1: It's here and it's infiltrating everything that we're doing.
• 15:00
  Speaker 1: So what can you do to get really good at it?
• 15:04
  Speaker 1: What can you do to learn what it's capable of?
• 15:07
  Speaker 1: What can you do to integrate it into your daily activities in a way that allows you to operate more efficiently and, more importantly, more effectively?
• 15:17
  Speaker 1: So, anyways, I am so glad you guys are here.
• 15:21
  Speaker 1: I think it was a great episode.
• 15:22
  Speaker 1: I thought it was really interesting.
• 15:23
  Speaker 1: I feel like I learned a lot and you know, again, it's really not about automating tasks like it is.
• 15:32
  Speaker 1: It's really about augmenting your, your human capabilities, right.
• 15:37
  Speaker 1: So leveraging AI tools allows advisors to enhance their analytical skills right, to improve their decision-making and to provide, ultimately, a higher level of service to your clients.
• 15:51
  Speaker 1: It not only boosts efficiency, right, but it also helps advisors stay competitive in a rapidly evolving industry.
• 16:00
  Speaker 1: So, anyways, I hope you guys found this episode helpful and again, don't forget to click the link below in the show notes to jump on the wait list for our systems to scale coaching program that Ben is a contributor to, amongst other industry experts including Matt Jarvis, brendan Fraser, robin Crane, deirdre Van Nest, kate Guillen it goes on and on and on.
• 16:23
  Speaker 1: So many cool things that we are doing for this group that starts on August 22nd.
• 16:29
  Speaker 1: Registration opens for the waitlist on July 1st, so make sure you grab your spot so you are amongst the first to be notified.
• 16:35
  Speaker 1: Thanks so much and I hope you guys have an amazing rest of your week.