Latest / Views from 6,230 / AI Won’t Replace Financial Advisors. It Could Make Them More Human

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AI Won’t Replace Financial Advisors. It Could Make Them More Human · Views from 6,230

• 0:11
  Ryan Nauman Market Strategist Adjusted for Risk: Welcome everyone to the Adjusted for Risk podcast from the shores of Lake Tahoe.
• 0:16
  Ryan Nauman Market Strategist Adjusted for Risk: I'm Ryan Nauman, the host of the show.
• 0:19
  Ryan Nauman Market Strategist Adjusted for Risk: Over the past couple of years, the wealth management space has been grappling with AI.
• 0:24
  Ryan Nauman Market Strategist Adjusted for Risk: First, it was understanding what AI is.
• 0:28
  Ryan Nauman Market Strategist Adjusted for Risk: Now, it is all about how to implement it to enhance the client and advisor experience.
• 0:35
  Ryan Nauman Market Strategist Adjusted for Risk: Well, I have on an industry expert who is going to share his thoughts on the impact AI is having on wealth management and the opportunities that it opens up.
• 0:47
  Ryan Nauman Market Strategist Adjusted for Risk: All right, enough from me.
• 0:49
  Ryan Nauman Market Strategist Adjusted for Risk: I have already talked enough.
• 0:51
  Ryan Nauman Market Strategist Adjusted for Risk: Let's go ahead and bring on the star of the show.
• 0:54
  Ryan Nauman Market Strategist Adjusted for Risk: My guest, he doesn't need much of an introduction.
• 0:57
  Ryan Nauman Market Strategist Adjusted for Risk: You all know him, but here it is anyways.
• 1:00
  Ryan Nauman Market Strategist Adjusted for Risk: I am honored and very excited to welcome Matt Halloran.
• 1:05
  Ryan Nauman Market Strategist Adjusted for Risk: Matt is also known as Matt GPT, and Matt is the chief evangelist at Zocks and is a very popular presenter and podcast host.
• 1:18
  Ryan Nauman Market Strategist Adjusted for Risk: Matt, thank you so much for coming on the show.
• 1:21
  MattGPT: Thanks
• 1:21
  Ryan Nauman Market Strategist Adjusted for Risk: honor to have you on.
• 1:23
  Ryan Nauman Market Strategist Adjusted for Risk: Really excited about this, uh, conversation.
• 1:26
  Ryan Nauman Market Strategist Adjusted for Risk: Can you please tell us a little bit more about yourself, Zocks, and how does one get the title of chief evangelist?
• 1:35
  MattGPT Halloran Chief Evangelist Zocks: Well, uh, first off, uh, thank you very much for having me on your show.
• 1:37
  MattGPT Halloran Chief Evangelist Zocks: I, I really, really appreciate it.
• 1:39
  MattGPT Halloran Chief Evangelist Zocks: Um, so my, my journey in financial services started in 2006 when I worked for, uh, what's now known as Carson Consulting.
• 1:48
  MattGPT Halloran Chief Evangelist Zocks: It was called Peak, and I was the life coach, uh, at that consulting company.
• 1:53
  MattGPT Halloran Chief Evangelist Zocks: And I noticed very quickly, uh, that, um, there weren't a lot of non-advisor influential people.
• 2:00
  MattGPT Halloran Chief Evangelist Zocks: Everybody had their licenses and were an advisor that made a million dollars 10 years ago, and they were all on the stages.
• 2:06
  MattGPT Halloran Chief Evangelist Zocks: And so I went to Omani and the other people on the team and was like, "Hey, I really wanna get on stage.
• 2:12
  MattGPT Halloran Chief Evangelist Zocks: Like I, I, I wanna talk about communication, interpersonal relationships."
• 2:15
  MattGPT Halloran Chief Evangelist Zocks: I was a therapist before.
• 2:16
  MattGPT Halloran Chief Evangelist Zocks: And they were like, "Okay."
• 2:17
  MattGPT Halloran Chief Evangelist Zocks: So they gave me a platform.
• 2:20
  MattGPT Halloran Chief Evangelist Zocks: And then I partnered with, uh, with my old business partner named Kirk Low.
• 2:24
  MattGPT Halloran Chief Evangelist Zocks: He runs Proud Mouth, which is a company I, I co-founded, and we wanted to try to unlock the key to being influential, right?
• 2:31
  MattGPT Halloran Chief Evangelist Zocks: So how do you really take, uh, a person who has really no clout within the industry and really make them influential?
• 2:42
  MattGPT Halloran Chief Evangelist Zocks: And so we tested all sorts of stuff on me, dude.
• 2:45
  MattGPT Halloran Chief Evangelist Zocks: Some of it worked and some of it didn't work, but so much of it did that, that a couple years ago I was voted the 10th most influential person in financial services.
• 2:54
  MattGPT Halloran Chief Evangelist Zocks: And it's because if you have a proven method, you have a good distribution, and more importantly, you're really kind and generous to people, people then help you become more influential.
• 3:05
  MattGPT Halloran Chief Evangelist Zocks: So that is actually how I ended up being the chief evangelist for Zocks, because I'd built such a huge network of people who I'd been trying to be kind to, and Zocks was really missing that human component, 'cause
• 3:20
  MattGPT Halloran Chief Evangelist Zocks: they're a fintech company, right?
• 3:22
  MattGPT Halloran Chief Evangelist Zocks: Um, and they saw what I offered, so when I came here I presented the now what marketing strategy, which was, "Okay, 10 hours a week back in your life.
• 3:31
  MattGPT Halloran Chief Evangelist Zocks: What are you gonna do with that time?"
• 3:32
  MattGPT Halloran Chief Evangelist Zocks: Everybody else is just talking about features.
• 3:34
  MattGPT Halloran Chief Evangelist Zocks: If we start talking about advisors' lives, we'll have even greater impact.
• 3:38
  MattGPT Halloran Chief Evangelist Zocks: And, you know, I'm at 750,000 impressions from content, uh, you know, since I started here and, and we're starting to really change the conversation
• 3:51
  Ryan: You know what, Matt?
• 3:52
  Ryan: I love that.
• 3:53
  Ryan: I thought, I love that you brought up just being kind, right?
• 3:56
  Ryan: I feel as if, for whatever reason, I'm not gonna get into it, but we've lost that sense of kindness in a lot of ways, and it's amazing.
• 4:05
  Ryan: It's like that and respect.
• 4:06
  Ryan: I always get so frustrated.
• 4:08
  Ryan: It's like, they're very easy to do.
• 4:10
  Ryan: It's very easy to say please and thank you.
• 4:14
  Ryan: Doesn't really take much effort, but it's a lo- I feel like it's a lost, I don't know, characteristic or trait
• 4:22
  MattGPT: Well, it, it makes me sad, to be really honest, that, that, you know, instead It's good for you.
• 4:30
  MattGPT: See, you, you can believe in altruism, like, you know, "Hey, Matt, you do this because, you know, you're just trying to be a, a kind person, and it's part of my personal mission statement," and all of that stuff.
• 4:39
  MattGPT: But, but to be really honest, I It also feels good.
• 4:41
  MattGPT: I love helping people.
• 4:43
  MattGPT: I love being kind to people.
• 4:44
  MattGPT: I love when people put time on my calendar because they wanna pick my brain on what I've been talking about and doing for the last 20 years in financial services.
• 4:51
  MattGPT: And I also like raising people up.
• 4:54
  MattGPT: Uh, I believe that there is more than enough for all of us, dude.
• 4:57
  MattGPT: I really do.
• 4:58
  MattGPT: And so I don't have that scarcity mindset where I'm gonna try to, you know, poke you in the eye so that I win.
• 5:03
  MattGPT: No, man, I'm gonna put my arm around you and let's win together.
• 5:06
  MattGPT: And, um, it, it That's what my influence is all about.
• 5:10
  MattGPT: Now, there's other influence that's fairly, you know, um, uh, sensational, or they're very controversial, or whatever.
• 5:16
  MattGPT: There's lots of types of influencers.
• 5:18
  MattGPT: Um, but Zocks really liked the idea that, you know, my, my overall thing is I love advisors, man.
• 5:25
  MattGPT: I love advisors.
• 5:26
  MattGPT: The amount of responsibility that your audience has, most people don't understand that level of pressure, stress.
• 5:32
  MattGPT: Uh, you know, I've watched a couple of your other shows.
• 5:34
  MattGPT: Most advisors didn't get into this industry to become marketers, you know, to write systems, to be tech people.
• 5:40
  MattGPT: They came 'cause they wanted to help people with their money and financial decisions.
• 5:43
  MattGPT: And, um, I wanna do whatever I can to continue to support this amazing industry
• 5:49
  Ryan: That's awesome, Matt.
• 5:50
  Ryan: I love it.
• 5:51
  Ryan: You're doing a fantastic job,
• 5:53
  MattGPT: Thanks, man
• 5:54
  Ryan: job.
• 5:54
  Ryan: And also, and we're gonna get onto the conversation, but I feel as if we all know this industry is built on trust.
• 6:02
  Ryan: There's no greater way of building trust through kindness and, know, respect.
• 6:08
  Ryan: So kudos.
• 6:10
  Ryan: Kudos to you, Matt.
• 6:12
  MattGPT: Thanks, Tom
• 6:14
  Ryan: do you feel that financial advisors are using AI tools to their full capabilities?
• 6:20
  Ryan: And why are they not using AI tools that are accessible to them?
• 6:24
  Ryan: There's a lot of AI tools, whether it's just basic ChatGPT or Claude.
• 6:30
  Ryan: Uh, what's holding them back?
• 6:31
  MattGPT: It's fear, dude.
• 6:33
  MattGPT: Uh, I, I mean, you know, and the fact that we're in an industry that is so slow to adopt technology.
• 6:39
  MattGPT: And I'm gonna, I'm gonna actually make a statement that's gonna say that that's wrong.
• 6:44
  MattGPT: I, I cannot believe how quickly, uh, AI has been adopted in financial services practices.
• 6:51
  MattGPT: Um, now it is not structured AI.
• 6:54
  MattGPT: It is not AI that is specifically built for them, right?
• 6:59
  MattGPT: I mean, most people, well, they don't Every time you Google, you're using AI, dude, right?
• 7:03
  MattGPT: You're using Siri, you're using AI, right?
• 7:05
  MattGPT: Um, so I think it- advisors are starting to do that a little bit more, but they're just scratching the surface.
• 7:12
  MattGPT: Uh, they're, they're, they're saving time, right?
• 7:14
  MattGPT: They're making some things more efficient.
• 7:16
  MattGPT: Uh, they're making sure that their data going from this place to this place to this place is actually consistent, which was always a big nightmare for all the advising offices that I worked at.
• 7:27
  MattGPT: But the next phase of what AI is going to be is how can you use this large language model and this structured data to actually service your clients better and grow your book of business?
• 7:38
  MattGPT: Um, there aren't a lot of people who are building those systems, um, whereas that has been a major focus for us.
• 7:46
  MattGPT: A- and the other thing too is I think There's so much noise around AI.
• 7:54
  MattGPT: Uh, I mean, it, if you run a Google search or if you go on LinkedIn and type in AI for advisors, it's just like And most of it's crap.
• 8:04
  MattGPT: It's either AI-generated slop, or it's just, you know, somebody's opinion about something that shows unbelievable levels of ignorance.
• 8:11
  MattGPT: And then you have a couple of bubbles up of, of people saying smart stuff.
• 8:16
  MattGPT: Most people don't really re- realize the power of what AI can do for you, what it can do for your business, what it can do for your team.
• 8:24
  MattGPT: Uh, I mean, uh, we just launched something recently and, and this to me, I get a little choked up, and not, like, in a bad way, but, like, in a really excited, happy way.
• 8:32
  MattGPT: Um, one of the biggest issues that I always had in consulting the firms that I worked with was the fact that they had all of these disparate systems.
• 8:41
  MattGPT: Their financial planning tool didn't talk to their tax tool, didn't talk to their CRM, didn't talk to their email system, didn't talk to their calendar system, right?
• 8:50
  MattGPT: Zocks is, like So I, I like to equate it to an Oreo cookie.
• 8:54
  MattGPT: So here's your tech and, and you're the advisor.
• 8:57
  MattGPT: Zocks is the thing in the middle that makes all of it really communicate and work together, and if you could just go into your computer and say, "Hmm, how many people did I talk to about a 401conversion last
• 9:09
  MattGPT: year that didn't do it?"
• 9:12
  MattGPT: And all of a sudden you have a list, dude.
• 9:14
  MattGPT: Uh, I mean, how many people had grandkids last year?
• 9:18
  MattGPT: What, h- 529 plans, right?
• 9:21
  MattGPT: How many people were supposed to do a Roth conversion that didn't last year?
• 9:23
  MattGPT: How many people brought up held away assets that we didn't gain in the last six months?
• 9:29
  MattGPT: Dude, this is the sort of stuff that large language models and AI can do for you that changes the industry.
• 9:35
  MattGPT: This is a game-changing thing that is now available to all of your listeners that I've been waiting for since 2006.
• 9:45
  Ryan: Yeah, I agree.
• 9:46
  Ryan: I think it's fantastic.
• 9:47
  Ryan: Matt, do you think there's a lot of just misconception or maybe misuse of AI right now?
• 9:53
  Ryan: Financial advisors, they might be using AI, but maybe it's just for content creation or emails, just generic communication type tasks.
• 10:05
  Ryan: Do you think advisors are finally accepting it to more than what it really is and what it should be used for?
• 10:12
  MattGPT: I, I think w- unfortunately, most financial advisors think binary.
• 10:17
  MattGPT: It's either y- good or bad, on or off, it works or it doesn't, and that's actually not how AI works.
• 10:23
  MattGPT: It's garbage in, garbage out.
• 10:25
  MattGPT: And so unfortunately, a lot of advisors get very frustrated with AI because it doesn't output what they want it to output.
• 10:32
  MattGPT: That's because they're not inputting the right stuff, dude.
• 10:34
  MattGPT: And so, um, you can make AI sing if you know how to just ask the right questions and have it be clearer and clearer and clearer.
• 10:46
  MattGPT: Um, I, I had a, I had a, a, a woman came up to me at, at a conference a little while ago and she said, "I found four mistakes in your AI note taker."
• 10:56
  MattGPT: I was like, "Okay."
• 10:58
  MattGPT: She's like, "Well, it shouldn't have four mistakes."
• 11:02
  MattGPT: Uh, y- d- did you ever have mistakes when you took notes, lady?
• 11:05
  MattGPT: I mean, come on.
• 11:07
  MattGPT: Now, please understand, she was an engineer, and I mean, we all know what working with engineers are like.
• 11:12
  MattGPT: But that's the sort They have really unreal expec- unrealistic expectations of what these systems can do, and that they actually get stronger, better, smarter, faster over time.
• 11:23
  MattGPT: And so I had a, I had a, a guest on our show, uh, we just launched a podcast called Better Practice Better Life, uh, Human First with AI, and the guest was talking about you need to have AI
• 11:34
  MattGPT: implemented in your practice for an entire calendar year before you'll ever know if it works.
• 11:39
  MattGPT: And you know as well as I do, brother, it's the shiny thing at the conference, and it takes their attention, and they think it's gonna solve all their problems, but it doesn't
• 11:50
  Ryan: I- that's a great point about having it for a full year before you know.
• 11:55
  Ryan: But so then do you think, if I implement AI today, one test, it i- like you said at the beginning, it is moving so fast.
• 12:04
  Ryan: In a year you might think, "Well, there's something new and shiny out that's doing something different.
• 12:10
  Ryan: What am I doing here?"
• 12:11
  Ryan: Like, and you brought it up too about the noise.
• 12:13
  Ryan: Like, how do financial advisors shift through the noise to figure out exactly what they need in an AI platform, AI agent, is it right for them, and will it be okay for them in a year?
• 12:27
  MattGPT: Yeah.
• 12:28
  MattGPT: Um, so I think what you really need to do is you need to talk to your friends.
• 12:33
  MattGPT: A- and, and advisors don't do this as much as they should.
• 12:37
  MattGPT: I, I remember, um, uh, it was probably m- early 2007 and I was on with an advisor, and w- I, I was life coaching this advisor.
• 12:46
  MattGPT: We had a process called the blueprinting process that I took the advisors through.
• 12:50
  MattGPT: And, um, he said, "Matt, what, what you don't understand about us is we're on an island.
• 12:56
  MattGPT: It I don't have any other coworkers really.
• 12:58
  MattGPT: I have an assistant."
• 12:59
  MattGPT: Yeah, he was a big producer with one, one team member.
• 13:02
  MattGPT: He's like, "All I do is see clients all day, and then I go home, uh, and then I, you know, I'm with my family."
• 13:06
  MattGPT: He's like, "I don't really have other people to talk to."
• 13:09
  MattGPT: And I was like, "Why don't you go to conferences?"
• 13:11
  MattGPT: "Oh, they're a waste of time."
• 13:14
  MattGPT: Really?
• 13:15
  MattGPT: Like, you don't wanna sit at a table with 20 other advisors and be able to commiserate and have real conversations?
• 13:20
  MattGPT: Especially because some of them might be able to help you solve their problems.
• 13:23
  MattGPT: And I think that's one of the things that, um, really does need to happen, is you need to have those conversations.
• 13:29
  MattGPT: That's number one.
• 13:30
  MattGPT: Number two is it I talk about this all the time, how to make your first AI decision.
• 13:35
  MattGPT: The first one is, um, you have to look at your tech stack.
• 13:38
  MattGPT: So whatever AI you're looking for has to securely integrate two ways with your tech stack, right?
• 13:43
  MattGPT: And then number two, test them all side by side.
• 13:46
  MattGPT: All of us will offer you a trial.
• 13:48
  MattGPT: Well, I don't know if all of us do, but almost all of us do.
• 13:51
  MattGPT: And see what user interface you like.
• 13:53
  MattGPT: See which one gives you the outputs that you want.
• 13:56
  MattGPT: You have the opportunity to make these decisions.
• 13:58
  MattGPT: And the Ezra Group, uh, just did a study a little while ago about how quickly, like literally, you can integrate all of the stuff, uh, with, with an AI platform, and it's, like, days.
• 14:10
  MattGPT: So within days, your audience can be entirely up and running testing two different, uh, you know, AI systems back to back and side by side so that they can make a better, more informed decision.
• 14:21
  MattGPT: It's Uh, that's what I would really recommend that they do.
• 14:23
  MattGPT: Talk to your friends.
• 14:25
  MattGPT: Test them side by side.
• 14:27
  Ryan: That's funny when you say days.
• 14:29
  Ryan: I-- initially when
• 14:30
  MattGPT: Yeah.
• 14:31
  Ryan: thinking
• 14:31
  MattGPT: No.
• 14:32
  MattGPT: Days, dude
• 14:32
  Ryan: and, and it goes back to what you were saying earlier, this industry is so slow in adapting new technology, except for now they're forced...
• 14:41
  MattGPT: That's right
• 14:41
  Ryan: to, right?
• 14:43
  Ryan: Otherwise they're, I don't wanna say it, but they might be done
• 14:47
  MattGPT: no, uh, and I'll say it for you 'cause I've actually said this from many, many stages, is AI is the comet to coming to kill all of you dinosaurs, right?
• 14:55
  MattGPT: So th- this is not...
• 14:57
  MattGPT: In fact, uh, I'm, I'm working on an article right now, uh, for, for one of the trade pubs basically talking about, um, your clients are bringing you AI.
• 15:08
  MattGPT: Uh, and I'm sure you've heard this at conferences.
• 15:10
  MattGPT: You've probably heard this from clients.
• 15:11
  MattGPT: Man, I had a client who came in and brought me a spreadsheet of, of all of the trades that we executed in the last six months and, and was ask- you know, AI was like, "This was a bad
• 15:21
  MattGPT: trade."
• 15:21
  MattGPT: Right?
• 15:22
  MattGPT: And advisors are flaming pissed about it.
• 15:25
  MattGPT: They don't realize that guess what?
• 15:26
  MattGPT: They were there doing that before.
• 15:28
  MattGPT: They were just taking notes on watching CNBC, or they're talking to their crazy uncle who made all the money in the stock market, or they were at dinner and somebody had said something somewhere else, or they're reading The
• 15:36
  MattGPT: Wall Street Journal.
• 15:37
  MattGPT: This is just a much faster, more succinct way to go ahead and aggregate large language pieces of data, right?
• 15:44
  MattGPT: But if you're not gonna move in this direction, first off, your practice is not gonna be worth as much when you sell, and two, your clients, when it comes to speed to service, which is really what AI does,
• 15:57
  MattGPT: and uncovering opportunities for you in your existing book of business, those are the things that if you're not doing that, you are a dinosaur, and unfortunately, we're the big comet coming to kill you
• 16:10
  Ryan: You're exactly right.
• 16:11
  Ryan: Exactly.
• 16:11
  Ryan: I'm glad you said it.
• 16:12
  Ryan: Glad you said it
• 16:14
  MattGPT: Uh, uh, I'm allowed to say that.
• 16:16
  MattGPT: I actually got that one approved at Tox here, so
• 16:20
  Ryan: Awesome.
• 16:21
  Ryan: Awesome.
• 16:22
  Ryan: mentioned it, we talked about it earlier that this industry is built on trust, whether it's the vendor, technology vendor like Zocks being trusted by the financial advisor or the financial advisor having the trust of the clients.
• 16:37
  Ryan: Do you think advisors fully trust AI at this point?
• 16:41
  MattGPT: Man, dude, I'm gonna go back a little bit.
• 16:42
  MattGPT: I don't think advisors trust tech still, right?
• 16:46
  MattGPT: I, I mean, you know, you're oversold on your CRM, it's gonna solve all of your problems.
• 16:50
  MattGPT: Your financial planning tool is the greatest financial planning tool.
• 16:53
  MattGPT: You're never gonna have to go ahead and blah, blah, blah ever again, and it doesn't live up to expectations.
• 16:57
  MattGPT: So there's been a pattern over time that, that AI has even a heavier lift because of how much it can do.
• 17:06
  MattGPT: What most advisors are doing is they're starting with like, you know, low-risk things.
• 17:11
  MattGPT: Again, note takers, that's where our system, pretty much all of us started.
• 17:15
  MattGPT: Um, but, but they're really not integrating things.
• 17:18
  MattGPT: They're afraid of how it's gonna talk and all of those sorts of things.
• 17:22
  MattGPT: And, and this is gonna be somewhat of a shameless plug, but it's really important to me as a person who's been working in this industry for so long.
• 17:31
  MattGPT: Everything that Zocks built was built for SEC and FINRA realities and compliance and privacy in mind.
• 17:40
  MattGPT: And so, like we don't record anything.
• 17:43
  MattGPT: Ours is live transcription, which is kind of a big deal, right?
• 17:47
  MattGPT: We have ways to protect PII going back and forth.
• 17:51
  MattGPT: A lot of other organizations don't have that, and I think that trust is gonna be built over time.
• 17:57
  MattGPT: I think, you know, you, you, you use the note taker, uh, and you see, "Holy Moses, I missed a whole bunch of stuff," and then you go from note taking to, you know, having a meeting prep.
• 18:06
  MattGPT: With the click of a button, you know, you're prepared for your meeting in minutes instead of hours.
• 18:10
  MattGPT: And then you go ahead and click the button to do a lot of the follow-up tasks.
• 18:13
  MattGPT: And then you click the button to go ahead and integrate with your e-money and all of the different systems that are there.
• 18:18
  MattGPT: And then you start going ahead and looking at all of the structured data and asking it questions.
• 18:24
  MattGPT: But I think it's an incremental thing, um, that once you get confident with this level, you're gonna move to this level.
• 18:31
  MattGPT: In fact, that's really what my job is now, is to get the thousands of advising offices that are using us to take that next step.
• 18:41
  MattGPT: Because most of our clients, they just The, the note taker is like the greatest thing since sliced bread.
• 18:47
  MattGPT: But once they turn on a couple other buttons and they see how it all starts working together, is really amazing.
• 18:52
  MattGPT: The other thing too is look at social proof.
• 18:55
  MattGPT: Social proof, um, so, uh, my favorite sales book of all times, uh, i- is, is a book called, uh, Principles of Influence by a guy named Dr.
• 19:04
  MattGPT: Robert Cialdini.
• 19:05
  MattGPT: And so Ryan, I don't know if you've read that book.
• 19:07
  MattGPT: If not, dear God, everybody needs to buy it.
• 19:10
  MattGPT: And w- it talks about
• 19:11
  Ryan: I just wrote
• 19:12
  MattGPT: Yeah, wonderful.
• 19:13
  MattGPT: It, it's the, it's the ethical influence, like how do you get people to do what they wanna do?
• 19:17
  MattGPT: And one of the most important ways to build trust is social proof.
• 19:21
  MattGPT: So when you have organizations like Hightower, Osaic, Cetera, right, Kestra, Cambridge, right?
• 19:28
  MattGPT: You've got these huge firms that, that have looked at us and said, "Wow, uh, we're gonna stick with them," that's the sort of social proof that you know that the level of due diligence these large organizations are doing
• 19:41
  MattGPT: It is not the same due diligence you can do, 'cause you don't have the team to do it.
• 19:44
  MattGPT: So look at the social proof, dip your toe in the water, then take a step, then take a step.
• 19:50
  MattGPT: It's the, you know, how do you climb a mountain?
• 19:52
  MattGPT: You take one step toward the mountain.
• 19:55
  MattGPT: The mountain is AI.
• 19:56
  MattGPT: You just need to start taking those steps
• 19:59
  Ryan: Exactly.
• 20:00
  Ryan: And like you said, whether it's just a chatbot, notes, note-taking, so- and just see how that works, how you like it, and then just go from there.
• 20:09
  Ryan: I feel as if that's the case with a lot of technology.
• 20:12
  Ryan: When I was in the industry 20 years ago, the technology, we, we just used a little piece of it, and then all of a sudden there, you know, the account manager came in and showed us how.
• 20:22
  Ryan: It blew our minds.
• 20:23
  Ryan: It was like, oh my gosh, what have we been doing here this whole
• 20:26
  MattGPT: Yeah
• 20:27
  Ryan: And same case with AI here too.
• 20:32
  Ryan: I often think on the investment side, we're getting all these new ETFs, crazy ETFs, new products, and when the markets are ripping higher every day, every month, these products all look great, right?
• 20:47
  Ryan: Everything looks great right now, but how do you think advisors and their clients will react to AI when we finally have an extended bear market and, you know what, hits the fan and things start to blow up?
• 20:59
  Ryan: Do they trust AI even more, or are they gonna pull back and be, "You know what, I'm just gonna do it on my own"?
• 21:06
  MattGPT: Yeah.
• 21:08
  MattGPT: So the advisors who do that, they're, they're donezo, dude.
• 21:12
  MattGPT: Um, one, one of my favorite stories is a, uh, uh, an advisor, uh, she had...
• 21:20
  MattGPT: She was the third advisor, uh, that this couple was interviewing.
• 21:25
  MattGPT: And so, uh, you know, they came in and, and she had our, our, our notetaker in, in place, 'cause you can either have it on your phone or in your, your, your computer.
• 21:35
  MattGPT: And they're having this great conversation and, and, um, so the conversation gets done and, and, and she says, "Well, so, so, you know, very soon, uh, you know, you're gonna get a follow-up email summarizing this.
• 21:46
  MattGPT: You're gonna get the tasks that I'm gonna do and the tasks that you need to do.
• 21:49
  MattGPT: And I'm also gonna give you a short example of the kind of planning that we do based off our conversation today."
• 21:55
  MattGPT: They're like, "Oh, yay, great."
• 21:56
  MattGPT: So, you know, shook hands.
• 21:57
  MattGPT: You know, "It was great to meet you," and they left.
• 22:00
  MattGPT: By the time that couple got home, all of that was done.
• 22:05
  MattGPT: And so y- the couple gets, gets home and, you know, uh, the, the s- the spouse opens up the phone, uh, a- and he looks at his wife and he goes, "Hey, she emailed us all that stuff."
• 22:19
  MattGPT: And she's like, "What?
• 22:19
  MattGPT: What are you talking about?
• 22:20
  MattGPT: We just left there."
• 22:22
  MattGPT: So they called her, "Hey, uh, how did this happen?
• 22:27
  MattGPT: Like, you just sent us a beautiful summary of everything that we just talked about, what your firm is willing to do, what we need to do to move forward with your firm, and you gave us a, a rough
• 22:37
  MattGPT: financial plan that actually showed that you were listening to all of the kind of hopes and dreams that we have.
• 22:43
  MattGPT: How did you do that?"
• 22:45
  MattGPT: And she said, "This is the technology that we've implemented into our firm because we know that it is wildly important for us to get you answers in a much more timely manner."
• 22:55
  MattGPT: And, and the, the, the husband said, "The other three people we interviewed, we haven't even heard from them yet.
• 23:02
  MattGPT: It is weeks ago."
• 23:03
  MattGPT: That is what...
• 23:04
  MattGPT: That's where the bear market stuff happens because there's gonna be so many people who are gonna be looking for another advisor because, you know, they're not generally gonna leave because of performance.
• 23:13
  MattGPT: You and I know this.
• 23:14
  MattGPT: They generally leave because of poor communication.
• 23:17
  MattGPT: That's, that's been...
• 23:18
  MattGPT: Kitces has come out with that for 20 freaking years.
• 23:21
  MattGPT: Everybody's been talking about that.
• 23:23
  MattGPT: Even if you don't have the greatest performance, if you are communicating effectively, quickly, and, you know, with really good information to your clients, generally they're going to stay.
• 23:32
  MattGPT: There's gonna be so much money moving 'cause once the FAANG craps itself, which it's gonna, uh, I'm not a analyst, it's just gonna happen 'cause that's how everything works.
• 23:40
  MattGPT: That's called a market.
• 23:41
  MattGPT: There's ups and there's downs.
• 23:42
  MattGPT: It can't just keep going straight up.
• 23:44
  MattGPT: Um, but when this does happen, those advisors who are implementing technology, uncovering new opportunities in their book of business by asking simple questions, right?
• 23:54
  MattGPT: Expect- uh, clients are expecting faster and more complete communication.
• 23:57
  MattGPT: AI helps with that, right?
• 23:59
  MattGPT: This is what you need to implement now because you all know that's going to happen, and if you wanna be successful when the market isn't great, you gotta have a good tool in place
• 24:11
  Ryan: Matt, I'm so glad you brought that up because you're exactly right.
• 24:15
  Ryan: It's all about communication, communication.
• 24:17
  Ryan: If this speeds up your communication transparency to the client, it'll make these tough times and the times of chaos much easier.
• 24:26
  Ryan: So that's a perfect segue, Matt.
• 24:29
  Ryan: Now it makes it so much quicker.
• 24:31
  Ryan: You have this communication, maybe a prospect meeting.
• 24:35
  Ryan: an hour or so, you already send out that information, that proposal generation, the notes, financial plan.
• 24:42
  Ryan: Now, what should the financial advisor do with their free time?
• 24:44
  Ryan: Go hit the golf course, go, you know, spend time with the
• 24:48
  MattGPT: Yeah
• 24:49
  Ryan: What should they do with this free time now?
• 24:50
  MattGPT: So th- this is, I'm, uh, I'm gonna go back to the binary thinking of my friends and financial advisors.
• 24:55
  MattGPT: It's either work or not work.
• 24:57
  MattGPT: Uh, a- and so I, I don't think it is black and white here.
• 25:01
  MattGPT: On average, what our, our research, and actually not our research, our strategic partners' research has shown us is, um, we save about 10 hours of team's time a week, okay?
• 25:13
  MattGPT: So y- you're not gonna go spend Some of you will want to spend 10 hours on the golf course.
• 25:17
  MattGPT: But I'm gonna challenge all of you here, 'cause I think you need to put it in a couple of different buckets.
• 25:22
  MattGPT: So I want you to take So that, by the way, a week, a week of your team's time every month, and you know how back using real AI assistants like what we have here.
• 25:33
  MattGPT: So why don't you take, why don't you take three hours e- every week you go play golf, right?
• 25:41
  MattGPT: Or maybe every other week you go play golf, right?
• 25:44
  MattGPT: Then I want you to take a couple of hours and, and why don't you work on yourself, I don't know, psychologically?
• 25:49
  MattGPT: Why don't you work on yourself spiritually, right?
• 25:52
  MattGPT: Why don't, why don't you do stuff to make yourself a better human being?
• 25:56
  MattGPT: Start figuring out ways to give back to the community, fill your soul, uh, help other people to, to make them live a better life.
• 26:04
  MattGPT: And then peel off five of those hours, we're still working on the 40 hours, five of those hours, and do in-person client events, which by the way, are really successful.
• 26:16
  MattGPT: Um, and then why don't you do, uh, a couple of extra webinars, right?
• 26:22
  MattGPT: That are just free to your general public that you're gonna be able to educate people on what you know about.
• 26:28
  MattGPT: And then, I don't know, why don't you go out on a date?
• 26:32
  MattGPT: Because here's the deal, most advisors are spending after 5:00 on their notes, dude.
• 26:38
  MattGPT: Following up on their notes and their tasks and all of those sorts of stuff.
• 26:43
  MattGPT: Work on your personal brand.
• 26:45
  MattGPT: Find a niche.
• 26:47
  MattGPT: Start creating real content.
• 26:49
  MattGPT: You have so much time, and it all just can't be more work.
• 26:54
  MattGPT: You're n- you don't need to see more clients, 'cause we already know that the, 150 is the amount of relationships we can have w- that are deep, right?
• 27:01
  MattGPT: So you're not gonna be able to double your cl- I mean, some of you are gonna try to double your client household, which means you're gonna give most of those people terrible service.
• 27:07
  MattGPT: But work on yourself.
• 27:11
  MattGPT: There's, there's a, somebody in the industry who will re- remain nameless who, uh, had a major epiphany, uh, m- because of some tragedy in their life, uh, and they've really swung the pendulum from being very, very money-focused to
• 27:25
  MattGPT: really focusing on their spirituality.
• 27:27
  MattGPT: And, and part of that is, is because so many of you think that the hole that you feel in your soul, that kind of emptiness that you feel can be filled with money.
• 27:36
  MattGPT: Um, and so what I'm asking you, which is really not a normal thing to ask all of you hard-charging business owners, is y- you gotta still feed your soul.
• 27:45
  MattGPT: And when you're given the gift of the one thing you can't make more of, so there's time, talents, treasures, rela- Relationships and control are the five things that you can give up to be successful, 'cause the universe doesn't
• 27:51
  MattGPT: just give you things for no reason.
• 27:51
  MattGPT: We're giving you back 10 hours a week.
• 28:01
  MattGPT: Just take a little bit of time and work on yourself as a human, because when you do that, you're gonna be surprised that your business is gonna get even better
• 28:11
  Ryan: That's fantastic, Matt, and such great insight there.
• 28:15
  Ryan: And I often think too, that 10 hours, have more team events.
• 28:20
  Ryan: Take your team out golfing, take them to wherever, out to lunch or dinner.
• 28:24
  Ryan: Reward them also for all the hard work that they're doing.
• 28:28
  Ryan: S- fantastic insight because I do believe the more you do with your life, whether, you know, help your soul, it, it comes back to your work environment too, and everyone, everyone wins.
• 28:41
  Ryan: Everyone wins, Matt.
• 28:42
  Ryan: So I think that's fantastic.
• 28:45
  Ryan: I'm gonna, I'm gonna have to start doing that more.
• 28:47
  MattGPT: Yeah
• 28:49
  Ryan: Um, for sure.
• 28:50
  Ryan: what does a next gen or new advisor who is, you know, uses AI, AI-enabled advisor look like moving forward, do you
• 29:02
  MattGPT: Yeah.
• 29:02
  MattGPT: So there have been a lot of people talking about this and writing about this right now, and I'm very, very happy where the conversation's going.
• 29:09
  MattGPT: So this next AI-enabled next-gen advisor, it's all about judgment and relationship first.
• 29:15
  MattGPT: AI does not have judgment.
• 29:16
  MattGPT: AI cannot make a relationship.
• 29:19
  MattGPT: AI can just handle the, the, the paperwork very clearly and succinctly with less errors.
• 29:24
  MattGPT: That's also gonna increase your trust.
• 29:26
  MattGPT: But it's also gonna give the opportunity for you to spend more time to build the relationship, and that is unbelievable.
• 29:33
  MattGPT: The speed to servicing that I was talking about is another thing that is expected now that most of you are just not doing a good job with.
• 29:40
  MattGPT: The things that used to take a week.
• 29:44
  MattGPT: I, I mean, I, I've known advisors who I've coached, it was a week before they executed all of the trades and got all the paperwork submitted and, and delegated all of the tasks and, uh, you know, did all
• 29:57
  MattGPT: of the follow-up and stuff that they needed to do.
• 29:59
  MattGPT: That's gonna be able to be done in minutes, if not an hour.
• 30:02
  MattGPT: And so that's what people are gonna be expecting, and that's what the next gen is really looking for.
• 30:08
  MattGPT: The other thing that I think is wonderful is You, with the click of a button, you're gonna know what the last 10 meetings were with a summary of what you talked about, what their concerns were, what the tone
• 30:25
  MattGPT: of the meeting was, what you said you would do, what they said that they would do, what you did do, what they did.
• 30:32
  MattGPT: And you're gonna be, have this wonderful one-page document that is gonna give you a summary of birthdays, kids, grandkids, vacations that they took so that you can be so prepared going into a client meeting that the client Y-
• 30:48
  MattGPT: you're not gonna have to do And I know a lot of your listeners have done this, where they're, you know, walking into the meeting and they're, they're like, "Oh my God.
• 30:55
  MattGPT: I have no idea what the heck I talk to about these people with," right?
• 31:00
  MattGPT: And so that's what is this next thing.
• 31:03
  MattGPT: One of my favorite stories, uh, it's actually from, uh, one of our salespeople.
• 31:06
  MattGPT: His name's Rex, and I love this guy.
• 31:08
  MattGPT: He's, he's beyond a salesperson.
• 31:10
  MattGPT: This guy's s- very sage-like.
• 31:12
  MattGPT: And he was telling us a story, uh, about a, a client who So she was, she's a pr- younger advisor taking over from an older advisor, and he's almost on his way out.
• 31:21
  MattGPT: So it was like this was, like, the last meeting, uh, that, that she had, was the biggest client, the humongous client, A++ client.
• 31:30
  MattGPT: She was a little bit nervous about it, and so, uh, the primary advisor didn't go to the meeting.
• 31:35
  MattGPT: Uh, this was her first meeting with him on her own.
• 31:37
  MattGPT: And the, the client came in and, and, um, he was really distraught.
• 31:42
  MattGPT: And she was like, "Hey, hey, John.
• 31:43
  MattGPT: What, what's going on?"
• 31:45
  MattGPT: And he said, um, "My daughter's favorite chicken," he named his daughter, named the chicken, "uh, is in the hospital and, and I just got off the phone with my, my daughter.
• 31:54
  MattGPT: She's freaking out."
• 31:56
  MattGPT: And, and the advisor was like, "What?
• 31:59
  MattGPT: Your daughter's favorite chicken's in the hospital?"
• 32:02
  MattGPT: I mean, she's like, "Oh," you know, of course she was like, "Oh, I'm so sorry that happened," and so on and forth.
• 32:06
  MattGPT: And he's like, "Yeah, yeah, yeah.
• 32:07
  MattGPT: You know, I just want you to know I'm just a little bit distracted."
• 32:09
  MattGPT: So then they go in and they have their meeting, and the meeting goes incredibly well.
• 32:13
  MattGPT: So in our post-meeting follow-up, uh, in, in the summary, it said as a suggested action, "Send daughter," name, "and the chicken," name, "a care package for the chicken in the hospital."
• 32:26
  MattGPT: And she was like, "Well, that's peculiar.
• 32:30
  MattGPT: Whatever.
• 32:31
  MattGPT: What's the worst thing that can happen?"
• 32:33
  MattGPT: So she did.
• 32:35
  MattGPT: She actually sent a care package to the daughter with the name of the chicken Minutes after it landed, the, the biggest client she had called her up, "I cannot believe you did that.
• 32:48
  MattGPT: I can't believe that you were so thoughtful to send my daughter and her, her chicken, who's recovering, um, a care package."
• 32:57
  MattGPT: And here's the best part.
• 32:58
  MattGPT: So that's just warm and fuzzy, touchy-feely.
• 33:00
  MattGPT: She did maintain the business from the guy who was the biggest client.
• 33:04
  MattGPT: She also got her daughter.
• 33:06
  MattGPT: That is what is the expectation that's gonna be happening very, very, very soon, because if you're not having that level of detail and that level of preparedness that you can now do with the click of a button, dude,
• 33:19
  MattGPT: you're not gonna be winning all of that business, and that's what the next gen, not just the next gen advisors look like, but that's what the next generation of investors and people who want relationships with advisors are gonna
• 33:29
  MattGPT: expect
• 33:32
  Ryan: I love that example, Matt.
• 33:33
  Ryan: That's fantastic, and it goes back to something I've said a lot or heard a lot.
• 33:38
  Ryan: AI is great support however you wanna use it, but it's gonna make the relationship building and being somebody who likes relationships even more important.
• 33:49
  Ryan: Because like you said, AI, it doesn't feel empathy.
• 33:53
  Ryan: It d- can't build a re- It can help you, though, build better relationships, just exactly what you said, and it's ma- and it will make the responsibility of advisors in building relationships even more important, which is a
• 34:09
  MattGPT: Yeah
• 34:11
  Ryan: How do you get advisors who built successful practices, like you said, might be million-dollar practices years ago, they're set in their ways.
• 34:20
  Ryan: They're like, "I built this thing the way I did.
• 34:22
  Ryan: Why do I need to change and adopt AI?"
• 34:25
  Ryan: What do you tell those advisors?
• 34:27
  MattGPT: Well, I use the, I use the asteroid analogy a lot, dude.
• 34:30
  MattGPT: And, and sometimes that, uh, doesn't go over incredibly well.
• 34:34
  MattGPT: Um, it, it has to be incremental change, right?
• 34:38
  MattGPT: So, w- and, and this is the reason why the notetaker is still such a great hook.
• 34:45
  MattGPT: Because if I say to my...
• 34:46
  MattGPT: You know, so, uh, I'll use a couple of examples.
• 34:48
  MattGPT: So one of the advisors that I coach is a humongous Ameriprise advisor.
• 34:52
  MattGPT: I mean, she always had her junior advisor at every single solitary meeting.
• 34:56
  MattGPT: So labor-wise, from a profitability standpoint, those were less profitable clients, and her associate wealth advisor, who was really, really freaking smart, would miss things, or he'd get sick, right?
• 35:08
  MattGPT: And so if he was sick, he couldn't be in the meeting.
• 35:09
  MattGPT: AI is never sick, right?
• 35:11
  MattGPT: And, and AI can be templated over time.
• 35:15
  MattGPT: It'll start learning exactly what you want those notes to look like.
• 35:18
  MattGPT: It doesn't get it perfect the first time.
• 35:21
  MattGPT: The first time it's gonna be 20 pages long, and then you need to go ahead and adjust and adjust and adjust until it gets to what you want it.
• 35:27
  MattGPT: You save that as a template.
• 35:28
  MattGPT: Bam, Bob's your uncle, it works.
• 35:30
  MattGPT: But so that's what, that's always the entry point.
• 35:33
  MattGPT: The entry point is not integrations and helping you do financial plans.
• 35:37
  MattGPT: It's not gonna, you know, integrate with MCP and help you create a custom slide deck for each client, you know, before they come in that's built off PowerPoint with your brand standards.
• 35:46
  MattGPT: It's finding those very, very small paperwork issues.
• 35:50
  MattGPT: Those time that you have to spend with your notes.
• 35:53
  MattGPT: The time that you, knowing that you don't remember and you missed an opportunity.
• 35:58
  MattGPT: When all of those things, an advisor can really see themselves making those changes.
• 36:04
  MattGPT: But g- let's get back to the Ezra group, what I talked about before.
• 36:09
  MattGPT: Technology used to take forever to implement.
• 36:12
  MattGPT: You know, I, I mean, there's people who are still messing with their Salesforce, right?
• 36:17
  MattGPT: You know, I mean, that's a great example.
• 36:19
  MattGPT: Uh, or, or, you know, their CRM still doesn't do everything that they want it to do.
• 36:24
  MattGPT: W- we built a system that it's pl- it's literally plug and play.
• 36:28
  MattGPT: Do you need to make adjustments and tailor?
• 36:30
  MattGPT: Yes, but the system works out of the box.
• 36:33
  MattGPT: So there's, there's, there's what So there are so many people who are able to go ahead and implement our system without any sort of training.
• 36:45
  MattGPT: But this changes the power dynamic, and this is where a lot of advisors struggle because they'll say, these, these older advisors generally will be like, "Well, I don't want to use it."
• 36:56
  MattGPT: Okay, listen, dude, I don't care if you use it.
• 36:58
  MattGPT: Your team wants you to use it, right?
• 37:00
  MattGPT: I mean, they're tired of chasing you around.
• 37:03
  MattGPT: O- one of my, one of my favorite experiences here, I just started here, and I went to Estate Con, which is wealth.com's, uh, conference, and, um, and I had This woman came up to me.
• 37:13
  MattGPT: I had, like, like, I didn't e- I had, didn't even have, like, any Zocks clothing at this point.
• 37:17
  MattGPT: I was, like, two weeks into the business.
• 37:19
  MattGPT: They're like, "Go.
• 37:20
  MattGPT: You need to meet people."
• 37:21
  MattGPT: So I went to the conference, and this woman came up to me and she said, "Hey, Zocks guy."
• 37:26
  MattGPT: And I was like, "That's not me."
• 37:27
  MattGPT: I didn't know what she was talking to.
• 37:29
  MattGPT: She's like, "Hey, Zocks changed my life."
• 37:32
  MattGPT: And I, and honestly, man, I, I thought I was getting hazed by the two senior salesper- people that were there.
• 37:39
  MattGPT: And, uh, and, and she's like, she's like, "No, no, I'm, I'm serious."
• 37:42
  MattGPT: And I was like, "Well, you know, tell me about your firm."
• 37:44
  MattGPT: She's like, "It's not my firm."
• 37:46
  MattGPT: And I'm like, "What's going on?"
• 37:47
  MattGPT: And she's like, "I'm the chief of operations for You know, we have seven advisors.
• 37:52
  MattGPT: "I spent 50% of my time chasing them down for all of the tasks, all of the notes, to be able to tr- you know And then I'm spending all of that time, you know, on all of the meeting
• 38:02
  MattGPT: prep and then, you know, and then they would never do the follow-up."
• 38:05
  MattGPT: She's like, "You guys saved me 50% of my time."
• 38:09
  MattGPT: So those grumpy old advisors, right, who don't want to change, I don't care.
• 38:15
  MattGPT: Your team does.
• 38:16
  MattGPT: That's gonna be where it You're gonna get the biggest bang for your buck because you go into a meeting, your team member clicks a button, Zocks is there, the meeting's over, you click the button, right?
• 38:28
  MattGPT: Then your team can actually get all of the notes, all of the stuff, get ready for the meetings, do all That, that's where we win
• 38:37
  Ryan: Love it.
• 38:37
  Ryan: Love it.
• 38:38
  Ryan: So with that then, we've talked a lot about just the time
• 38:43
  MattGPT: Mm-hmm
• 38:43
  Ryan: AI can free up.
• 38:45
  Ryan: Maybe it's using AI to b- find the best ETF or mutual fund for your clients, or maybe it's proposal generation or content creation, using AI for content creation.
• 38:56
  Ryan: What do you think is the biggest opportunity for advisors who adopt AI?
• 39:02
  MattGPT: Uh, one, I think it's going to be real organic growth.
• 39:07
  MattGPT: So there's so many people who are constantly talking about organic growth, but here's the deal.
• 39:13
  MattGPT: It costs so much more to get a new client than it does to sell an existing product to an existing client, and I think we've forgotten that very simple business component.
• 39:25
  MattGPT: When you can go into your book of business and ask that question about, you know, grandkids, you know, "How many of my clients' kids got married?"
• 39:33
  MattGPT: Um, you know, "How many of my kids or my clients were bragging about their daughter who just got a promotion at Apple?"
• 39:39
  MattGPT: Right?
• 39:40
  MattGPT: Being able to uncover those opportunities in your existing book of business where you can make a quick phone call to Julie and say, "Hey, Julie, gosh, in our last meeting, you were talking about how your daughter just got
• 39:49
  MattGPT: promoted to a huge position at Apple.
• 39:51
  MattGPT: Um, do you know what sort of financial education that she's gotten?
• 39:55
  MattGPT: Uh, would you mind if I reached out to her and gave her a call?
• 39:58
  MattGPT: 'Cause I've been your family's advisor for 20 years.
• 40:01
  MattGPT: Would you be okay with making that happen?"
• 40:04
  MattGPT: And of course, she's gonna say yes.
• 40:06
  MattGPT: That's what...
• 40:07
  MattGPT: That's the next level.
• 40:08
  MattGPT: That is the opportunity that is already sitting right in front of you that you guys all can't see because you're too busy doing the other things.
• 40:17
  MattGPT: The other thing is, is confidence, dude.
• 40:20
  MattGPT: And again, this is warm and fuzzy, touchy-feely stuff, but when you, 5, 10 minutes before your client meeting, you can sit down and have that meeting prep document done where you know all of the conversations, all of the
• 40:38
  MattGPT: pertinent information, suggested questions, oh, you know, talking about some of the things that they wanted to talk about last time.
• 40:44
  MattGPT: Um, all of those things, your confidence level goes way up, which means your stress level goes down.
• 40:51
  MattGPT: So you're walking into a client meeting with a different level of confidence instead of being freaked out 'cause you don't remember all of the stuff.
• 40:59
  MattGPT: It's freaking right there, and, and that's one of those unquantifiable things.
• 41:04
  MattGPT: You know, we can help you grow your business.
• 41:05
  MattGPT: We can reduce your admin time.
• 41:07
  MattGPT: We can reduce your NIGOs and, you know, bad, in order paperwork, all of that sort of stuff.
• 41:11
  MattGPT: But when I can make you feel better, stronger, smarter, faster, and that you're gonna be able to provide even better client service just because of a piece of freaking software?
• 41:23
  MattGPT: And here's the other thing.
• 41:25
  MattGPT: We're what?
• 41:26
  MattGPT: 100,000 people short in financial services?
• 41:29
  MattGPT: Right?
• 41:29
  MattGPT: I mean, so many people are retiring, and we have a really old population in this industry.
• 41:34
  MattGPT: AI efficiencies is gonna be able to, one, help you attract way better talent, and two, you're gonna be able to get them up to speed way faster.
• 41:41
  MattGPT: Which, by the way, is probably a whole nother podcast, uh, that, that we could do on just the talent aspect, uh, in associate wealth advisors and moving people through the ranks.
• 41:51
  MattGPT: Uh, but that is another really important thing
• 41:54
  Ryan: Matt, let's schedule it now.
• 41:56
  Ryan: Let's schedule that on next pod- the next podcast now.
• 41:59
  MattGPT: fantastic
• 42:00
  Ryan: I love all the touchy-feely stuff that you're talking about because when I started in AG myself in the early 2000, it was so transactional.
• 42:08
  Ryan: It was just stockbrokers selling, buying stocks, you name it.
• 42:12
  Ryan: Now, it is so all about relationships, so you need to be good at the touchy-feely stuff, whether really you're on the investment side or not.
• 42:21
  Ryan: Those days are long gone.
• 42:23
  Ryan: Now it's relationship.
• 42:24
  Ryan: Everything that you've just talked about during this podcast is so true.
• 42:30
  Ryan: lastly, last question here for you, Matt.
• 42:34
  Ryan: What's the thing about AI and financial advice that you don't think people are talking about?
• 42:41
  MattGPT: Well, and I'm gonna be beating this drum as long as I'm here, which is what are you gonna do with the time?
• 42:48
  MattGPT: Everybody's so focused on the time savings, but nobody's giving any advisor a solution on what to do with that time.
• 42:55
  MattGPT: A- and it, I, when you are right with yourself, you are gonna be a better business person, you're gonna be better in your relationships, you're gonna be better with your community.
• 43:07
  MattGPT: A- and we...
• 43:09
  MattGPT: That's what makes a great business person, in my opinion.
• 43:13
  MattGPT: If you're really truly gonna be great in business, if you're truly going to want to help your clients, which all of you do, when you have that extra layer of security, understanding of yourself, mental wellbeing, physical wellbeing, your
• 43:31
  MattGPT: health is in, you know, in check.
• 43:33
  MattGPT: When you're not walking into a meeting with blood vessels popping in your nose and your forehead because you're so stressed out, and you're 70 pounds overweight because you work all the time, your clients see that.
• 43:44
  MattGPT: They worry that you're not taking care of yourself.
• 43:47
  MattGPT: But if you walk in, you're calm, you're relaxed, you know, you just had a wonderfully spiritual fulfilling experience, or maybe you went out and, I don't know, volunteered at a local food bank, and you just got that good
• 43:58
  MattGPT: feeling of just being a better human, your clients are gonna feel that.
• 44:02
  MattGPT: I also think that, uh, firms that are really winning with AI, and this is really not talked about enough, are using that extra time and that extra, um, lift, which is...
• 44:16
  MattGPT: I, I, see, I like it to be called augmented intelligence.
• 44:20
  MattGPT: I hate that it's called artificial intelligence.
• 44:22
  MattGPT: Because it's like Tony Stark's super suit, right?
• 44:24
  MattGPT: Uh, so he puts on the Iron Man outfit, he's different, right?
• 44:28
  MattGPT: He's stronger, smarter, faster, better.
• 44:30
  MattGPT: Well, I mean, he can freaking fly and all that cool stuff, right?
• 44:33
  MattGPT: This is what advisors need to do, and they can then put that super suit on their, their other team.
• 44:39
  MattGPT: They can put that on the new advisor coming in, and we're gonna start seeing how much faster new advisors can get into client relationships instead of doing all of the menial stuff that advisors want them to do to
• 44:52
  MattGPT: learn the industry.
• 44:53
  MattGPT: That, that time is gonna be shrunk exponentially
• 44:58
  Ryan: Yeah.
• 44:59
  Ryan: I love that au- augmented
• 45:00
  MattGPT: Yeah.
• 45:01
  MattGPT: And I think the last one, dude, is AI can save your butt, right?
• 45:06
  MattGPT: Uh, so I'm, I'm at a, I'm at a large insurance conference, uh, a little while ago, and, uh, this large general agent, I, I didn't know who he was, I didn't really realize he was that big.
• 45:17
  MattGPT: But I, I do these, like, Johnny on the Street interviews.
• 45:19
  MattGPT: And, um, and he came up to me and he's like, "Hey, I...
• 45:22
  MattGPT: Can I do an interview with you?"
• 45:23
  MattGPT: I was like, "Let's go."
• 45:24
  MattGPT: So, you know, we walked over to this place.
• 45:26
  MattGPT: And, and so I said, you know, "Hey, you know, uh, I'm Matt GBT, I'm here at the LIMRA conference.
• 45:30
  MattGPT: You know, hey, I'm here with John.
• 45:31
  MattGPT: Uh, you know, John, you pulled me aside and said that you wanted to talk about AI.
• 45:34
  MattGPT: What do you wanna talk about?"
• 45:35
  MattGPT: And he grabs the microphone, which, you know, again, whatever, I should have held onto it.
• 45:38
  MattGPT: But he grabbed the microphone, he goes, "Here's the thing."
• 45:40
  MattGPT: He's pointing at the camera.
• 45:43
  MattGPT: "AI saved my butt."
• 45:44
  MattGPT: And I'm like, "Okay, elaborate."
• 45:46
  MattGPT: C- of course you couldn't hear me 'cause he was holding the microphone.
• 45:48
  MattGPT: And he goes, "I had a client complaint- We had the transcription.
• 45:56
  MattGPT: I submitted the transcription.
• 45:58
  MattGPT: They're like, "Nope.
• 46:01
  MattGPT: Th- your complaint is not valid."
• 46:04
  MattGPT: And the advisor was like, "Do you have any idea what that did for me?"
• 46:08
  MattGPT: So when it comes to compliance, when it comes to privacy first, when it comes to those sorts of things, I don't think that we're talking about those auxiliary benefits.
• 46:19
  MattGPT: Nigos, how many times do you submit paperwork to your home office and it gets kicked back because one number's wrong 'cause somebody miskeyed something?
• 46:29
  MattGPT: That doesn't happen anymore because we go field to field.
• 46:34
  MattGPT: And so, yeah, there's a whole bunch of stuff, dude.
• 46:36
  MattGPT: But those, those are, those are my things.
• 46:38
  MattGPT: And again, I'm always gonna lean on the number one thing that's the most important to me is I've been a life coach in financial services for 20 years.
• 46:45
  MattGPT: I want all of you to live a better life and not just have a better practice, and you can do that when you have great tech in your background
• 46:54
  Ryan: That's fantastic, Matt.
• 46:55
  Ryan: I think that's a perfect way of wrapping a bow up on this show and this conversation.
• 47:00
  Ryan: That is awesome.
• 47:01
  Ryan: I love that last example of covering your butt with compliance.
• 47:06
  Ryan: I've had a lot of conversations, haven't really had that one yet, so that's fantastic.
• 47:11
  Ryan: Thank you so much for sharing.
• 47:13
  Ryan: Matt, thank you so much for coming on the show.
• 47:15
  Ryan: Like I said, it was such an honor to have you on.
• 47:18
  Ryan: Really fun conversation.
• 47:20
  Ryan: I learned a lot, a of great insight.
• 47:23
  Ryan: Thank you.
• 47:24
  Ryan: Where can our audience get more information about Zox?
• 47:28
  MattGPT: just go to zocks.io, uh, and that's gonna be the best place.
• 47:31
  MattGPT: You can book a demo there, you can do a free trial there.
• 47:34
  MattGPT: Uh, we've got all sorts of great information that you can have there.
• 47:37
  MattGPT: Uh, if you're an existing Zocks user, please make sure you go to the Zocks Academy.
• 47:41
  MattGPT: Great information on how you can use our products and services even more.
• 47:46
  MattGPT: And very shamelessly, if you're not following me on LinkedIn, I'm putting out content.
• 47:49
  MattGPT: Uh, I talk about most of this stuff almost every week, uh, and I would love to be able to continue.
• 47:54
  MattGPT: Uh, I'm not selling anything.
• 47:56
  MattGPT: Uh, I'm just here to try to educate the financial services public on really best practices with AI, uh, and, and how it can help you have a better practice and a better life
• 48:06
  Ryan: Yeah, that's fantastic.
• 48:09
  Ryan: Matt, I, a lot of people may not agree with this or believe it, but I do do some research and prep work before coming on the podcast.
• 48:17
  Ryan: Zox, I've known Zox for some time.
• 48:19
  Ryan: You guys do a lot of great research content, information on the website.
• 48:24
  Ryan: I followed you for a long time also.
• 48:28
  Ryan: I cannot re- recommend following you and, uh, on and connecting on LinkedIn.
• 48:33
  Ryan: A great site, great content.
• 48:35
  Ryan: You guys are doing great things.
• 48:37
  Ryan: I love
• 48:37
  MattGPT: Thanks, man
• 48:38
  Ryan: So thank you so much for listening to this episode of Adjusted for Risk.
• 48:43
  Ryan: You can watch all of our other episodes on the Adjusted for Risk YouTube channel and Spotify.
• 48:48
  Ryan: Also, please be sure to like and subscribe to those channels, and also give us a follow on LinkedIn.
• 48:54
  Ryan: you very much and have a great rest of your week