How To Use ChatGPT To Ease Difficult Client Conversations

ChatGPT is all the rage and many advisors are trying to figure out how best to integrate this powerful (and perhaps a little unnerving) technology into their practice.  Although AI seems advanced and capable, the truth of the matter is the technology is still in its wider than deeper phase.  That doesn’t mean it can’t be useful to advisors and here is one simple and powerful use case.

We all have dreaded a difficult conversation with a client at some point in our careers. Why not ask ChatGPT to role-play the conversation ahead of time so you can be better prepared?

For example, a client is unhappy with their returns and is threatening to move to a new advisor.  Ahead of the meeting, feed ChatGPT a prompt about the conversation, including all of the facts you know at the moment (customers’ pain points, some of your potential responses, etc.), and then specifically ask the AI to come up with questions/arguments the client may make AND suggested replies for you, the advisor.

Not sure how to start? Here’s a sample prompt.

Prompt we provided to CHATGPT:

Imagine a conversation between a financial advisor and their client.  Due to changes in the stock market, the client’s account has not grown as they had hoped and now they are looking to move their accounts to a different financial advisor.  Come up with 2-4 reasons the financial advisor can provide the client to show empathy while ultimately convincing the client not to move their assets.  Include the argument that the client is still on track for their overall plan and that changes in the market are expected and were considered when developing the full retirement plan.

CHATGPT Produced this:

Financial Advisor: Hi, [client name], I understand you’re considering moving your accounts to a different financial advisor. I want to assure you that I empathize with your concerns, and I want to help address them. Before you make any decisions, I would like to discuss a few points with you.


Client: Thanks for taking the time to talk with me. I’m just frustrated that my account hasn’t grown as much as I had hoped.

Financial Advisor: I understand how that can be disappointing, but I want to remind you that investing involves risk, and the stock market can be unpredictable. However, I assure you that we took those risks into account when developing your overall plan.

Here are a few reasons why I believe you should reconsider moving your assets:

  1. Long-term approach: Investing is a long-term game, and it’s essential to stay focused on the big picture. While the market might experience ups and downs in the short term, over the long term, it tends to grow. Sticking with your current plan can help you reap the benefits of the market’s growth over time.
  2. Diversification: We have designed your portfolio to be diversified across various asset classes, which helps reduce risk. This diversification means that even if one particular stock or sector underperforms, other parts of your portfolio can balance out the losses.
  3. Professional guidance: As your financial advisor, my team and I have the expertise to analyze market trends and identify the right opportunities to grow your portfolio. We can help you navigate the ups and downs of the market and make informed decisions that support your long-term goals.
  4. Overall plan: Finally, it’s important to remember that your investment accounts are just one part of your overall financial plan. While they are essential, they are just one component of your retirement savings strategy. Let’s review your plan in its entirety and make sure that it’s still aligned with your goals and timeline.

So, as you can see, while it’s understandable that you might be feeling frustrated, I believe that you’re still on track for your overall plan. I would be happy to discuss any other concerns you might have and provide additional information to help you make an informed decision.

Now here is the important part – DO NOT take those answers as the gospel.  ChatGPT is good but it doesn’t understand the nuances of our business.  It can get close, but it won’t be a bullseye, and we wouldn’t want it to be.  The best use for ChatGPT right now is to speed up the process for us, so take the answers and imagine how you would correct and deliver the info in your own voice.  Now roleplay the conversation until you feel more comfortable.

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