AI/ChatGPT right now
Are there any paraplanners using ChatGPT in their role right now? I've seen a lot of discussion on the pros and cons of using it but can't see any first-hand accounts. Is the technology still too primitive or are paraplanners already using it? If you've used it, how was your experience? What's it best suited for and what can't it do?
Comments
I have asked ChatGPT how to do things in Excel and Word and have found it useful for that.
If you are not sure what you would search for but know what you want to do then ChatGPT will usually find the answer.
I've tried using it to explain some terms such as drawdown in a client friendly manner but haven't been overly impressed.
I've also seen it get some things completely wrong. I asked to to explain currency hedging and it got this wrong.
I heard it described as 'hyper charged autocomplete' in a youtube video discussing what the current AI really is.
Basically, it is searching the entire of its database and picking the next word one word at a time. Iteratively, it will get better depending on how users instruct it or report to it how it did. But it is still not capable of telling you anything you don't know in a way you can use in a fact-based environment.
I think this is why it's so good with art, music and fiction, as this is subjectively viewed. But don't rely on it to explain currency hedging unless you know what that is. What I want ChatGPT to do is explain it in a few different ways in much less time than I can, so I can refine and improve its output to speed up my work.
Funny you should say that, I asked it to explain currency hedging and it got it wrong!
It did apologise when I pointed it out though.
Also in a somewhat scary example I asked Bard, Google version of ChatGPT, if AI could break into a government email account.
Initially it told me it would never do such a thing as it was unethical, but weirdly when I pointed out that I had asked it if it could, not if it would, it told me that it could but it has controls that stop it from being used this way.
There is definitely a way of asking them a question to get the right answer.