GPT-4 vs. ChatSonic

While both GPT-4 and ChatSonic are powerful language models, there are some key differences between the two. Firstly, GPT-4 has more than 10 times the number of parameters as ChatSonic, which means it has a much larger capacity for processing and analysing language. Additionally, GPT-4 has been trained on a much larger corpus of data, making it more capable of handling a wider range of topics and contexts.

Another key difference between the two models is the way they are designed to interact with humans. ChatSonic is primarily designed as a chatbot, meaning it is optimised for answering specific questions and carrying out specific tasks. GPT-4, on the other hand, is a more general-purpose language model that can carry out a wide range of language-related tasks, from summarising documents to generating creative writing.

In terms of accuracy, both GPT-4 and ChatSonic are highly accurate, with GPT-4 boasting an even higher level of accuracy than its predecessor, GPT-3. However, it is important to note that accuracy is not the only metric by which these models should be judged. Other factors, such as speed, flexibility, and ease of use, are also important considerations.

Embracing the unknown

While many AI tools we’ve covered so far have specific purposes, GPT-4 offers a more general-purpose utility with vast potential. This potential excites some and concerns others. Therefore, it’s crucial to use GPT-4 and similar AI tools within your comfort zone.

So, what could you actually use it for in a financial planning practice?

Some AI tools are designed to be implemented and used daily because their purpose is to eliminate noise and allow you to be more productive. GPT-4 is unlikely to be your everyday hero but rather a saviour in times when you really just need something done.

And that in itself is the beauty of this tool because its wide parameters allow you to seek help in so many varied yet specific ways.

USE IT TO OPTIMISE YOUR EXCEL WORKBOOKS

Most financial planning software these days is designed to eliminate the need for large Excel workbooks yet so many of us still rely on a good old spreadsheet because it’s quick, reliable, and allows you to isolate specific calculations/scenarios.

If you want to level up your Excel game, here are some ways GPT-4 can help you:

• Data cleaning and transformation. Use GPT-4 to clean and transform raw data into a more structured and usable format. It can help identify patterns, correct inconsistencies in data, and generate relevant formulas to automate data transformation tasks.
• Natural Language Processing. Use it to analyse and extract information from text-based data in Excel. You can use it for sentiment analysis, keyword extraction, or text summarisation, depending on your specific needs.
• Automating reports and dashboards. Create dynamic reports and dashboards that automatically update with new data. It can help generate insights from the data and display them alongside charts and tables for easy interpretation.
• Forecasting and predictions. Leverage its predictive capabilities to perform time series analysis or forecasting. GPT-4 can analyse historical data, identify trends, and make predictions for future values based on patterns it recognises.
• User assistance. Use it as an interactive help system to provide context-sensitive assistance to your users based on their current tasks or questions. Its ability to understand natural language queries means it can provide relevant solutions, tips, or tutorials for a user to follow.

IMPROVE YOUR WORKFLOWS

As with the example above, most financial planning software now is designed to automate your workflows as well as your modelling and research. But an automated workflow isn’t always an efficient one, and the system still relies on you to input the various process steps and tell it what to automate.

Pair the CRM capabilities of your financial planning software with GPT-4 to create an automated workflow that is also efficient:

• Workflow optimisation. Utilise GPT-4’s analytical capabilities to evaluate the effectiveness of your current workflows, identify bottlenecks or inefficiencies, and suggest improvements. It can also analyse historical data, process documents, and identify patterns that can lead to optimised workflows.
• Task assignment and prioritisation. Use GPT-4 to prioritise tasks based on urgency, deadlines, or other custom criteria, ensuring that high-priority tasks are addressed first. You can even use it to analyse incoming tasks and automatically assign them to the appropriate team members based on their skills, expertise, and availability.

We’re not suggesting that you attempt to somehow integrate GPT-4 into your financial planning platform/CRM. Rather we are suggesting that you rinse your existing workflows through GPT-4 and get a good analysis of what needs to be automated and what doesn’t so that whatever you build in your CRM runs as efficiently as possible.

HELP YOUR CLIENTS FILL OUT COMPLEX FORMS

The best scenario, particularly during implementation, is to have your client sitting opposite you while you’re completing application forms, and a client services officer on hand to make sure nothing is missing. You can provide direct guidance and ensure the form is completed correctly. But what happens when your client is remote and/or your client services officer isn’t around to help?

GPT-4’s natural language processing capabilities can be used to help your client understand complex or lengthy form instructions. It can:

• parse the instructions,
• provide simplified explanations, or
• answer user questions related to the form.

Here are some video examples of GPT-4 in action:

• Instructions on creating an Excel calculator to help determine a client’s carry-forward contributions and concessional cap.
• A compliance checklist from fields in an investment application form.