Where AI Is Innovating – Episode 509 

This transcript was auto-generated and may contain errors.

[00:01] Welcome to the Prosperity Podcast. Prosperity thinkers, welcome to the podcast. We’re gonna be talking about AI. It’s what everyone’s talking about. We’ll maybe come up with the AI financial advisor, GPT chat something, but really there is a place for where AI is revolutionizing. And then there is something that humans do that no AI can take over. So Kim, you just came off of an influx of innovation from Abundance 360. So feed us and then we’ll get to the AI. So happy to do. Well, it’s interesting because I attend Peter Diamandis’ Abundance 360 event every year. This, the last few years virtually, and it is amazing the material that comes from that event and how much confidence it gives me.

[00:57] And so I block the days and listen to most of it live. I had to grab some of the recording, but it is such a gift that strategic coach gives all the strategic coach participants in our ability to learn from the people that Peter has on the stage. And one of the things that came out loud and clear in numerous presenters information is that there is a unique human skill that AI will probably never replace entirely. It might augment, it might supplement, et cetera, but it’s the raising of money. And when I think of the work that I do, that’s basically raising money. I’m not raising money for an investment fund like somebody would typically think, nor am I raising money for a nonprofit like somebody would typically think

[01:53] when you use the words raising money. But I am helping people move money. And when you do that as a human being, there is a relationship that must be in place. Even though I work virtually, I’ve never, never met many, many, many of my clients, even over Zoom. Much of my work is just over the phone because I feel like that supports our clientele better. Happy to do Zoom, but it’s so fun, first of all, on the podcast, to know that I’m communicating to all of you because people tell me that they feel like they know me from the podcast. I don’t ever get that comment from my YouTube channel, which is video, right? I get the comment from the podcast. And so in the relationship business, in the transformation business,

[02:46] which is usually what raising money is about because you’re moving money from one place to another, it is so cool that even the hardcore artificial intelligence people are very, very clear that that is a unique and effective and probably only done human skill that humans will continue to do even if we use AI to support us. Yeah, I fully agree. And I’ve embraced that. So I wanna get your perspective of like, there’s a level, we’ll call it, meaning the human interaction is the most critical and important piece of that. So we can’t take that away, but we can have AI do almost everything else. So what does that look like? Well, as an example, one of the things that they suggested was take an email interaction,

[03:47] like three or four emails that have gone back and forth between you and a potential prospect and feed it into the AI. So whatever it is, chat GPT or Bard or whichever your current active AI tab is, I leave Bard open on my computer all the time and ask for guidance as to what to say next. And what the AI will pick up on is the emotion in the words that the person is emailing and in between the lines that the person is emailing, which is pretty amazing because the words are obvious, right? Though they could be easily missed, but I love that they are feeling like the AI can pick up on what’s not being said, which is absolutely a unique human skill. So if the AI can help us with that, then we can get to the human element even quicker.

[04:55] So for your practice, the work that you do, you’ve had assistants, you’ve had systems, you’ve had team members. How will this impact them and how will that look when it impacts clients and prospects? Yeah, well, very specifically, we’re going to add in an AI scheduling assistant, which in a way with Calendly, I feel like we already have, but we’re going to take it further and use some text capability to take the onus off of our, what I would call sales assistants. So there’s paperwork assistants like Teresa, and then there’s sales assistants like Teresa, like she performs both roles. And then Rayann is another example of one of the virtual assistants that we use. It’s a human being that is on the service side

[05:57] and so you could call it on the paperwork side, but I don’t really have a, so maybe a better word is a prospecting assistant right now, not to find prospects, but to get the prospects that we have, those of you that listen to us, but are not clients of ours on my calendar when they’re ready. And this is what I love about an AI that would text you and say, are you interested in having a conversation about filling the blank? We’ll probably have some specific and different ideas. And then if the person responds, then the AI reaches out again with some times to schedule. And that way, nobody feels bothered. People’s email inboxes, which are already overloaded, are not continually added to. Now we’ll keep doing our weekly newsletter like we do,

[06:56] but I think the text scheduling space will let our prospects and clients feel a little bit more supported. And what’s so cool is my team doesn’t feel threatened by that. My gosh, that’s just gonna help. It’s gonna take some load off them. It’s gonna add more clients and prospects opportunity to my calendar, which we all want. And my team’s very, very clear that AI is here to help us, not replace us. Yeah, I think it’s a limiting belief and mindset that people have when they feel threatened by AI and a prosperity mindset. And what I try and share with our team members is that if we can get a robot to do your job, we absolutely want to do that and we wanna replace you, but we wanna replace you up.

[07:51] And I think that all of us should work from that prosperity lens of getting replaced up. So for you as an advisor that’s mastered this for decades, there are probably things that you can see that newer advisors can’t, meaning they probably think like, they’re gonna have a flood of new leads or they’re gonna be able to convince more people. And I would imagine you’re probably looking at it like, okay, wait, I can focus on depth and context and supplement their quality. Yeah. So what other pieces came from Abundance 360 that made you say, Oh my gosh. I need to like, my eyes are open and the water faucet came on. Yes, yes. Well, I always come away with pages and pages of notes and I’ll spend actually the next three or four weeks

[08:49] distilling them and purposely saying no to some things because I always get so, like I said, confident and excited about what AI can do and what other pieces of technology can do and where our country is headed, where our world is headed in terms of the good that can come about. And so I will usually in a two or three week period get down the nuggets to a degree and a specificity that I can then make some yes decisions with. In other words, say no, say no, this doesn’t work. This isn’t right timing. This doesn’t affect me at all. You know, like 3D materials printing. Well, I am not in that space. It’s curious, but don’t really need to have a lot of info about it. So after I’ve weeded all that out,

[09:44] I always try to share with our community some very specific things. And I’ll do that via podcast and blog post that I think other people can take action on. So right now, if anybody feels like they wanna take some action, the thing that I would encourage the most and Spencer, I know you have done this too to your community, and that is to get on bard.com or chatgbt.com or whatever the proper links are. You can find them and sign up. Sometimes you have to get on a waiting list, but they are working through their waiting lists pretty quickly these days, I think, and just try it. Ask it some questions, get your kids involved. If you have kids at home, I’m hearing that teachers in the school system are finding their way

[10:36] to make it a legitimate experience. And this is where having a prosperity perspective is so important because it’s very easy to just say, oh, well, this is cheating on a paper. Well, yes, that is one thing that could happen, but how could it be used for good? How could it be used to support the research? How could it be used as a source or not? Some teachers are gonna say, I don’t want it in my classroom, and others are gonna fully embrace it. So it’ll be interesting to see as we go forward, but that’s what I would encourage people to do is just get in there and try it and play with it. Yeah, I agree. For you, what are some other ahas, tools, innovations that you saw? Well, I think the other space is the robots.

[11:24] And so there is one particular robot and the name of it is blanking from my mind right now, but it’s about a $1,500. You could call it a toy that is designed to be a playmate for children. But what’s so funny is that they have found out that it is a very valuable playmate for senior citizens that are lonely. And so it is something, and I’ll see if while we’re, we’ll put it in the show notes. That way I won’t try to think about it while we’re speaking. But I sent it to a couple of people that I know that have a parent, a very senior parent at home by themselves and how amazing this thing is at communication. And so you can almost think about it like Alexa, but upgraded immensely. And it’s also nice looking.

[12:29] Like it looks like a little, kind of like a little stuffed animal. It’s not soft, but you know, that you would like sit on your table and actually communicate with it. It’s eyes moving. It’s not making any attempt to be human. In fact, it’s very clear that it’s a robot. And that’s actually one of the things that they said about the robots is when they attempt to make them look human, they’re actually freakier than if they just make them look like R2D2 or whatever. That’s so true. In fact, Replica, R-E-P-L-I-K-A was the relationship robot and it got too real relationship wise. And when they shut that relationship side down, people started going into depression. It was valuable to them in terms of

[13:21] somebody to talk with. So yeah, it is an interesting space. And I know that we’re gonna see more and more robots in restaurants and in service positions and that kind of thing. And frankly, I can’t wait because sometimes, I mean, in our little town with the service that we get, I would rather have a robot. Like it would be way better. So I’m looking forward to it. Yes. For all of you listeners, we have covered AI. I think, at least for me, because I’ve invested a lot of time and money into it. And I’ve pinged things to Kim and tried to get feedback. And Kim’s always been very prosperous in your thinking you have. And what’s really interesting is that we are just scratching the surface with what we can do.

[14:18] And it’s a time where I think we’re gonna look back and we’re gonna say, wow, for it. The small decisions are really easy. Small decisions of like, you know, research. But like big decisions with finances, absolutely need an advisor at all times. Yeah, and you’ve gotta have it personalized. The fact that the AI can spew information left, right and center is not necessarily the health bread place. Yes, absolutely. Well, Kim, thank you for sharing your feedback with AI, what it looks like for advisors and what we’re gonna be doing in the future. Thank you for listening to the Prosperity Podcast. To take control of your money and have it work for you, visit ProsperityThinkers.com.