In a recent episode of The Retirement Space Podcast, I discussed generative AI applications such as ChatGPT and Bard and how they rapidly change the content creation landscape. For those of you who tuned in to episode #7: Blending Generative Al with Human Expertise, you'll recall I mentioned this post as a companion piece to that episode, providing a written version of the workflow I discussed, my prompt cheat sheet, the full-text version of the prompt I used to create the sample article in the episode, and the final article.
Preparation
Before beginning a workflow to create content using generative AI applications, you’ll want to secure access to all the tools needed to complete the process. In the workflow I describe in this article, I use the following applications:
- Microsoft Word - I use the offline version
- Grammarly - https://www.grammarly.com/
- ChatGPT - https://chat.openai.com/ - I use version GPT-4
- Bard - https://bard.google.com/
Note: It’s not essential to use more than one generative AI (ChatGPT and Bard), but I find it an advantage at times to use both, compare their responses, and take the best parts from each version.
Workflow
My workflow is organized into three phases: Visualize, Research, and Create
Visualize
I start by being as clear as possible about what impact I’m trying to make with the content I'm creating. At a minimum, I should be able to answer the following five questions:
- What is the topic of the piece
- Who is the author
- Who is the intended audience
- What is the intended benefit to the audience
- What is the intended benefit to the author
Research
Next, I gather any facts or references I might need to ensure the accuracy of the output. Documenting this information in advance enables me to check the applications' work and make adjustments or corrections along the way.
Create
Following are the steps I use to create the content.
- Compose the prompt. - See the Prompt Cheat Sheet below for details
- Enter the prompt into ChatGPT.
- Iterate with ChatGPT by asking it to modify the output.
- Once I have a version of the output that is a good starting point, I ask ChatGPT to generate a readability review of the last version.
- Based on the readability review, if I feel I need to adjust the output, I'll iterate with ChatGPT.
- When I have a version of the output I'm happy with, I copy it into a grammar app like Grammarly.com.
- In Grammarly, I adjust grammar, punctuation, and rewrite for clarity where necessary.
- In Grammarly, I check for plagiarism and remove or rewrite any plagiarized passages.
- In Grammarly, I review its readability rating as a second opinion.
- The previous steps can be repeated using a second generative AI app like Google's Bard.
- If I used a second app, this is the point when I combine the best parts of each into a single version.
- Copy the draft into Word and make any style and accuracy adjustments necessary.
- Copy the draft back into the grammar app for a final grammar check.
- For longer pieces, I prefer to let the content rest for at least a few days and then return to it with fresh eyes to make final edits.
- When I'm finished with all edits, I make any final additions, such as regulatory disclosures, disclaimers, citations, references, or credits.
- Copy the final version back into ChatGPT and ask it to create an SEO description not to exceed 160 characters. This is only necessary when the piece is being posted online.
- Note: I have not included other steps that might be necessary to complete a piece of content, such as including graphics, creating internal or external links, etc. Those items are beyond the scope of this article. However, generative AI apps are helpful in completing those steps also.
Prompt Cheat Sheet
Below is the list of items I might include in a prompt when creating content with generative AI apps like ChatGPT and Bard. I don't always include each of these items in a prompt; however, this list is a good starting point for short- to medium-length pieces of written content.
- Topic
- Author (writer)
- Author persona
- Audience (reader)
- Benefit to audience
- Benefit to author
- Content format (blog post, article, script, outline, etc.)
- Specific format requests
- Sub headers – usually specified for blog posts
- Keywords – usually specified for online content to improve SEO score
- Lists or bullets
- Analogies or examples
- Target length of output - specified in word count
- Tone or style (professional, casual, humorous, etc.)
- Readability level - typically specified as grade reading level
- Specific constraints
- Specific emphasis
- Specific contextual information the app should have as reference
- Title details or formatting
- Call to action
Prompt Example
Here is the prompt I used for the sample article I created for the podcast episode. Reading the prompt below, you can see how I covered most of the prompt categories from my Prompt Cheat Sheet above.
- Write a blog post about the prudent expert rule as defined by the Employee Retirement Income Security Act of 1974 (ERISA).
- Write the post as if the author were a defined contribution plan advisor writing to an audience of employers who sponsor defined contribution plans.
- Explain the importance of why defined contribution plan fiduciaries should know and comply with the prudent expert rule.
- The purpose of the blog post is to increase the author’s brand awareness for his or her advisory practice, demonstrate their knowledge of the subject matter, and cause the reader to engage through a call to action.
- Make the output 500 to 600 words in length.
- Use a professional tone and style.
- Use subheadings every two to four sentences.
- Determine three keywords for SEO purposes and use them within the post.
- For your information, I've provided the excerpt from ERISA where it states that the prudent expert rule requires a fiduciary to act 'with the care, skill, prudence, and diligence, under the circumstances then prevailing, that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.'
- Explain how the rule is different from a common standard of prudence.
- Create a title that is curious, identifies a problem, and is in the form of a question.
- Include a call to action for the reader to contact the author if they want to discuss this topic further.
Final Article
Are You Adhering to the Prudent Expert Rule?
(Note: The article below is a fictitious blog post demonstrating how I combine output from generative AI apps like ChatGPT and Bard with human editing. I created the first draft with AI apps, then edited it into the version you see here.)
As an employer who sponsors a defined contribution plan, ensuring its proper management is crucial. It's not just about ticking off a checklist; it's about understanding and adhering to the fiduciary standards set by laws and regulations.
One such standard is a legal concept often called the "prudent expert rule," which was established by the Employee Retirement Income Security Act of 1974 (ERISA). This rule may seem straightforward, but understanding its depth and nuances can make a huge difference.
The Prudent Expert Rule Explained
ERISA mandates that a fiduciary act "with the care, skill, prudence, and diligence, under the circumstances then prevailing, that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims." In simpler terms, if you're a plan fiduciary, you're held to a high standard of care that reflects the expertise of someone well-versed in such matters.
In a nutshell, this is the prudent expert rule.
How It Differs from a Common Standard of Prudence
Prudence is commonly defined as acting with reasonable care, caution, or judgment. However, the prudent expert rule elevates this standard. It's not just about common sense or generic knowledge; it's about what a well-informed, experienced individual "familiar with such matters" would do. Essentially, ERISA expects you to behave like an expert, even if you're not one.
This rule implies that lacking the necessary expertise isn't an excuse for inexpert behavior; you must seek out professional guidance to help you fulfill your fiduciary duty.
Why Fiduciaries Should Strive to Comply
Legal Ramifications:
Not adhering to the prudent expert rule could open the door to legal consequences. If a fiduciary fails to act according to this standard, they may be held personally liable for any resulting losses to the plan.
Benefit to Participants:
Ensuring you meet this standard isn't just about legalities; it's about the well-being of the plan's participants and beneficiaries. Employees trust that their retirement savings are being managed correctly, and adhering to the prudent expert rule ensures this trust isn't misplaced.
Bringing in External Expertise:
Recognizing the weight of this responsibility, many employers turn to external advisors to help them navigate the complexities of plan management. By doing so, they ensure they meet the high standards ERISA sets while also offering the best to their employees.
Why Engage an Advisor?
Given the strict requirements set by ERISA, managing a defined contribution plan can sometimes feel overwhelming. However, by partnering with an advisor who understands the ins and outs of complying with the prudent expert rule, you're not just protecting yourself from potential legal issues—you're ensuring that the retirement futures of your employees are in good hands.
Engage in a Conversation Today
If the complexities of managing your defined contribution plan feel daunting, you're not alone. As a seasoned plan advisor, I'm here to help. Let's ensure your plan meets the high standards set by law and provides the best for your employees. Contact me today to discuss how we can work together to safeguard your company's future and workforce.
Note: Always seek advice tailored to your unique situation. The content provided here is for informational purposes only, and you should not consider it to be financial or legal advice.
*-*-*-*-*-*-* end of article *-*-*-*-*-*-*
The ever-evolving landscape of content creation is being transformed by generative AI tools like ChatGPT and Bard. These tools offer unprecedented possibilities for streamlining the content generation process and elevating its quality to new heights.
The synthesis of technology and human expertise is opening up new avenues for content creators to reach their audiences and achieve their goals. As we continue to evolve with this trend, it is imperative to stay informed and adapt to the latest developments.
I encourage you to revisit episode #7 of The Retirement Space Podcast: Blending Generative Al with Human Expertise for further insights into the future of content creation.
