There has been a lot of excitement recently about the development of artificial intelligence (AI) language models. The most well-known of them is ChatGPT, which reached 100 million users in just two months after its launch.
People are using the tool for everything from writing documents to complicated computer coding. Many are saying that the productivity gains that AI offers could be remarkable.
How far could this go? Could ChatGPT replace financial advisers, for instance?
“Artificial Intelligence is the future … and the future is here.” (Dave Waters)
Artificial intelligence (AI) language models like ChatGPT are incredibly exciting. The ability that they have to bring together information and provide answers to a wide range of questions is remarkable.
However, they do have many people worried about whether machines will be taking over their jobs. And financial advisers aren’t immune to this concern.
Especially in a world where younger investors are more likely to look for information and even invest online, AI offers a potential alternative to traditional financial advisers. So, should people rather be taking advice from ChatGPT?
Real people and personalised advice
ChatGPT actually has some excellent and sound things to say about finances. When we asked it how to save more, for instance, it listed six ways to improve your approach to savings, including setting clear goals, automating your savings and creating a budget.
These are good pieces of advice. But they are also generic. And this is where the work of financial advisers goes beyond anything ChatGPT can do.
Proper financial planning and advice is about understanding what the client’s goals and aspirations are. It’s about looking at their personal circumstances and building an individual plan around them.
No matter how much ChatGPT knows about the world of finance, it will never know the individual asking the questions. And that’s where a good financial adviser really makes a difference.
If you want to build a financial plan around you, your family, your dreams and the life you want to lead, ChatGPT is not going to have all the answers. That will only come from someone who can partner with you on a long-term journey.
“Hi ChatGPT, should people ask you for financial advice?”
Perhaps the best explanation comes from ChatGPT itself. We asked whether people should ask it for financial advice. It replied:
“As an AI language model, I am capable of providing general information on a wide range of topics, including finance. However, it is important to note that my responses should not be considered as professional financial advice.
Financial decisions can have significant impacts on one’s financial situation and future. Therefore, it is recommended that individuals seek advice from licensed financial professionals, such as financial advisors, who can provide personalised advice based on individual circumstances and goals.”
To discuss your financial goals, speak to a (human) professional.
Disclaimer – *The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.
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