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Thursday, June 1, 2023

Would you risk following the financial advice of an artificial intelligence?

NY- Paul Weineran artist, has been experimenting with iartificial intelligence (AI) since last year, generating Visual misinformation created with AI and seeing if it gets the images out. But recently, she turned to ChatGPTa chatbot that has the ability to answer complex questions, for a very different reason: as her 30th birthday approached, she decided to ask him for advice on her retirement plan.

Maybe ChatGPT would give me answers that I would otherwise get from someone I would have to pay a lot of money to”, he commented.

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Generative artificial intelligence like ChatGPT has knowledge workers fearful of the impact it could have on their jobs and consumers increasingly interested in knowing which expensive services might soon be replaced with a software instruction.. Now what As the investment industry is turning to artificial intelligence as a financial planning and advisory tool, the values ​​of accuracy, humanity, safety and accessibility are struggling to retain relevance. In the future, Who or what will we ask for advice on the most important decisions in our lives?

ChatGPT recommended to Weiner to open a cRoth individual retirement account and certificates of deposit, as well as automate your savings and create a budget. She has yet to open any of these accounts or contact a financial advisor, as the chatbot also suggested.

Throws a lot of information at you at the same timeWeiner said. He didn’t find brief explanations of what a certificate of deposit does or the differences between a Roth individual retirement account and a traditional one. He concluded that it might be more helpful to talk to a financial advisor.

$!Paul Weiner, an artist, who has been experimenting with artificial intelligence (AI) since last year.

Paul Weiner, an artist, who has been experimenting with artificial intelligence (AI) since last year.

But that brings me back to the reason I’m using ChatGPT in the first place… it’s free.“, he pointed.


Delyanne Barros, a wealth management instructor, said she believed most of the hundreds of thousands of people who follow her on social media had no idea what it was. ChatGPT. Am I the only one fascinated by this thing?, asked. When he asks his followers if they have used it, he recounted: “They reply: ‘What are you talking about?’”.

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It’s teaching them the basics: There’s a free version of the service, and it works as more than just a Google alternative.

Barros has also used ChatGPT for verify the calculations related to your retirement plan. As useful as she is, she’s not worried about chatbots replacing her.

With something like investing, as a personal finance educator, I don’t care, because I realize it’s not like they’re going to say, ‘We don’t need you anymore. We have ChatGPT’”, he claimed. “If anything, this is going to be a tool that’s going to enhance the counseling experience that I give people, but it’s certainly not going to replace us, because people still need a lot of guidance.”.

Even if you’re not familiar with generative AI, chances are you’ve already used it.

Intuit began integrating artificial intelligence into its software products, including Mint and TurboTax, more than a decade ago, said Ashok Srivastava, the company’s executive vice president and chief data officer. Currently, he commented that the platform makes 58 billion machine learning predictions a day. QuickBooksanother Intuit product, predicts small business cash flow, and the company has observed that when it gives users AI-based advice, 95 percent of small business owners abide by it.

Your strategy follows combining human interactions with others based on artificial intelligence. For example, clients can meet in person with an expert and then, the AI ​​creates a categorized and tagged summary of the conversation for you to review later.


So far, the technology is promising, but it’s not 100 percent accurate.

These systems tell plausible stories and give you ideas that are plausible, but not necessarily correct.Srivastava said. “We focus on giving the person the right experience, rooted in reality and in data properly personalized to their needs, so that they can make the best financial decisions from now on.”.

$!The financial services industry is planning how to incorporate tools like ChatGPT into their products.

The financial services industry is planning how to incorporate tools like ChatGPT into their products.

Srivastava indicated that he did envision a future in which humans were left out of the financial planning equation.

I grew up in this field, I’ve seen it evolve, and this is amazing technology.“, he claimed. “I think the human connection is still important. I imagine we’ll want to help CPAs, bookkeepers, financial planners, and financial advisors—all members of this ecosystem—grow and prosper along with the use of artificial intelligence.”.

Josh Pigford, Founder and CEO of maybewas developing a platform for personal finance management to help people make financial decisions when he debuted ChatGPT. A few months ago, Maybe was redesigned from the ground up, this time with GPT, the technology behind ChatGPT, as the base of the platform. The process always starts with a question that people want answered, Pigford explained.

Initially, the procedure was to give you access to a financial adviser who could answer those questions directly.Pigford added. “When we started testing GPT’s abilities with respect to those tasks, we realized that, well, GPT could do it quite well.”.

Things got even more interesting when people started entering financial and personal details like age, location, and goals. The system could then take into account everything from dependents to joint returns to local tax codes — details a financial adviser might use — and deliver results directly to the client.

This, of course, alludes to the issue of privacy. In the system of maybebanking information is protected and does not reach the hands of Open AIthe company that created ChatGPT.

Hallucinations—lChatGPT’s tendency to generate incorrect information— have also become worrisome. Pigford and his team identified this problem during their early tests.

At one point I would make up entire transactions and produce a whole story like, ‘You bought this item at Home Depot to freshen up your living room.’”, he narrated. “That’s a real problem”.

Therefore, Pigford believes that it is too soon to get rid of the flesh and blood professionals. “I think there will be a transition period in which humans will still be needed.“, he pointed. “The goal is not to completely do without the financial advisor”. c.2023 The New York Times Company.

By Paulette Perhach The New York Times.

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