Let Me Clarify
While advances in artificial intelligence, or AI, continue to dominate headlines, as a firm we’ve had numerous discussions about the future role of AI in our field, financial services. We’ve considered the ways this technology could benefit our clients, like 24-hour accessibility to quickly and effortlessly answer questions like, “What is the Roth IRA contribution limit?”. In other areas, questions like, “Are my kids protected when I die?” might prove difficult to find the same level of trust that you would hopefully get from a human connection.
In our effort to explore and understand how AI technology will shape and change the future of the financial services industry, we decided to ask a popular language AI, ChatGPT, the question, “Can AI ever replace having a financial advisor?”
We couldn’t agree more. While AI can impressively mimic human language, it can never truly replicate the human-to-human connection. Simple advice you receive, such as the limits to a 401(k) can be replicated, but the true value of an advisor always has been, and always will continue to be, the trust and accountability of having another person with you and your family’s journey to financial security. And that is something no amount of programming or algorithms can ever completely replace. However, it can replace the task of trying to creatively name a blog piece.