Financial Planning With AI: How Will It Work - The New York Times

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Financial Planning With AI: How Will It Work - The New York Times

The financial services industry is plotting how to incorporate tools like ChatGPT into its products. But humans will still be necessary to provide personal advice. Send any friend a story As a subscriber, you have 10 gift articles to give each month. Anyone can read what you share. Credit... Will Cordell By Paulette Perhach Paul Weiner, an artist, has been experimenting with artificial intelligence for the past year, generating A.I.-created visual disinformation and seeing whether he can get the images to spread. But recently, he turned to ChatGPT, a chatbot that has the ability to respond to complex questions, for a much different reason: With his 30th birthday looming, he decided to ask it for advice about retirement planning. “Maybe ChatGPT would have some answers that I might otherwise get from someone who I’d have to pay a lot of money to,” he said. Generative A.I. like ChatGPT has knowledge workers gripping the rails, bracing for how it might affect their jobs, and consumers leaning in to see what costly services could soon be replaced with a prompt. As the investment industry turns to artificial intelligence as a financial planning and advice tool, the values of accuracy, humanity, security and accessibility are jostling for prominence. In the future, who — or what — will we be asking to advise us on some of life’s most important decisions? ChatGPT recommended that Mr. Weiner open a Roth individual retirement account and certificates of deposit, as well as automate his savings and create a budget. He hasn’t yet opened any of the accounts or, as the chatbot also suggested, worked with a financial adviser. “It’s a lot of information that gets thrown at you pretty quickly,” Mr. Weiner said. He found the short explanations insufficient for what a C.D. does or the differences between a Roth I.R.A. and a traditional I.R.A. He concluded that speaking to a financial adviser would probably be more helpful. “But that kind of circles back to the whole reason I’m doing this on ChatGPT to start with — it’s free,” he said. Image Credit... Will Cordell A.I. has joined the financial chat Delyanne Barros, a money coach, said she felt that most of the hundreds of thousands of people who follow her on social media had no idea what ChatGPT is. “Am I the only one geeking out on this thing?” she asked. When she asks her followers if they’ve used it, she said, “they’re like, ‘What are you talking about?’” She’s teaching them the basics: There’s a free version of the service, and it works as more than just a Google alternative. On Instagram, she asked if any investing newbies had asked ChatGPT to teach them to invest. Some had tried but reported that they kept getting stuck in a loop of repetitive answers. Ms. Barros found that she was able to get valuable information about allocations, tax efficiencies and retirement withdrawal rates, but she posits that was because she had knowledge of the investment terms she needed to use. “You have to know how to frame the questions,” she said. “A lot of people don’t understand that you get an answer to something and it can build on that answer. You can ask follow-up questions, and it’s like a chain.” Ms. Barros has also used ChatGPT to double-check her calculations regarding her retirement plan. Despite its handiness, she is not worried that chatbots will replace her. “With something like investing, I’m not concerned as a personal finance educator, because I can see that it’s not like: ‘Oh, we don’t need you anymore. We have ChatGPT,’” she said. “If anything, this is going to be a tool that’s going to enhance my coaching experience with people, but it’s definitely not going to be replacing us, because people still need a lot of guidance.” Even if you don’t think you’re familiar with it, chances are you’ve already been using generative A.I. Intuit started to integrate A.I. into its software products, which include Mint and TurboTax, more than a decade ago, said Ashok Srivastava, the company’s senior vice president and chief data officer. Today, he said, Intuit’s platform performs 58 billion machine learning predictions per day. Another Intuit product, QuickBooks, predicts cash flow for small businesses, and the company has found that when it gives users advice based on artificial intelligence, 95 percent of small-business...