Increasingly, financial professionals are leaning into artificial intelligence to do investment research. But amateur investors should proceed with caution.
If we’re using ChatGPT to compose emails for us, create a new resume, or even get movie recommendations , what about stock tips and investment strategies?to do investment research and run future portfolio scenarios and potential returns in their everyday work. There are clear time hacks to tapping technology to cull vast amounts of financial data into digestible summaries and use that knowledge to help clients build their retirement plans .
“AI has the potential to unlock better outcomes and improved access to financial advice for consumers saving for retirement,” David Knox, a senior partner at Mercer, told Yahoo Finance. “If you have other sources of income such as Social Security, pensions, or rental income, you might be able to take on more risk with your investmentsIf you expect a longer retirement, having more in stocks could help ensure your savings last.”Given the importance of this decision, consulting a financial adviser who can tailor advice to your specific situation might be a good ideaFor me, working with a financial adviser is a confidence-builder.
For example, you might not necessarily want to go over the definition of what catch-up retirement contributions are or the difference between a Roth IRA and a traditional one with your financial adviser. “You want to spend time with her doing the most meaty stuff possible,” he told me.“If you want to use AI to do something like help you brainstorm ways to budget, then go for it,” LendingTree senior economist Jacob Channel told me.
To be fair, there is a disclaimer in pale type at the bottom of the screen page: “ChatGPT can make mistakes. Check important information.”
Retirement Plans Investment Strategies Financial Professionals Movie Recommendations Retirement Artificial Intelligence Financial Advice Investment Research David Knox
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