For this episode, we asked ChatGPT and Google Bard: "Write a podcast outline on how will ChatGPT/Google Bard change the financial planning industry?" Here is the second part of each chatbot's outline.
Discuss potential concerns and limitations of using ChatGPT in financial planning:
o Make mistakes that could lead to financial losses.
o Be biased in its advice, which could lead to people making poor financial decisions.
o Not be able to understand all of the nuances of a person's financial situation, which could lead to bad advice.
Overall all, we believe that AI technology is good at gathering, processing, and analyzing raw data. It will help advisors to scale their practice rapidly. But as always, a brilliant plan is only great when executed correctly. Until the machine learns to feel (oh man, we hope not), we will always need a human touch in the financial planning industry. Because most of the time, people choose not the best plan, but the one that makes them feel complete, relaxed, and happy.