TomorrowMakers

Discover why ChatGPT won't be able to replace efficient human financial planners! AI bots are still lagging behind humans. Find out why and how!

ChatGPT For Financial Advice

OpenAI launched its revolutionary AI chatbot, ChatGPT in November 2022. ChatGPT has become immensely popular with every updated version. And why not? ChatGPT has proven its ability to complete any task after submitting a proper prompt. And this naturally created some tension among the masses about their role in the future world. Naturally, the financial advisory committee is also facing the same stress.

So, is the advancement of ChatGPT or similar AI bots going to outrun human capabilities? Or is it going to help humans to work more efficiently? Let's find out the answer by understanding the facts more logically.

Highlights:

  •         Chatbots are powerful tools for gathering relevant knowledge about investing
  •         Financial advisors still have a firm grip as planners over ChatGPT
  •         ChatGPT is Phenomenal yet emotionless
  •         Financial advisors are experienced persons in real-market scenarios

Understanding ChatGPT vs Human Role

ChatGPT As An Advisor

ChatGPT operates on the giant-sized data that has been fed into it already. ChatGPT has mastered coding as well as human languages. Moreover, it is also immune from accidental data loss compared to the human mind. It can answer any queries. If your prompt lacks any valuable information, AI chatbots can misguide you catastrophically in some cases. 

Financial planning depends on several factors, like your financial goals, time horizons, risk tolerance, etc. And this is where AI bots are failing to assess these factors.

Imagine two people having the same data in their hands. However, one of them has an extra perk i.e. years of practical experience.  Who then are you going to choose?

Also Read: Make The Right Move: Assessing The EPF-EPS Mix For Your Retirement

Emotion Management

ChatGPT can have a large data box but lacks emotion. We all know how emotion plays a role in any financial decision. Whether investing in the stock market or purchasing an insurance plan, financial advisors help you make the right choice considering your underlying conditions, while emotionless AI models can produce some half-baked opinions only.

State Of Emergency

Financial instruments, especially stocks and mutual funds are exposed to market volatility. Thus your portfolio growth is directly subject to the various monetary events throughout the year like budget, global events etc. Also, we may face some urgent financial emergencies. 

In such unavoidable incidents, chatbots will fail to provide proper judgements. On the other hand, your financial advisor can assess the crisis and take decisions on your behalf. And those decisions will be curated by their practical experiences in multiple real market scenarios.

Also Read: SIPs Can Help Turn Rs. 10,000 To Rs. 22.66 Lacs In 10 Years

ChatGPT is a phenomenal discovery in this tech-centric world, but there is still a large gap between chatbots and humans. Technological advancements have been happening fast, but gathering human intelligence will not be enough to replace human financial advisors. You can ask ChatGPT to solve any general queries, but when it comes to complex investment strategies, it is always better to rely on human judgements. 

Click here for the latest articles

Disclaimer: This article is intended for general information purposes only and should not be construed as insurance or investment or tax or legal advice. You should separately obtain independent advice when making decisions in these areas.

OpenAI launched its revolutionary AI chatbot, ChatGPT in November 2022. ChatGPT has become immensely popular with every updated version. And why not? ChatGPT has proven its ability to complete any task after submitting a proper prompt. And this naturally created some tension among the masses about their role in the future world. Naturally, the financial advisory committee is also facing the same stress.

So, is the advancement of ChatGPT or similar AI bots going to outrun human capabilities? Or is it going to help humans to work more efficiently? Let's find out the answer by understanding the facts more logically.

Highlights:

  •         Chatbots are powerful tools for gathering relevant knowledge about investing
  •         Financial advisors still have a firm grip as planners over ChatGPT
  •         ChatGPT is Phenomenal yet emotionless
  •         Financial advisors are experienced persons in real-market scenarios

Understanding ChatGPT vs Human Role

ChatGPT As An Advisor

ChatGPT operates on the giant-sized data that has been fed into it already. ChatGPT has mastered coding as well as human languages. Moreover, it is also immune from accidental data loss compared to the human mind. It can answer any queries. If your prompt lacks any valuable information, AI chatbots can misguide you catastrophically in some cases. 

Financial planning depends on several factors, like your financial goals, time horizons, risk tolerance, etc. And this is where AI bots are failing to assess these factors.

Imagine two people having the same data in their hands. However, one of them has an extra perk i.e. years of practical experience.  Who then are you going to choose?

Also Read: Make The Right Move: Assessing The EPF-EPS Mix For Your Retirement

Emotion Management

ChatGPT can have a large data box but lacks emotion. We all know how emotion plays a role in any financial decision. Whether investing in the stock market or purchasing an insurance plan, financial advisors help you make the right choice considering your underlying conditions, while emotionless AI models can produce some half-baked opinions only.

State Of Emergency

Financial instruments, especially stocks and mutual funds are exposed to market volatility. Thus your portfolio growth is directly subject to the various monetary events throughout the year like budget, global events etc. Also, we may face some urgent financial emergencies. 

In such unavoidable incidents, chatbots will fail to provide proper judgements. On the other hand, your financial advisor can assess the crisis and take decisions on your behalf. And those decisions will be curated by their practical experiences in multiple real market scenarios.

Also Read: SIPs Can Help Turn Rs. 10,000 To Rs. 22.66 Lacs In 10 Years

ChatGPT is a phenomenal discovery in this tech-centric world, but there is still a large gap between chatbots and humans. Technological advancements have been happening fast, but gathering human intelligence will not be enough to replace human financial advisors. You can ask ChatGPT to solve any general queries, but when it comes to complex investment strategies, it is always better to rely on human judgements. 

Click here for the latest articles

Disclaimer: This article is intended for general information purposes only and should not be construed as insurance or investment or tax or legal advice. You should separately obtain independent advice when making decisions in these areas.