A major part of financial advice is analysing and recommending a product. Can a robot do this?
I asked ChatGPT3 (the old version of the new AI sensation) “what superannuation funds in Australia have a low cost and high performance” as well as “do a quantitative analysis on BHP shares”?
The response in the video was immediate and free.
ChatGPT4 and future versions will only get more accurate and powerful and the cost will be very reasonable. Will financial planners of the future incorporate ChatGPT on their website on a “user pays basis”? A user will get the information they need immediately for a few dollars with an option to escalate to a human adviser.
A product can only be recommended by a licenced adviser and ChatGPT understands this by acknowledging “As an AI language model, I cannot provide specific financial advice, nor can I endorse any particular superannuation fund in Australia. However, I can give you some information that might help you identify low-cost, high-performing super funds. “
AI can show a clear path without making a recommendation but my prediction is “the tail will wag the dog” and things will change to accommodate AI and the efficiencies it brings. Future legislation will allow AI to do more to bring down costs.
As described in my earlier post on this topic, AI can calculate contribution needs to meet retirement goals. As shown in this video, it can also help choose products.
It is affordable and accessible.