Will Artificial Intelligence Replace Human Financial Advisers? #trending

April 3, 2023

Technology is always changing and evolving, what does that mean for Financial Advisors? Should we be worried that technology could soon replace certain jobs in the financial space? In this highlight, Brian and Bo discuss what the future could look like with the newest technology out there such as, ChatGBT.

Want to know what to do with your next dollar, you need this free download: the Financial Order of Operations. It’s our nine tried-and-true steps that will help you secure your financial future.


Chris had a question. She said, “I’m curious how, and if, you see the role in advising changing with AI systems like ChatGPT getting more popular and more accessible. So, do you see your role changing with the new advancements in AI in the future?”

So Chris asked, “Hey, are you guys worried about how you see artificial intelligence impacting what you do?” We did a show that released last couple (whenever you’re listening to this). We did a show where we actually said, ‘All right, let’s see how good ChatGPT is before GPT-4, but let’s see how good ChatGBT can answer some financial questions.’ We kind of went through it, and it was fine, but it was googlable, right? Like if you were to Google the same question, you’d get a relatively similar answer. It might take you a little more work to do it.

What I love about our profession, Brian, is being a financial advisor. If you want to talk about what we do in our day job, financial advisors or what we do here in terms of financial educators, there’s science to it and there’s mathematics to it, and they’re like tried and true steadfast rules. But there’s a lot of art to it, right? Like there’s no textbook that walks you through the Financial Order of Operations. There’s a combined 40 years of experience that went into, ‘Hey, here’s the best way to build wealth, here’s the best way to think about allocating resource, here’s the best things to take advantage of.’ There’s some artisanship to that. I think that financial problems and financial questions, they’re always going to be involved. They’re always going to be, ‘Okay, I understand that I have these two choices I can make.’ It’s not always going to be binary ones and zeros, and what’s the right decision, what’s the wrong decision. There’s more flavor that goes into it. I think so long as we live in a world like that, I’m actually more excited because I think artificial intelligence is going to be an asset for us. I think we’re going to be able to utilize it to better serve our audience, better serve our clients, better interact with the world around us, not as something that we’re like hiding from the robots afraid they’re going to steal our job.”

Chris mentioned three quick things. “First of all, I think I’ve hung out with Chat, you know, me and Chat were friends from playing around with it. Here’s what I’ve realized about Chat though: he reminds me of a young Buck Hanson. Oh, okay, very confident, sounds very smart, but it’s the people who aren’t necessarily experts in everything, so it’s like it’s a very educated intern. In the fact that he sounds brilliant and has a lot of potential, but when you actually read the details of the guidance and other things, you know, it’s kind of close but not really good. When Daniel wrote up an FYI, he was actually getting straight-up wrong numbers from the calculation. It sounded so confident. I mean, it was faking until it made it, but it was not quite there. Now, I’m not saying as this thing improves, it’s not going to improve, but right now, you have to be very careful because Chat, like I said, he’s a confident son of a gun, so he’ll tell you the wrong answer but do it with a smile on his face, and you’ll be like, ‘Wow, that thing sounds so smart!’ It might be wrong, so be careful.

The second thing is, I feel very confident in what we do because I can give you tons of free advice on this show. I can load you up. It’s the abundance cycle, where you learn, apply, and grow. But I never worry about my job as a financial planner or the firm of my financial planners because every one of you who comes to me is different. Just like you have different fingerprints, every snowflake that falls is completely different. Every one of you who come through the door is different. I mean, I’m always surprised because somebody will have 80% of their assets in taxable, another person will have 70% in tax-deferred, and another person will have 40% in Roth. And I’m like, “Wow, that’s cool!” Or somebody made their money through selling a piece of land, somebody sold a business, somebody was just a great diligent saver like we talked about in today’s show. Everyone is completely different. I think that nuance is critical thinking, the decision, the incremental things to know how you actually think in an actionable way. The ChatGBT is incredibly good at sorting through big quantities of data; however, from a creative standpoint, it’s not the most creative thing in the world. It can do a lot of tasks very well. Maybe they’ll change, but right now, I feel very confident. I even saw a list of jobs they’ll be replaced, and they had financial planners of financial management, and there was probably only about a 13% worry that that job was going to be replaced.

Now, accountants like a tax preparer was at a hundred percent, like just like that, this could be impacted. It was just looking at different things that could be impacted. So, I think that people recognize that there’s a lot of complexity that goes into high-level financial planning. Now, we’re not talking about asset allocation, we’re not talking about the simple stuff. I’m talking about when you reach the level of success that you actually have created natural complexity. That’s what I’m talking about. That leads to my third point, which is that we’re going to have a leveraged opportunity with artificial intelligence. We’ve been creating content for now, it’s 2006, 2023, was it 17 years? So, we’ve been creating for 17 years worth of content that I think me and Chad are such close friends that I’m going to take this smart-sounding intern and hopefully be able to create a much more actionable plan for you guys. So, if you’re looking at the abundance cycle, if you’re looking how do you streamline your ability to learn from the Money Guy show, we’re going to be able to use this. We’re researching it. We’re going to be able to create a better way, just no different than when I started managing money or even take me as the first-time investor. I got ripped off on B shares, high costs, high commission type investments. Nobody was doing index funds back then. Through innovation, through technology, it has become the best time in the world to be an investor because now you can buy index funds. You can learn about this stuff through the Money Guy show. AI is going to create some opportunity that you’re going to be able to make money off of. You’re going to be able to leverage the information. So, I look forward to finding out how this, you know, because it’s the law of accelerating returns, this is why I tell you guys to be an optimist. There’s exciting stuff coming down the pipe. You just need to figure out how to buy into this, which is by buying index funds in the ever-expanding economy. You’ll find success from this as well.

If you want to know how powerful your dollar bills are, check out our Wealth Multiplier deliverable here.



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