What a financial adviser and a machine learning engineer think about the future of AI in financial services — and what ChatGPT has to say for itself.
Artificial intelligence laboratory OpenAI launched ChatGPT in November 2022. In the months since, the internet has been abuzz with discussions of how advanced AI could reshape society — including the financial services industry.
Here’s what a financial adviser and a machine learning engineer think about the future of AI in financial services — and what ChatGPT has to say for itself. — ChatGPT, an artificial intelligence program What is ChatGPT? ChatGPT is an AI program whose name stands for “chat generative pretrained transformer.” It’s an example of a large language model or LLM.
In November 2017 — five years before the launch of ChatGPT — consulting firm McKinsey published a report estimating that between 400 million and 800 million workers globally could be displaced by automation by 2030. Question: “What are some of the best investments for a young person who wants to start saving for retirement?” ChatGPT started its answer by recommending employer-sponsored retirement plans like 401s and a traditional or Roth IRA.
Nott pointed out that although the question asked for “some of the best investments,” ChatGPT’s first two answers — 401s and individual retirement accounts — are investment methods, while only the final two — individual stocks and ETFs — are actual investments. “If you received a large refund this year, you may be able to adjust your withholding so that you receive more in your paycheck throughout the year instead of waiting for a big refund at tax time,” ChatGPT said.“For most people the standard deduction will be higher than itemizing. So by taking all deductions you might inadvertently get less of a tax refund. Similarly, medical expenses usually only matter if you itemize deductions,” he said.
What do financial advisers think about ChatGPT? With that in mind, Nott said he isn’t worried about losing his job to an AI such as ChatGPT. “There are studies showing that people are often a lot more willing to be honest with a machine than a person,” Alhonte said.
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