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Surprisingly, the advice isnt all bad.
It does, however, have limitations.
While it can provide useful information, it lacks the personalized touch thats crucial for effective financial planning.
Here are the three financial tips from ChatGPT that certified financial planners dislike.
Also see how to build wealth, according to ChatGPT.
Some of the suggestions ChatGPT gave were renewable energy, healthcare and (humorously) artificial intelligence.
And, yes, these are three very high-risk stocks.
The answer did contain asmall black box warningthat advised considering your risk level and goals prior to investing.
Speaking toFortune Media, financial advisor Thomas Kopelman confirmed, The problem with using A.I.
for financial advice is that ChatGPT doesnt know what questions to ask.
Take this sample question GOBankingRates asked ChatGPT: Im 30.
Which life insurance should I purchase?
ChatGPT never answered the question or took age into account.
This leaves the user to assume the choice is about preference rather than unique fit.
Rosetold GOBankingRatesthat people should give a shot to pay off debt while still contributing to retirement accounts.
This way they get familiar with their 401(k) and how the markets work.
But you should still see a doctor.
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Takeaway
Finding and working with a financial advisor is a great idea.
A financial advisor will help keep track of your finances and assist you in attaining your financial goals.
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