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ChatGPT: Can you trust its financial advice?
This tool is both cause for excitement and concern. So, we’re interested in learning more about its financial acumen. Will this new robot replace financial advisors? Can it help you plan a comfortable retirement? Maybe one day, just not today.
ChatGPT, a new jack of all trades
First things first, what is ChatGPT? It’s a tool. Its name is short for Chat Generative Pre-trained Transformer. Some would refer to it as a conversational robot. But it’s much more than that. ChatGPT to generate content in any format.
A robot with robot limitations
ChatGPT’s biggest liability is that it’s not human. Even though it seems capable of producing intelligent thought, it merely pieces together answers without considering context, people’s feelings or the person’s situation.
It cannot think. It’s not creative, and it lacks perspective. These are the kind of qualities that are important in a financial advisor!
Irreplaceable, that’s what financial advisors are
Artificial intelligence may be able to provide information on a variety of subjects but it will never match that of financial advisors. They understand you and the kind of investments that are right for you. They can accompany you through the major stages of your life, from buying your first home to retirement. Unlike ChatGPT, they take your investor profile into account and protect you from flavour-of-the-week investments. Thanks to their empathy, experience and ability to listen, advisors are here to help you grow your money stress-free.
The best financial advice ChatGPT can give is to refer you to our financial advisors. Savings and financial planning are essential if you want to achieve your dreams or enjoy a comfortable retirement.
*Beneva designates Beneva Inc., Financial Services Firm.
