Nearly 1 in 3 investors would use artificial intelligence as their financial advisor, a new survey suggests — and that has the potential to lead to flawed advice, experts said.
Specifically, 31% of investors queried would be comfortable implementing financial advice from a generative AI program without first verifying those recommendations with another source, according to a poll by the Certified Financial Planner Board of Standards, the body that governs the CFP designation for financial advisors.
“It is a bit concerning,” said Kevin Keller, CEO of the CFP Board.
In simple terms, AI is technology that aims to simulate human intelligence. Generative AI uses algorithms to create new content like essays, song lyrics, art, photography and computer code — or, in this case, financial advice.
ChatGPT, a program that went viral after being debuted to the public late last year, is one example of generative AI.
