Can ChatGPT Assist Investors Beyond the Stock Market? Insights from a CFP

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A recent survey of over 2,000 Americans by The Motley Fool has found that approximately 50% of Gen Zers and a little over half of millennials have used ChatGPT, OpenAI’s viral AI chatbot, for investing advice. However, the tool is not intended to give advice, and OpenAI prompts ChatGPT users with a warning that it sometimes writes plausible-sounding but incorrect or nonsensical answers. Douglas Boneparth, a certified financial planner and the president and founder of Bone Fide Wealth, tried building a hypothetical diversified portfolio with ChatGPT and said the results weren’t great. Although impressed by how close the AI chatbot came to achieving what he wanted, Boneparth warned that the AI technology has limitations, such as being limited to using only pre-2021 data and struggling to understand the specific preferences of an individual. As such, while AI chatbots might not be the best tools for building a portfolio, they can be useful to investors when looking up definitions of financial terms or gathering data when researching a company. Despite their capabilities, human financial advisors are better suited to help with financial decisions that involve emotions and behaviours.

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Frequently Asked Questions (FAQs) Related to the Above News

What is ChatGPT?

ChatGPT is an AI chatbot developed by OpenAI that is commonly used for investing advice among Gen Zers and millennials.

Is ChatGPT intended to give advice?

No, ChatGPT is not intended to give advice and prompts users with a warning that it sometimes writes plausible-sounding but incorrect or nonsensical answers.

Can ChatGPT be used to build a diversified portfolio?

While ChatGPT can be helpful in gathering data when researching a company, it is not the best tool for building a portfolio, as it has limitations such as being limited to using only pre-2021 data and struggling to understand the specific preferences of an individual.

What are the limitations of AI chatbots in offering financial advice?

AI chatbots have limitations in understanding emotions and behaviours, which are important factors in making financial decisions. Human financial advisors are better suited for these types of situations.

How can AI chatbots be useful to investors?

AI chatbots can be useful to investors when looking up definitions of financial terms or gathering data when researching a company.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

Aniket Patel
Aniket Patel
Aniket is a skilled writer at ChatGPT Global News, contributing to the ChatGPT News category. With a passion for exploring the diverse applications of ChatGPT, Aniket brings informative and engaging content to our readers. His articles cover a wide range of topics, showcasing the versatility and impact of ChatGPT in various domains.

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