ChatGPT vs Financial Adviser: We asked both one question – How much should I have saved for retirement? Here’s how each stacked up. When it comes to financial planning, many people turn to a human financial adviser for advice. However, with the advancement of technology, many are now taking a second look at ChatGPT, an Artificial Intelligence (AI) chatbot created to generate content and dispense advice in response to questions. Recently, a Goldman Sachs report suggested AI technology could impact up to 300 million full-time jobs worldwide. To get a comparison between AI and a human adviser’s financial prowess, MarketWatch Picks asked both ChatGPT-4 and a human financial adviser the same question – How much should I save for retirement?
ChatGPT-4, the latest version of the robot, did a satisfactory job of answering the question. It provided a variety of practical suggestions based on factors such as retirement goals, age, Social Security benefits, and the current amount of savings. ChatGPT-4 suggested saving between 10-15% of income annually, with the goal of replacing at least 70-80% of pre-retirement income in order to have enough money in retirement. However, the human financial adviser noted that the advice provided by ChatGPT-4 was too general and lacked the depth to accurately inform an individual’s unique retirement plan. Ultimately, the adviser said that a human professional who takes into account the unique configuration of the client’s life, such as health status and inheritance, can be more helpful than AI in providing tailored retirement strategies.
At least for the time being, it appears that the human adviser still has the edge when it comes to retirement planning. For those who are looking for a savvy and knowledgeable financial adviser, Retirement Wealth Advisors in Berwyn, Pennsylvania, has certified financial planner, Nicholas Bunio, who has a decade of experience in financial planning and studied financial services at Penn State. Those seeking retirement advice would do well to seek out advice that is tailored to their specific needs, rather than just relying on general recommendations from an AI chatbot.
