AI can't plan your money

CONCERNS: YES, IT'S A GAME-CHANGER, BUT...

- Lana Visser-Galant

With the release of ChatGPT in November 2022, AI tools have taken the world by storm. With just the internet and a tech device, people of all ages have access to vast amounts of data which are sometimes processed in just a couple of seconds.

One can understand the appeal, but is it appropriate for all spheres of life? We consider just a few of the reasons as to why AI should not be your financial planner.

It's inability to handle complex scenarios

Financial planners look at your financial circumstances and develop a plan across a number of areas – investments, tax, estate planning, cash flow management, etc.

With each of the areas impacting the other in some form or another, AI lacks the deep understanding to provide a financial plan based on various factors, while still taking personal circumstances and family dynamics into consideration. This requires human understanding and a level of empathy which AI does not possess.