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To try to keep up with the 21st century, I recently started to use ChatGPT.
I have an excellent financial advisor, who is a Certified Financial Planner, and for over 40 years, I have also made a lot of investment decisions on a “do-it-yourself” basis. I have read the Humble Dollar for years as well.
An early request to ChatGPT was to develop a training plan for me to help me revive a long-neglected hobby. I was very pleased with the analysis and the specific suggestions that ChatGPT provided to me.
As a result of that successful experience, this week I asked ChatGPT to review and evaluate our IRAs, including our Roth IRAs, our other tax-deferred accounts, our taxable accounts, and a real estate investment. I entered the necessary information, and ChatGPT generated a very thorough report. I provided more information to clarify a few issues, such as for example, confirmation that investments in the taxable brokerage account had embedded capital gains. ChatGPT modified its analysis and conclusions, as appropriate, based on the additional information. It became an interactive dialogue between ChatGPT and me, which yielded a more complete review and very pertinent suggestions.
ChatGPT’s conclusions and advice were clear and well-reasoned. They were very similar to both what our financial advisor has told us and what I had viewed as next steps to implement. I had tentatively planned to take some of the steps that were recommended, and now I definitely will do so.
ChatGPT even graded our overall portfolio as an “A- to an A.” That validation of our financial advisor’s suggestions and my DIY efforts was reassuring.
I still struggle to keep up with the 21st century in other ways, but now am more comfortable with using ChatGPT. Of course, I will continue to read the Humble Dollar for its insights and information.
I’ve used it too and found it very helpful. However I’ve also found it to be wrong sometimes, and the only way to know this was to already be pretty well informed myself. So I’m careful not to have undue confidence in its answers for something really important.
I remember a financial advisor recently saying lots of clients were coming with what AI had told them which makes for a good conversation starter. (Might have been Adam Grossman on The Long View actually.) I’ve also found this to be true with other professionals as well.