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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 came across this article from Alan Roth who tested AI for investment advice. He is one of my favorite investment writers.
Analyzing the Analysis: How Do AI Portfolio Recommendations Hold Up? – Articles – Advisor Perspectives
It’s been a minute but my early forays performing financial analyses with Chat GPT were very frustrating and seemed more focused on the CYA small print. But things change. Subsequently, I found Gemini to be more useful, but it is ‘eager to please’ and it is easy to go down the rabbit hole. Additionally, I frequently find myself reminding it of meaningful facts from earlier in the dialogue. I have not yet spent much time using Claude. Next on the list.
Most recently I started evaluating Roth conversions, customized to my specific portfolio construction and tax situation. With Gemini I arrived at what seems to be a good plan. Before acting on this, I plan on testing this two ways. Firstly, utilizing Claude and if that checks out, then subscribing to Boldin (formerly known as NewRetirement) which is financial modeling and projection platform to triple check the analysis.
Which will have to wait for summer travels to be completed 😊
I used Boldin a few years ago with a trial, downloaded the information then cancelled the membership. Once we both claim Social Security I will start an actual membership and run the numbers with those inputs to see where we stand. I realized that with Boldin’s Monte Carlo I no longer need to pay for a financial advisor to do the work.
I have asked Gemini for our portfolio analysis. I found it to be insightful and it validated my portfolio decisions.
Even though I do no use a financial Advisor I am going tomorrow for a meeting with one to get a portfolio risk analysis.
I am looking forward to see how they compare, agree, it disagree