I asked ChatGPT to simplify and sort out my investments

Ibrahim5

It's pretty obvious that financial advice will be taken over by AI. All a financial adviser does is ask a few questions, fill in a few forms and charges thousands of £. There are no practical skills. Easily done by AI. It's the proper professions with practical skills that will continue to be valued. That's the truth. Whether it's allowed on MSE forum which seems to be run by financial advisers I am not sure.

Dazed_and_C0nfused

https://forums.moneysavingexpert.com/discussion/comment/81893214#Comment_81893214

I sometimes can't help feeling you've missed your vocation in life.

As being an IFA is so easy, and so lucrative, it seems odd that you haven't jumped in and made hay while the sun shines 🤔

Somebody

Don't trust AI with your life….

Dead_keen

https://forums.moneysavingexpert.com/discussion/comment/81893214#Comment_81893214

I agree. Today, AI is the worse it will ever be. The reassurance of a person can easily be replaced by having a talking head that's indistinguishable from a real person on a remote call. The AI can spend lots of time talking to and understanding the individual's circumstances and attitudes, and helping them (and training them) on what's important. It will also remember previous conversations and conclusions. And be able to reassure, etc when you wake up at 2am after a stock market crash. Good luck getting an IFA to be available then.

But I also disagree because the motivations of the people managing the AI need to be considered. If they leave a deliberate or accidental bias (e.g getting commission for recommending a particular approach or buying shares in the company with the AI) then there be dragons. And why would such a AI be free? It may still charge thousands.

Aylesbury_Duck

https://forums.moneysavingexpert.com/discussion/comment/81893214#Comment_81893214

You can apply that oversimplified and poorly thought-through description to many professions. It doesn't make it the truth, no matter how many times you tell yourself so.

And no, I'm not a financial advisor and nor have I ever used one. Perhaps you'd be better off on the Consumer Rights board, where lots of people seem to think that anyone not immediately siding with the consumer must work for the retailer involved.

BikingBud

https://forums.moneysavingexpert.com/discussion/6656290/i-asked-chatgpt-to-simply-and-sort-out-my-investments

I'd rather ask Shoe Shine Johnny:

I mean if he can keep Frank happy then investing advice must be easy.

fizio

https://forums.moneysavingexpert.com/discussion/comment/81893189#Comment_81893189

I made the decision my self on the strategy and AI helped evaluate it, look into option that are tedious (switching platforms, fees etc) and do the math of how I get the funds and fund amounts of 4 different pots so the overall allocation matches my strategy.

I don't claim to be an expert but have been investing for 15 odd years before early retirement and have tried various strategies (made some mistakes for sure) so I kind of know whats best for me given other parameters like property, tax and other things where an accountant is more use than a financial planner type. The good thing about AI is that it does the heavy lifting and research and I get to interrogate its conclusions. As Aylesbury said - AI cannot be trusted so crosschecking and probing is essential to making the most of it.

One big flaw is that AI generally likes to agree with the person and keeps telling them what a great job they are doing so a person can be misled and taken down the wrong path. My career in technology helps me understand some of the logic behind AI so I do treat with caution.

jaybeetoo

You need to understand where AI is sourcing the information from.

fizio

https://forums.moneysavingexpert.com/discussion/comment/81893723#Comment_81893723

upto a point as you can usually get a link to the source -but if the person is cross checking before taking action then it’s not a big issue. I regularly have to check trusted sources (gov.uk or regulation bodies etc) before making any decisions- the AI is very good at narrowing down options for you and giving plus & minus reasons etc.

PropertyGuru_Wannabe

I just did a test and ran this question on ChatGPT and Gemini:

'Can I take £20000 out of my flexible stocks and shares ISA account platform and place it into a different flexible stocks and shares ISA account platform in the tax year 2025-2026 without it counting as a new contribution?'

ChatGPT said no you cannot and you need to do an ISA Transfer whereas

Gemini actually said yes you can in this tax year but not previous tax years.

I used MSE's link below to check out the actual answer:

Flexible ISAs: how they work & which banks do it - MoneySavingExpert

So in this case ChatGPT is wrong and Gemini is right. AI tools are good for basic answers but I wouldn't rely on it for anything more than that.