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Could ChatGPT replace financial advisors?

10/08/2023

The AI sector is one that is growing rapidly – and there are many different ways in which you can invest in this space. Wanting to invest in AI is one thing…but many investors believe that the technology could make its mark in others ways too – and it seems that it already is. 

With the power and data of the entire internet behind it, ChatGPT in particular is being used successfully in all manner of ways. Could it be possible that this list of uses will include doing away with the need for human financial advisors in the future? 

 

Investors are already experimenting

Recent research from AML Group and The Nursery – which quizzed investors aged 18+ with investments of £10K or more – showed that nearly three-quarters (73%) believe ChatGPT could be a reliable source of financial advice down the line. 

Some went even further to describe ChatGPT as “the future of investing” (46%), while others would actually prefer no human contact at all. 34% of the investors surveyed said they would prefer to deal with robo-advisors rather than human advisors: a figure that could well increase as AI becomes more widely used. 

 

Not just younger investors

Unsurprisingly, younger investors are already turning to ChatGPT to see how it fares as a financial advisor. 42% of survey respondents aged 18-34 have already used ChatGPT for financial advice – a demographic that tends to be confident in using new technology and exploring new solutions to replace existing tools. 

Perhaps more surprising is the fact that 54% of respondents aged 65+ say that they see ChatGPT as a potential source of financial advice in the future. 

With an increasing number of investors relying on their own research rather than paying for professional financial advice – and with ChatGPT having already surpassed the 100 million user mark – what does the future look like for financial advisors? 

 

“Stable Rise Limited is not authorised or registered by the Financial Conduct Authority. The marketing materials are not intended to provide financial advice nor promote any individual financial products.”

 

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