The Future of AI in Financial Advising: A Promising Outlook
While AI tools have made significant advancements in various fields, they are not yet ready to replace human financial advisers. AI can offer cost-effective and personalized guidance, expand the range of financial decisions covered, and provide empathy. However, AI currently exhibits biases and overconfidence, making it prone to costly mistakes. Improvements are needed in debiasing and accuracy, with the integration of external tools and reliable financial databases. AI should also be monitored for conflicts of interest and strive for consistency. The future of financial advice may involve a hybrid model, where AI assists human advisers, increasing access to advice and improving its quality.