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Artificial intelligence has become the go-to resource for a variety of situations. holiday shoppers Use artificial intelligence at record speed Help with purchasing decisions and researching deals this year.
But what about using artificial intelligence as your financial planner? Does it have the nuance and wisdom to offer you sound financial advice? That’s the question we asked experts, and they were quick to point out the benefits and drawbacks of relying on AI to solve financial problems.
How artificial intelligence can give you an advantage
Ask about a similar platform Chat GPT or Claude Jonathan Vance, owner of Vance Financial Planning in Missouri, says having a financial plan has its benefits. First, it can provide lightning-fast solutions based on your prompts and what it knows about you.
“The main advantages of AI are greater speed and personalization,” Vance said in an email independent. “Traditional search engines are not good at providing depth for more specific queries, such as the tax implications applicable to Missouri residents in a specific state.”
Samyr Laine, managing partner at venture capital firm Freedom Trail Capital, also pointed to AI’s speed as an advantage. He also said that artificial intelligence can also allow everyone to receive financial education independent in an email.
“AI can give you insights in seconds that would have taken you hours of research on your own: budget breakdowns, investment comparisons, [and] “For those who can’t afford a financial advisor or don’t know where to start,” Lane said. That’s huge. It democratizes financial literacy. ”
Dr. Erika Rasure, chief financial wellness advisor at debt consolidation company Beyond Finances, highlighted the democratizing aspect of AI in providing financial advice to underserved and marginalized communities.
“Artificial intelligence can provide financial literacy tools to underserved or underbanked communities by meeting people’s technical, emotional and financial needs that are often inaccessible to these populations,” she said. “These communities often face systemic barriers such as geographic isolation, lack of access to traditional banking institutions, low incomes, unstable employment or distrust of the financial system due to past discriminatory or predatory practices.”
red flag
While AI can be a way to get financial advice quickly that you might not be able to afford or come up with on your own, it certainly has its drawbacks.
Vance sounded a note of caution about AI’s ability to provide a complete and nuanced financial plan.
“It’s only as reliable as the prompts it provides, and it generally prioritizes direct responses over asking follow-up discovery questions that might be needed to make recommendations,” he said. “I think we can all become more informed decision-makers through AI, but I wouldn’t let it replace your entire critical thinking and validation process.”
Lane said his main concern is that AI doesn’t know all the details that affect your financial life, and that the advice it provides doesn’t come with a lot of accountability.
“AI lacks context and responsibility. It doesn’t know your family situation, your career trajectory, or the nuances that determine whether a financial strategy actually fits your life,” he said. “It cannot be held responsible if the advice is wrong.”
Perhaps more dangerous, he said, is that consumers become too reliant on artificial intelligence.
“The bigger risk is over-reliance,” he said. “Financial advice from AI should be treated like any other data source: useful input, but not gospel. The best approach is to use AI to present options and analysis, and then apply human judgment to make the final decision—ideally by a real advisor who understands your full situation.”
Iliya Rybchin, head of AI consulting firm Vorpal Hedge, is also worried about this overreliance. He said relying on artificial intelligence for all decision-making is a trap.
“If it’s not cross-checked against real-world changes, such as regulatory changes, you could be faced with outdated advice,” he told us independent in an email. “Privacy issues arise if you feed sensitive data into an uncensored platform, but again, this can be avoided with reputable tools and basic safeguards. Edge cases, such as emotional support during market crashes, will fall short due to AI’s lack of empathy.”
Should you use artificial intelligence as your financial advisor?
No, Lane said. While AI has many benefits for financial education and decision-making, it is not a comprehensive solution. It may lack the background information needed to make the best decision for your particular situation.
“AI should be a tool in your financial decision-making process, not your only advisor,” he said. “The strength of AI is speed and pattern recognition, which can derive insights from massive data sets faster than any human. But financial decisions are not just about data; they are also about context, risk tolerance and goals that algorithms cannot fully understand.”
Rybchin, however, disagrees. He believes artificial intelligence can be your financial advisor for the new year.
“By 2026, AI should become the financial advisor of choice for most consumers,” he said. “Artificial intelligence is not a replacement for humans, nor a complete solution, but a special starting point for everyone.”
He noted that AI is very good at following rules, so if your investing goals specifically follow the typical roadmap of low fees, diversification, rebalancing, and staying calm as the market changes, AI may be a good choice.
“For most consumers, basic investing strategies are uncomplicated: keep fees low, diversify, stay disciplined, rebalance, don’t panic sell. AI is very good at enforcing simple rules consistently,” he said.
As for AI’s take on whether it should be your financial advisor, here’s what ChatGPT’s free version said when we asked if AI should be your financial advisor in 2026: “Short answer: Not yet. Long answer: AI can be a great co-pilot in 2026, but it can also be a risky captain.”