Introduction
With AI tools becoming more prominent and capable of doing more tasks for us, its no surprise that people have started to use the technology to develop their own financial plans.
82% of Gen Z & Millennials have turned to AI for financial guidance according to a survey done by Credit Karma.
At the same time, 52% of all respondents say they’ve made a poor financial decision based on the information they received
I actually commend people who are taking things into their own hands and utilizing this new tool to help them with their finances. At the very least, users will be able to learn important information about their financial situation that they may have never noticed before.
With that said, for all of the benefits having an AI driven financial plan can do, bringing a professional into the mix can help fill in the gaps that may be missing, while also providing support.
Accountability
As AI has gotten more useful over the past few years, I find myself using it to more and more for different tasks. Some of those tasks are as simple as asking how to best cook my steak, others are more complex like asking it what it recommends as a diet plan over a 2 week period to fit my goals.
For those more complex tasks, I have found that on more than one occasion, it’s hard to actually stick to what has been said, and the conversation becomes just another in the large log I’ve had with AI.
Having a financial planner is like having an accountability planner
If you’ve done the heavy lifting and created a plan using AI, we offer a service where we will review that plan and come up with a clear guide for how to proceed. Use this link to schedule a conversation about your AI generated plan
Living Document
I have always called a financial plan a living document. Not because it consumes oxygen, or needs food to survive, but because you can’t just create a plan once and be done with it.
Our lives are not static, things are always changing. Maybe we got a new job, got married, or just had a kid to name a few. All of these events cause a shock to whatever day-to-day we have been experiencing, and with that, a shock to our spending habits and our goals.
It’s important that your financial plan reflects all of these changes, because whatever strategy might have made sense 3 months ago, may not make any sense under new circumstances.
Output = Input
AI can explain concepts, run calculations, and even outline a financial plan in seconds. For many people, it’s the first time they’ve felt like they have access to financial guidance.
You can tell AI what your income is, what your goals are, and your priorities. It will use these inputs to help generate a response for you.
What it can’t fully account for are the grey areas
How stable your job really feels.
How you react when markets drop.
What tradeoffs actually matter to you in real life.
These small details are often the ones that help me as a financial planner distinguish what is the right decision versus what might be the technically correct answer.
When a decision has long-term consequences, that context matters more than convenience.
Final Thoughts
AI is a powerful tool, but just like any powerful tool, the value depends on how you use it.
When the decisions start to carry real weight, its just as important to have the right perspective as much as having the right information.
Disclosure
This content is provided for informational and educational purposes only and should not be construed as personalized investment, tax, or legal advice. No advisory relationship is created by reading this article. Investment advisory & financial planning services are offered only pursuant to a written agreement through Noor Financial Services, a Registered Investment Adviser. Please consult with a qualified professional regarding your specific financial situation.
