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When someone told me recently that her favorite use of AI is for financial advice, I was horrified. I am a retirement economist, and my first reaction was self pity: Now I know how doctors feel when people use AI for medical questions.
Then I went home and gave it a try. It was not terrible — it gave a clear and engaging explanation of the conventional wisdom on saving and investing. It was the equivalent of a mediocre financial planner, but without the personal touch. That’s probably better than nothing, and it’s bound to become more common as more brokerages offer AI advisers to less wealthy customers.
Continue reading the entire piece here at Bloomberg Opinion (paywall)
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Allison Schrager is a senior fellow at the Manhattan Institute and a contributing editor of City Journal.