Generative artificial intelligence employs algorithms to craft content, spanning from financial advice to essays, song lyrics, and artwork.
Almost one-third of investors are now open to using artificial intelligence as a financial advisor, as indicated by a recent survey.
More specifically, the survey found that 31% of surveyed investors would feel comfortable acting upon financial advice provided by a generative AI system.
Not only that, but this 31% would also implement the advice without verifying the recommendations provided.
One example of generative AI is ChatGPT, a program unveiled to the public last year that gained viral popularity.
Generative AI typically uses algorithms that compile data from the internet, and this data may not be accurate.
Investors have long been acquainted with technology and algorithms, and skepticism has often accompanied these advancements.
Kevin Keller, CEO of the CFP Board, has said that in the end, do-it-yourself investors have existed in the past and will persist in the future.