There is no doubt that ChatGPT and AI technology will change the world. Many think it will be an innovation that will be on par with the development of the internet in terms of its importance. But how it will do that and which areas of our lives it will impact the most is still up for debate.
In this episode, we discuss how ChatGPT might impact the worlds of financial planning and asset management. We talk about the areas it might have the most impact and others where it might have a more difficult time causing significant changes.
00:00 - Intro
02:33 - Where Justin has seen the most value from ChatGPT
08:44 - The long tail and infinite shelf life
10:59 - The impact of ChatGPT on financial planning
12:24 - Narrow vs. general intelligence
15:07 - Can ChatGPT handle the nuances of a client's personal situation?
16:47 - ChatGPT and trust
18:49 - Three Guns N' Roses songs that explain the impact of ChatGPT
20:13 - Edge cases and AI technology
22:53 - The challenge of automated solutions and behavior
24:03 - ChatGPT as a tool to make good planners better rather than replacing them
26:59 - The impact of ChatGPT on asset management
32:55 - The different types of edges in asset management
36:37 - Episode summary
ABOUT THE PODCAST
Learning how to be a financial planner is one thing. Doing it is another. Follow along with new financial planners Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau) as experienced veteran Matt Zeigler (@cultishcreative) helps them navigate the complex world of financial planning and learn about the most important topics that impact all of our financial futures. From investments to retirement to college planning to estate planning to insurance and beyond, we will cover the major financial planning issues that impact all of our lives and will provide a framework to help investors tackle them. We hope you will join us on our learning journey.
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