SALT LAKE CITY — The prevalence of artificial intelligence is anything but covert and difficult to escape these days, but can it help with your money troubles?
There are many avenues to turn to when it comes to investing money, and while some head to AI platforms such as Claude, Gemini, or ChatGPT, others are rightly nervous to take the plunge.
“If I’m looking at investing my hard-earned money and what my retirement is going to look like, I don’t want to take the easy path," said Robert Cummings, Director for the Utah Division of Securities.
Cummings said platforms that use large language models or LLMs can be problematic.
“It’s taking what your prompt is, finding information and trying to predict what you want at the end of the day and wants to make you happy; it doesn’t necessarily want to make you rich by giving you the right investment advice," he said.
It all comes down to the specifics. What’s your risk tolerance? What are your assets? What is your investment horizon? Are you 60 and almost retiring, or are you 18 and can take on a lot of risk?
All the above are factors that AI won’t take into consideration.
Cummings advises using tools already available for more tailored advice.
“You could have a 401K or a different investment retirement account option, and a lot of times there are resources where you can reach out to whoever your 401K provider is and set up a meeting with them, and they can go over what your profile is for retirement," he said.
If you decide to seek financial advice from a professional, check the Division of Securities website, click Investor Education, then verify a license. You’ll be able to see if the person you’re seeking advice from is, in fact, the best person to give you financial advice.
