KM: We see enormous opportunities for productivity enhancements by servicing clients while lowering costs, which will provide a better overall client experience. IN: What’s the potential both for good and bad? We also see AI as an educational tool to help brainstorm and simplify complex topics into more digestible pieces that clients can consume more easily. It will be a while before the industry adopts the technology for retirement investing. Kevin Myers: We don’t see ChatGPT or Open AI significantly impacting retirement investing at this time. This technology is in the experimental phase. InvestmentNews: How are ChatGPT and Open AI affecting retirement investing right now? Who is using them and how? Are you? InvestmentNews caught up with Kevin Myers, a partner at Flynn Financial Partners, to learn how ChatGPT and artificial intelligence are currently being used in the retirement arena, as well how they might be used in the future. Put the two together and one would think it would be a perfect match. ChatGPT is a natural language processing tool driven by AI technology that enables users to have human-like conversations with a so-called “chatbot” that might not be able to predict the future, but at least can provide the best answer available.
Retirement planning by definition requires investors and their advisors to look to the future in order to prepare for its contingencies.
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