Can ChatGPT help improve your finances?
NORTH TEXAS (CBSNewsTexas.com) – ChatGPT is an artificial intelligence powered language model capable of generating human-like responses to questions you may have.
But should you trust it with your finances or retirement?
CBS News Texas spoke with Chris Massenburg, co-founder of OpenAir Advisers, to get those answers.
While Massenburg said ChatGPT can be a useful and powerful tool used to answer general questions such as 'what is a Roth IRA' or 'where can I find a local financial advisor,' it has its drawbacks.
Massenburg said ChatGPT can give false information as it does can the internet for content, it can give broad answers but not specific advice for your needs.
ChatGPT can make you exposed to scammers to hack your personal information and it can't hold you accountable like your friends or an adviser could, according to Massenburg.
"What I've found is the people that aren't trying to use ChatGPT end up asking the right questions and then those questions and answers generate more questions and then a lot of times those people come in to see me and say 'hey I know I'm supposed to be doing this based on the answer I got but what does that mean?'" he said.
This technology is only expected to get better, some financial advisors use ChatGPT to streamline their client communication and scheduling. And according to a survey—nearly 60% of financial advisors say they are using ChatGPT for their businesses.