"Should you use AI for financial advice?

Andrew Lo, a finance professor at the Massachusetts Institute of Technology’s Sloan School of Management, says not yet. Large language models like Copilot or ChatGPT aren’t suited to being used as financial advisers because they are the digital equivalent of sociopaths—smooth, persuasive and devoid of empathy.

If an adviser powered by artificial intelligence “is able to communicate both good and bad financial advice with the same pleasant and convincing affect, its clients will rightfully view this as a problem,” Lo and one of his graduate students, Jillian Ross, wrote in 2024 in an article for the Harvard Data Science Review. (Today’s robo advisers, like those offered by Betterment and Wealthfront, went into action before the era of large language models and aren’t built on them for the most part, so Lo’s critiques don’t apply to them.)

Still, people are already using AI tools for help with their finances.
This past August, a survey of 11,000 individual investors in 13 countries commissioned by eToro, a trading and investment platform, found that 19% were already using ChatGPT-style AI tools to manage their portfolios, up from 13% in 2024.
(...)
Despite his reservations about current AI models, Lo believes that large language models will eventually be able to help investors—especially people with small accounts and limited experience with investing. In fact, he is working to build one that is specialized for financial advice. He doesn’t plan to charge for it, he says.

Lo’s goal is to develop an AI financial adviser that is a true fiduciary—namely, an entity that always puts the client’s interests first and tailors its advice to their particular needs, including emotional needs. He thinks it will take something less than four more years."

https://www.wsj.com/tech/ai/ai-chatbot-financial-advice-mit-2dc76348

#AI #RoboAdvisors #FinancialAdvisor #Chatbots #Sociopathy #FinancialEthics

RE: https://mastodon.ie/@faduda/116014020703413283

This is #sociopathy. Bezos is incapable of caring for anyone but himself, and is so lacking in humanity that he doesn't even get how awful this makes him look.

Someone - no doubt he has reputation consultants on call - will tell him how to appear human in this situation. He won't know otherwise.

#narcissism #pathocracy

#chumptrump needs Greenland for psychological success 🤡

#psychology #sociopathy #Greenland #US

https://bsky.app/profile/anneapplebaum.bsky.social/post/3mbxxdtjai225

https://m.youtube.com/watch?v=FTWNnmymMc4&pp=0gcJCU0KAYcqIYzv

Would this be what's wrong with these so-called world leaders ?

#Sociopathy

RE: https://flipboard.social/@newsguyusa/115816743093501035

Sociopaths are shameless liars. They really don't feel any shame. They are different from us.

#sociopathy #pathocracy