Business Innovators Radio - Episode #51 – AI and Finances– The 15 Minute Financial Feast Podcast-With Mark Triplett & Troy Westendorf

Episode Date: October 22, 2023

We believe that every dollar has a purpose and a timeline. When and how your retirement assets will be used should be understood before making important financial decisions.The Triplett-Westendorf Purpose and Timeline 5 Step Planning Process (PT5) begins with Discovery.Understanding where you are now, and then defining where you want to go (Your Purpose) and when you want to get there (Your Timeline), programs your financial GPS. Our Purpose and Timeline 5-step process (PT5) programs your financial GPS.Learn more: http://triplett-westendorf.com/ | https://mypt5.com/The 15 Minute Financial Feast Podcasthttps://businessinnovatorsradio.com/the-15-minute-financial-feast-podcast/Source: https://businessinnovatorsradio.com/episode-51-ai-and-finances-the-15-minute-financial-feast-podcast-with-mark-triplett-troy-westendorf

Welcome to the 15-minute financial feast podcast, bringing you 15-minute segments to help you retire with purpose on time. We're serving up food for thought and bread for the head. Are you hungry to learn? Here are your hosts, Mark Triplett and Troy Westendorf. Welcome to another episode of the 15-minute financial feast. Today, you are listening to the audio from a live television interview where one of our favorite local news station anchors asked us questions about a financial topic on the minds of many hardworking folks in our community who are trying to make good decisions and get ahead. Generating fake images to writing papers for college students.

AI technology is taking the world by storm, but can you use it to improve your finances? Local financial professional Mark Triplett from Triple Westendorf Financial Group joins us now to share some of the benefits and drawbacks when it comes to using AI with your finances. This was not on my radar. Everybody's talking about AI for those reasons we just mentioned. but finances. So tell us, how's it being used in the financial world right now? Well, actually, artificial intelligence or AI has already been incorporated in many ways. I mean, high-speed trading desks are rapidly placing orders on the market using this technology.

Banks are using it to detect fraud on your credit cards and debit cards and things of that nature. When I think of artificial intelligence, though, I'm thinking of things like chat GPT, where everyday users might use this technology. And I came across a survey just recently that indicated that three quarters of high-income earners, those making over 100,000 or more, are actually using it to seek investment advice. And then, from a financial planning perspective

or as an advisor, I know some of my advisor friends around the country that are using it to help schedule appointments with clients and even draft content for their newsletters. I personally still like to do the research, So all of our newsletters on our website, I've written them myself, but maybe I'm a laggard in that department. Jeez. Okay, that's crazy. Totally honest here, it freaks me out a little bit, but there are benefits to using it, as you just said, getting financial information. What do we need to be careful of, though? I mean, we have AI going to the level of imitating tones of voice from, you know, your close circle of family.

Now we're talking to our money. So how do we harness this? I mean, if pros and cons here, major. right? Sure. Yeah. I mean, chat GPT or other artificial intelligence platforms like that can be great at getting fast answers. If you want to know what is Roth IRA, the program will formulate an answer relatively quickly. So we're talking about simple financial questions or tasks. It could be a really good, useful tool, but there are major drawbacks to relying on artificial intelligence for investment and financial planning advice. I mean, number one, false information. Chat GPT is known for producing inaccurate and even harmful information. Even the latest version is prone to what they call hallucinations, basically making stuff up. So you really should verify the information you get from

these platforms with a financial professional who really understands financial planning and investments. Also in personal advice, I mean, just like anything else on the internet, financial advice from TikTok, for example, you're going to get very broad, generalized advice and not specific to your circumstances. So I think it's really important if you are serious about financial planning for your future that you are working with somebody who can really provide personal advice. And there's exposure to scammers too. I mean, AI technology is making it easier for folks to get your personal information. Please do not ever give out any of your personal information or banking information to these platforms. And real quick, before we go, what's next?

I mean, it feels like kind of a train that's not going to stop anytime soon. What do you see in the future? I think AI will continue to improve. And over time, I think the financial industry will just start to incorporate it more to make processes faster. So we can serve more clients in an expeditious way and be able to provide better services. From that perspective, seems like that it's going to add progress to our society. And we hope it just stays on that track. Thank you so much for joining us today, Mark. You've been listening to the 15-minute financial feast podcast. Remember, every dollar has a purpose and every dollar has a timeline. If you have questions about today's topic, schedule a call with a team member.

Visit www.mip5.com. Until next time, be sure you're taking steps to retire with purpose on time. Mark Triplett is an investment advisor representative of and advisory services offered through Royal Fund Management LLC. an SEC registered investment advisor. Nothing contained in this program should be considered an offer to buy or sell securities. Different investments have different risks associated with them, and not all investments are appropriate for all investors.