The use of artificial intelligence has exploded exponentially in recent years, and AI related companies including Microsoft (part owner of Open AI, the developer of ChatGPT)  and NVIDIA have driven the stock market to record highs.

AI can achieve some miraculous things. It allows users to unlock their phone with their face, correct spelling mistakes they didn’t even realize they made, receive specific directions to new locations, keep homes and cottages at just the right temperature and detect fraud in financial accounts, among a million other things.

And that’s just the simple stuff.

AI will continue to transform our lives in ways we can’t even imagine.

But, it can’t do everything.

You can use an App to determine the amount of money in your account, the various rates it might accumulate based on the ways you invest it, and the optimum number of years you should spend working to build that account before you begin the withdraw from it.

Those are just numbers, though, and retirement planning involves so much more.

AI can’t solve the very human situations we all encounter as we cycle through life.

For instance, AI would not talk you through your options when a diagnosis scuttles all those careful retirement plans you made as a young, healthy couple.

You’d need a human financial advisor who will listen to your fears and guide you through the sometimes painful adjustment of your goals.

An advisor can help you figure out a way to buy that RV you have your eye on so you and your spouse, who has just been diagnosed with Alzheimer’s Disease, can make the most of the time you have left together.

You need an empathetic human to walk you through ways to protect heirs who have developed addictions that would make a windfall inheritance dangerous to them.

And only a human advisor can help you evaluate your long-term care options from a personal, emotional perspective, to figure out where you will feel most comfortable. That’s different for everyone and the plan should be too.

So, while we’re as excited as everyone else about the tremendous capacity AI offers, we also know that even transactional businesses like financial planning rely on human connection to succeed.

And we’re here for that every day.

 

IMPORTANT DISCLOSURE INFORMATION

Please remember that past performance is no guarantee of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Winch Advisory Services, LLC [“Winch”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions.  Moreover, no portion of this discussion or information serves as the receipt of, or a substitute for, personalized investment advice from Winch. contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Winch. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Neither Winch’s investment adviser registration status, nor any amount of prior experience or success, should be construed that a certain level of results or satisfaction will be achieved if Winch is engaged, or continues to be engaged, to provide investment advisory services. Winch is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Winch’s current written disclosure Brochure and Form CRS discussing our advisory services and fees is available for review upon request or at www.winchfinancial.com. Please Note: Winch does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Winch’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please Remember: If you are a Winch client, please contact Winch, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services.  Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.