Chat GPT is usually wrong on financial matters

Nevertheless, if you're given a wrong or incomplete answer on AAM your chances of having it queried or corrected by another poster are a lot higher than if you got the same wrong/incomplete answer on ChatGPT.

So I think the results in the reliable advice steeplechase are:
  1. Advice from a qualified and competent professional
  2. Advice you get on Askaboutmoney
  3. Advice you get from technologies yet to be invented
Also ran: ChatGPT.
 
Hi Tommy

Yes, the risk is quite high.

If you ask here about where to invest €100k, you will be told to pay off any borrowings including your mortgage.

I have seen numerous cases where the broker will say "Keep you home and mortgage separate from your investments. You should buy the xxx bond"

And I have also seen very questionable advice from financial advisors.

I think it's very risky.

Here, you will get both points of view. And no one is being paid.

Brendan
 
Hi Brendan

Anyone who receives questionable advice from a financial advisor or other professional has an elaborate set of remedies open to them.

I don't accept the claim that there is a huge risk of a given financial advisor successfully selling products to clients which primarily benefit the advisor rather than the client.
 

The risks of going to a financial advisor

People often recommend on askaboutmoney that people should take professional advice on their investments. That will work out some of the time. But it's very risky. 1,828 Irish investors invested €150m in Dolphin Trust on the advice of brokers...
www.askaboutmoney.com

is only one example.

It may be better now but I suspect that there are many poor advisors out there.
 
Hi Brendan

In that case the following axiom applied.
T McGibney said:
Anyone who receives questionable advice from a financial advisor or other professional has an elaborate set of remedies open to them.
Click to expand...

I'm not an investment advisor but thought that particular investment a bad one to be buying and a bad one to be selling.
But I also thought the same of what Harry Cassidy in Custom House Capital was selling 20+ years ago.

If greed blinds some people to the obviously inherent risk in certain investments, that is not something you can simply legislate away unless you ban everything but the safest investments.
 
I don't think it's greedy to want to get a good return on your investments.

People go to a financial advisor based on recommendations by friends or in response to ads.

They don't have the insight that you and other users of askaboutmoney have.
 
From my limited experience if you use an AI that one of the big general purpose AI. They are so often wrong and hallucinates so often that you can't trust it.

If you have LLM that's using source data that's being managed, audited on a regular basis like a legal reference library or this forum it will be vastly more accurate.
 
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