A Financial Planner Takes ChatGPT for a Test Drive

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I took ChatGPT for a test drive by directing it to write an article summarizing important tax rule changes introduced by SECURE Act 2.0. The essay it produced was an epic failure.

OpenAI's ChatGPT is taking the world by storm. This revolutionary program enables everyday consumers to harness artificial intelligence to provide cogent human-like responses to complex questions and problems. Business visionaries are scrambling to divine the profit opportunities the app may unlock, while thought leaders fret about its potential misuses, including students using the chatbot to draft their academic papers. Users report being amazed by ChatGPT’s ability to create original, well-written custom prose from scratch in a matter of minutes based on just a few input parameters.

In her December 15, 2022 Advisor Perspectives article, The Incredible “Silver Bullet” Potential of ChatGPT, Kristen Luke succinctly explained how ChatGPT can help financial advisors generate original content and help improve search rankings. As the producer of the Financial Planning Hawaii and Fee-Only Planning Hawaii blogs and newsletter, the time-saving potential of ChatGPT for content creation is not lost on me. Further inspiration for my ChatGPT test drive came from a news story about its written response to a prompt to create an exchange traded fund (ETF) that would enable investors to outperform the stock market indexes and provide a list of the stocks that would be included in it. In responding, ChatGPT wrote an article explaining how the random nature of market returns makes such a task virtually impossible. Here is the full response:

ChatGPT’s response was consistent with the investment principles I was taught in my undergraduate economics course many moons ago, and the academic support for those principles rings just as true today as it did then.