In today’s episode of Adam Talks, Adam Bergman, Esq. discusses the possible impact of the AI-based ChatGPT on the Self-Directed IRA world.
ChatGPT and the Self-Directed IRA
Adam Bergman, a tax attorney and founder of IRA Financial, discusses the potential impact of ChatGPT on the Self-Directed IRA world. While ChatGPT is an AI technology developed by OpenAI that uses historical data to provide search responses in a human-like fashion, Bergman does not believe that it will have a major impact on the future of retirement investments. It may provide information on historical data and general investment strategies, but it is not likely to be effective for individualized investments that are based on specific situations and facts. Bergman believes that the impact of ChatGPT on investment decisions will be limited due to its reliance on historical data and lack of individualized analysis. While it may be useful for providing general information, it is not likely to provide a significant advantage for investors.
Bergman notes that ChatGPT has potential in healthcare, where it can help diagnose conditions and prescribe treatments based on individual symptoms. It may also be useful in sports, where it can analyze data and suggest different strategies for winning games. However, from an investment standpoint, ChatGPT may not be very helpful in predicting future trends or providing detailed responses. It may not be able to take macro scenarios, such as unexpected events like COVID-19, into account.
ChatGPT is still in its early stages, and while it has impressive capabilities in certain areas, it may not have a major impact on retirement savings or alternative asset perspectives at this time. Bergman suggests that financial advisors already have the technology to help individuals plan their retirement based on their salary, savings rate, and investment portfolio. While ChatGPT may have potential in the future, it still has a long way to go in terms of investment-specific scenario planning.
Overall, Bergman concludes that ChatGPT may have some value for investors looking for general information on investment strategies, but it is not likely to have a major impact on the Self-Directed IRA world. He believes that the technology is more suitable for tasks such as drafting letters or documents, rather than making investment decisions. Bergman encourages investors to continue doing their own research and analysis when making investment decisions, rather than relying solely on AI technology such as ChatGPT.
For more of Bergman’s thoughts, listen to the podcast! Be sure to checkout all of Adam’s podcasts.