Seventy-one percent of investors in a survey released Tuesday by the Certified Financial Planner Board of Standards have virtually no trust in the financial planning advice they receive from social media, and 51% feel the same about advice they receive from generative artificial intelligence tools, including ChatGPT or Google's Bard.
At the same time, 31% of investors surveyed said they feel comfortable implementing financial planning advice from a generative AI-powered tool without first verifying it with another source. Twenty-six percent said they would act on unverified advice from social media.
However, 52% of respondents said they would be more confident about acting on advice from generative AI after they have vetted that advice with a financial planner. And 46% said they would be comfortable implementing vetted financial planning advice from social media.
"Over the last decade, unverified financial advice on platforms like TikTok and Instagram has surged," the CFP Board's chief executive Kevin Keller said in a statement. "Investors must be cautious about advice from 'finfluencers' on these channels."
Keller said that because the emergence of AI tools has made verifying advice challenging, holistic professional advice is more important than ever.
The CFP Board conducted the survey on July 11 among a sample of 1,153 adults.
Generational Differences in Satisfaction
Younger investors appear to be more wary than older ones about the financial advice they receive from generative AI. Sixty-two percent of investors 45 and older said they were "very satisfied" with the experience of receiving financial planning advice from a generative AI tool, compared with 38% of investors younger than 45.
But the survey found that investors of all ages are cautious when it comes to implementing that advice. Only 8% of those younger than 45 said they would be very comfortable acting on advice solely from a generative AI tool; 15% of older investors concurred.
