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Can ChatGPT Plan Your Retirement?: Generative AI and Financial Advice

Forthcoming. Now Available: Just Accepted Version.
Published onMay 31, 2024
Can ChatGPT Plan Your Retirement?: Generative AI and Financial Advice


We identify some of the most pressing issues facing the adoption of large language models (LLMs) in practical settings, and propose a research agenda to reach the next technological inflection point in generative AI. We focus on three challenges facing most LLM applications: domain-specific expertise and the ability to tailor that expertise to a user’s unique situation, trustworthiness and adherence to the user’s moral and ethical standards, and conformity to regulatory guidelines and oversight. These challenges apply to virtually all industries and endeavors in which LLMs can be applied, such as medicine, law, accounting, education, psychotherapy, marketing, and corporate strategy. For concreteness, we focus on the narrow context of financial advice, which serves as an ideal test bed both for determining the possible shortcomings of current LLMs and for exploring ways to overcome them. Our goal is not to provide solutions to these challenges—which will likely take years to develop—but to propose a framework and road map for solving them as part of a larger research agenda for improving generative AI in any application.

Keywords: financial advisors, robo-advisors, financial technology, generative AI, large language models, ChatGPT

05/31/2024: To preview this content, click below for the Just Accepted version of the article. This peer-reviewed version has been accepted for its content and is currently being copyedited to conform with HDSR’s style and formatting requirements.

©2024 Andrew W. Lo and Jillian Ross. This article is licensed under a Creative Commons Attribution (CC BY 4.0) International license, except where otherwise indicated with respect to particular material included in the article.

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