Artificial Intelligence is everywhere right now — writing emails, planning vacations, summarizing news, even suggesting what to eat for dinner. It’s no surprise that some companies are marketing AI tools to manage your finances, too.
Some promise to automate your investments. Others claim they’ll build a personalized retirement plan or optimize your taxes in seconds. The Wall Street Journal recently explored this trend in a piece titled “The Best Way to Use AI for Financial Planning, Starting a Hobby—and More”, featuring insights from MIT finance professor Andrew Lo. It’s this headline and what the article REALLY says that inspired today’s blog; but we’ll get to that.
And I get the appeal — we’re all busy and either frugal or cash-strapped, and wouldn’t it be great if a smart algorithm could do the heavy lifting?
But here’s the thing: you deserve more than Siri can deliver.
The Allure of AI — and Where It Falls Short
AI Doesn’t Know You
Even the most advanced large language model doesn’t know what keeps you up at night. It doesn’t know what you want your money to do for your family, your career, or your future. It can’t ask the right follow-up question when you hesitate while talking about a recent divorce, a health scare, or a child with special needs.
And it certainly can’t hold your hand through life transitions — the kind I specialize in at BayView Financial Planning. Whether you’re a widow learning to navigate finances solo, a woman stepping into entrepreneurship, or a new veteran planning your next chapter, your financial life is layered and emotional.
AI just doesn’t have that emotional intelligence.
AI Can Hallucinate — and You Might Not Know It
Unlike a human professional who’s required to cite sources and explain assumptions, AI often produces answers that sound confident but are incomplete, outdated, or flat-out wrong.
I’ve seen AI tools suggest Roth conversions in situations where they would trigger tax traps or recommend risk levels that would make my most seasoned investors lose sleep. Sometimes these tools rely on stale data or default to generic advice — and unless you know better, it’s hard to spot what’s missing.
You wouldn’t rely on WebMD to perform surgery. Don’t let a chatbot do your financial planning.
AI Has No Legal or Ethical Obligation to Protect You
I’m a CFP® professional, a Military Qualified Financial Planner (MQFP®) and a fiduciary. That means I’m legally and ethically bound to act in your best interest, disclose conflicts, and keep your data secure. AI doesn’t do that.
It doesn’t owe you a duty of care. It doesn’t understand when a financial recommendation might put your goals — or your values — at risk. And if it messes up? There’s no accountability. No one to call. No resolution process. Just an error message.
🎥 I Talked About This in My Own Words, Too
In this quick video, I share why I don’t use AI to create financial plans for my clients:
That’s exactly the problem. Financial planning isn’t about getting a quick answer — it’s about getting the right answer for you. And sometimes, it’s about helping you ask the right question, which AI doesn’t know how to do when life gets messy.
Even MIT’s AI Expert Says: Proceed With Caution
MIT Sloan Professor Andrew Lo, a prominent voice in financial innovation, recently weighed in via The Wall Street Journal article mentioned above. His perspective is balanced — but cautious:
✅ AI can offer broad suggestions, like how much to save or invest based on your age and goals.
🚫 But it shouldn’t replace professional advice. Lo strongly advises people to keep their sensitive financial details out of AI tools to protect privacy.
👥 And he urges everyone to run AI-generated advice past a real human — someone who knows your full story and has your best interests at heart.
His message? AI can help spark ideas — but it should never drive your financial strategy alone.
AI Can Support — But Shouldn’t Replace — Human Advice
Let me be clear: I’m not anti-technology. I use secure digital tools to make my firm more efficient, collaborative, and accessible for my clients. I even used AI to help me write this article. But that’s supporting the financial planning firm, not replacing it. They said roboadvisors would be the end of us too, but it’s a different client that uses a roboadvisor.
Your financial plan is more than a spreadsheet. It’s a reflection of your values, your hopes, your “what-ifs,” and your lived experience. It needs context, compassion, and clarity.
You don’t get that from a machine.
Final Thoughts: Your Money Deserves a Human Ally
Financial planning is too important to automate blindly. It’s not just about rates of return, tax brackets, or net worth statements — it’s about what you want your life to look like, and how your money can get you there.
At BayView Financial Planning, I believe you deserve to feel confident, seen, and supported through the financial tides of life. Whether you’re navigating a transition, growing your business, or preparing for retirement — I’m here to be your guide. Not a robot. A real person.
Let’s invest in your future. Together.
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Stacy Miller, CFP® is an investment adviser representative of BayView Financial Planning. The firm is a registered investment adviser and only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability.
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