Using AI for financial advice growing in popularity

BRIDGEPORT, W.Va (WDTV) - Artificial intelligence has taken off in popularity this past year. People have used AI to write essays, wedding vowels, and even create songs. Now, AI is even finding its way into the financial industry.

John Halterman, wealth strategist, says AI has become helpful in cutting down the amount of time and effort when it comes to financial decisions.

“I think one of the biggest advantages of AI is that it’s a shortcut, it helps you get information so much faster,” said Halterman. “Definitely take advantage of it, like they say work smarter, not harder, and AI definitely gives you that opportunity.”

When it comes to high-risk investments, AI could help give a less biased insight into those financial decisions that a human advisor might not be able to.

Halterman thinks that within the next few years, AI could be the go-to strategy to obtain financial advice.

“I think the biggest thing is that it’s going to provide you knowledge that you didn’t have,” said Halterman. “When you go in to speak to an advisor, a lot of times people don’t know things, they only know what they know. This is going to give you resources right there that instantly can provide you whatever answers you’re looking for for your own curiosities.”

It’s not just consumers using AI either, business can use it to detect crimes like money laundering. “Intuit”, the company behind Turbo Tax and QuickBooks, started to integrate AI into its software about a decade ago, and now estimates the software makes 58 billion machine learning decisions per day.

While some people may be worried about the risks of having AI more and more in our daily lives, Halterman says he would advise not to worry.

“The biggest thing is, don’t be scared, said Halterman. “Try it out, it’s for everyone.”