By: Liam Fitzgerald, CFP^®

ChatGPT, an artificial intelligence chatbot developed by OpenAI, is all the rage with over 100 million users. Since the release of ChatGPT, other companies have released their own version proving that artificial intelligence is an emerging technology that’s here to stay. Many people have marveled at AI’s ability to prepare college term papers, write screenplays and personalized poems, or build a custom itinerary for your next vacation. Some are amazed at its ability to answer questions about investing and financial topics. But will artificial intelligence replace your financial planner?

To answer that question, we put ChatGPT to the test, asking it some of the most popular questions we’ve received from our clients recently.

Putting ChatGPT To The Test

Our first question was: How do I create a diversified portfolio for my 401(k), brokerage account, and Roth IRA? I have a $350,000 brokerage account, a $950,000 Traditional IRA, and a $75,000 Roth IRA?

ChatGPT’s Answer: Creating a diversified portfolio involves spreading your investments across different asset classes and sectors to reduce risk and optimize potential returns. Here are some general steps to help you create a diversified portfolio across your accounts: