[Ramblnman]

I certainly wouldn't "Blindly" accept AI results but I wouldn't blindly take a Financial Advisor's advice either...You have to do your homework in both scenarios because nobody takes care of you money better than you. I think the best option is put both advisors recommendations side-by-side and if AI comes out ahead after all considerations, it would be a strong option...and NO fees...

[Cliff Fr]

I was watching a video yesterday by one of the pioneers of AI.he was very concerned about the high unemployment that he thinks will be created by AI when it fully advances. He said that unlike the industrial revolution AI will not create additional jobs to replace the ones lost. There will be a lot fewer jobs and the income gap between rich and poor will be much worse. There will also be many fewer consumers with enough disposable income to buy anything but the necessities. I hope he is wrong because it sounds like a bleak future for my kids and grandkids.

[lisahathy]

Originally Posted by Cliff Fr

I was watching a video yesterday by one of the pioneers of AI.he was very concerned about the high unemployment that he thinks will be created by AI when it fully advances. He said that unlike the industrial revolution AI will not create additional jobs to replace the ones lost. There will be a lot fewer jobs and the income gap between rich and poor will be much worse. There will also be many fewer consumers with enough disposable income to buy anything but the necessities. I hope he is wrong because it sounds like a bleak future for my kids and grandkids.

Even Bill Gates has expressed concerns about AI. Interesting since he’s part of the AI creation.

[OrangeBlossomBaby]

Originally Posted by Redstag

I just fed a financial scenario into Gemini, and the amount of data it spat out in seconds—giving me two entirely different strategies—was amazing. It mapped out exactly what I’d pay in taxes and fees over the years if I spread the cost evenly over three years, versus taking a massive hit in year one and smaller hits the next two. Could I have built the spreadsheet and figured this out myself? Sure. But Gemini did in seconds what would have taken me hours of manual math.

A ** yo couple has $***** in social security income and another $***** in ordinary annual income.
A $********* brokerage account with $******** in unrealized gains.
What is the most cost effective way to sell of the stocks over the next 3 years. Take into count all taxes, Medicare increases, IRMAA, NIIT fees, and any other costs due to the stock sales.

Yup. And now it knows that you, at your location and IP address, are interested in information for a xx y/o couple with $$ in SS income and another $$ in ordinary annual income, a brokerage account and unrealized gains. They know who you are, where you are, and how much you claim to be worth. And they'll use that data in their algorithm to answer questions from other people. One of those other people might end up using that algorithm to actually backtrack and find you, and scam you with future AI results.

[Ramblnman]

Unless you haven't used any search engines for the last 20 years, I suspect they already have that information and more. From my understanding of what the IT experts and hackers say, everything about you can be found on the Internet. So if that's the case, which I suspect it is...Why not use AI and all the data that has been collected, for my benefit for a change.

[Robbb]

Originally Posted by dewilson58

Sounds like he had to manually enter the data...............not sure what Gemini actually accomplished.

Wells Fargo Advisors tracks all this historical information and provides analysis/recommendations FREE.

No don't have to enter anything manually. Just download lot specific transactions and it figured out the rest. In my case there were hundreds and lot purchases over generations of buys. I figured out lowest capital gains sales to achieve a specific dollar amount.

[Robbb]

Originally Posted by Nferestien

I've been making a great tax free income for the last 3 years with my bond portfolio The thing is I didn't need AI to figure that one out.

Enter your portfolio into Gemini and ask it if a higher tax free return is possible.

[OrangeBlossomBaby]

Originally Posted by Ramblnman

Unless you haven't used any search engines for the last 20 years, I suspect they already have that information and more. From my understanding of what the IT experts and hackers say, everything about you can be found on the Internet. So if that's the case, which I suspect it is...Why not use AI and all the data that has been collected, for my benefit for a change.

Apply your question to other things.
You know that a stubborn enough thief will just break your window to get into your house. So why not just leave the door unlocked?
You know that muggers will take your entire purse if they want your money, so maybe just keep your money out in your hand, open-palmed, while you walk down the street. That way at least you get to keep your purse.

Why would you invite the criminals in, if you don't have to?

[CoachKandSportsguy]

Originally Posted by dewilson58

Sounds like he had to manually enter the data...............not sure what Gemini actually accomplished.

Wells Fargo Advisors tracks all this historical information and provides analysis/recommendations FREE.

Well, you better check that WF report, cause mine had all kinds of incorrect historical data. Wrong prices and weird dates and lot sizes.

WF advisors currently having a hard time with date of death account values. I finally had to create the report myself using both the historical excel extract and the financial statement pdfs, as i am still waiting on Wells Fargo after several weeks. Vanguard has a specific web site location for that specific question. Answer came within a week in a nice pdf.

Haven't requested that from Fidelity yet.

[Boomer]

Originally Posted by Altavia

Agree, need to use Actual Intelligence to ask the right questions and interpert the results.

This one of the reasons I have financial advisor connected to one of the major financial corporate teams who use experts eyeballs and brains utilizing AI and other tools to manage funds within my level of risk and guardbands.

I could probably do it myself but there will be a point where I can't or will no longer be alive.

I'll have what Altavia is having.....

We reach a point where we need to have established a relationship with humans we trust to do this for us and to guide our heirs.

It has taken me a long time to begin to turn things over to an advisor, but we are in the process. I like that our choice has accountants under their umbrella. That was one of my requirements.

OP: You sure have a lot of funds, which made me wonder about whether there is a lot of redundancy in the holdings within those funds. If so, you could be complicating your portfolio unnecessarily. Whatever your plan, my guess is you are still in the "Thrill of the Chase" stage, and having fun with your computer, including being a relatively early adopter of directly inviting AI to get all up in your business.

Boomerosaurus

[rsmurano]

Originally Posted by OrangeBlossomBaby

Yup. And now it knows that you, at your location and IP address, are interested in information for a xx y/o couple with $$ in SS income and another $$ in ordinary annual income, a brokerage account and unrealized gains. They know who you are, where you are, and how much you claim to be worth. And they'll use that data in their algorithm to answer questions from other people. One of those other people might end up using that algorithm to actually backtrack and find you, and scam you with future AI results.

Wrong! If I use my browser to get to Home Depot, it brings up the closest Home Depot to me which is 1500 miles away. If you don’t know how to protect yourself, that’s on you!