How adult kids can start talking to their parents about wealth transfers

Talking to parents about wealth transfers can be a sensitive and crucial conversation. In a recent experiment, personal finance educator Kelley Keehn asked an AI software, ChatGPT, to suggest a financial plan for a Canadian family dealing with hefty debt and zero savings. While the AI offered recommendations, it lacked the nuanced understanding that a human advisor would provide. Experts agree that AI can democratize financial literacy, but it's not yet sophisticated enough to tailor advice to individual situations. Younger Canadians are more likely to turn to AI for financial guidance, appreciating its non-judgmental nature and cost-effectiveness. However, cross-checking AI insights with human advisors remains essential for accurate and holistic financial planning¹.

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Source: Conversation with Bing, 2/8/2024
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