Financial Planner vs. AI

Everyone is talking about AI and the role it may play in financial decision-making. In this video, Shane Tenny, CFP®, shares his perspective on how AI can support financial planning and why personalized advice, insight, and a trusted relationship still matter. 

 Dive deeper into this topic by reading the related blog - Financial Planners vs AI: Why Human Advice Still Matters 

Transcript:

[00:00:09.18] 
Hi, everyone. Shane Tenny here, Managing Partner at Spaugh Dameron Tenny. And today, I want to talk about something that is everywhere, AI. Artificial intelligence is accessible, it's all around us, it's articulate, and honestly, it's amazing. And it's understandable if you're one of those people who are starting to wonder whether it can replace professional advice.

[00:00:38.11] 
To be fair, the AI tools that we use even in our own practice are amazing. They help us collect information, they help us organize data, they help us coordinate research on behalf of our clients. But what happens when your life doesn't fit neatly into a prompt? Well, that is where human advice becomes essential. AI reacts and well, but advisors relate. When it comes to your life and your money, that difference matters a lot, I think. AI works best when you have a really specific question, and you know what to ask. But as we all know, it has limits. It can hallucinate, and it has no relational connection or care about the outcome.

[00:01:30.00] 
A person, a personal planner, often knows the questions that you should be asking, maybe even the ones that you didn't realize mattered. A planner can read body language, navigate difficult conversations between spouses, and think creatively to help you find solutions that actually work in your real life.

[00:01:51.04] 
And, of course, a CFP professional serves in a fiduciary capacity, bound by duty to provide accurate client-centric advice. AI isn't bound by any of that. And, financial planning is rarely just about numbers and facts. In fact, effective planning, in my experience, is about behavior and emotions and timing and family and opportunity and values.

[00:02:17.07] 
No matter how advanced AI becomes, it doesn't understand what's really happening in your life. It won't ask about the medical diagnosis in your family. It won't consider the impact of your aging parents. It can't help mediate between two different versions of the past or two different visions of the future. That's why I joke that financial planners don't hallucinate like AI does. We listen, we observe, we ask the questions you maybe didn't realize mattered. And when life changes, we adapt right alongside you.

[00:02:54.16] 
Will AI replace financial planners? I'll admit I'm biased, but I don't think so. AI tools can answer questions and offer you guidance, but they lack personalization, emotional insight, and a fiduciary duty. A financial advisor helps develop strategies tailored to your unique life, your values, and your long-term goals, not just a large language model. The bottom line for me is this.

[00:03:26.03] 
AI is amazing. It has and is a powerful tool that can play a significant role in your life, in your business, and even your financial journey. But while AI can provide information and quick answers, it can't provide wisdom. AI can process information, but it can't sit across the table and care about the outcome. It can't help navigate family dynamics or prioritize when everything feels important at once. Life's biggest financial decisions, whether it's around a promotion, an inheritance, selling your business, or managing the fear and anxiety that often creep into our financial decisions, deserve more than a response from an algorithm. They deserve insight, perspective, and guidance from someone who knows you, not just your data. Your financial journey deserves more than quick answers. It deserves wisdom, perspective, and a trusted relationship. That's my two cents for today. I'll see you back here next time.