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Using AI for financial advice? Proceed with caution

The chatbots are helpful for simple tasks, but they can make costly mistakes

Danilo McGarry highlights a problem with outsourcing your financial planning to artificial intelligence.

The strategic adviser on AI for the Chartered Institute of Personnel and Development says that when one user asked a chatbot how to reduce their tax bill, the tool suggested a move to Monaco.

Though this is technically correct, it was “practically useless” for someone employed in Croydon at the time, he says.

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