When It Comes to Financial Planning, AI Is No Match for Professional Guidance

As artificial intelligence (AI) becomes prevalent in any number of industries and applications, middle-income Americans are making it clear that when it comes to financial guidance they want to talk to a professional — not a machine.

Only 29% of respondents in Primerica’s Financial Security Monitor™ a quarterly survey of middle-income families, said they are very confident in making sound financial decisions without outside professional help, and lack of time and anxiety continue to be the biggest challenges people face with tracking their financial information. But that doesn’t mean they’re willing to turn to AI for help.

The survey found that the majority of middle-income households are not interested in using AI for a range of financial tasks, including recommending a financial advisor or consultant (83% not interested), giving financial advice (82%), suggesting a financial plan for retirement (81%) or selecting stocks or mutual funds (78%).

One of the first things many of Primerica’s more than 130,000 licensed financial professionals do when sitting down with a new client is a Financial Needs Analysis to determine the amount of money needed to reach their financial goals. Whether it’s shoring up a rainy-day fund, having adequate life insurance to protect loved ones, or looking to buy a new home or car, having a financial professional help you examine and address your finances can put you on the track for success.

That is just one of the many financial concepts a licensed professional can help you with — and that would be difficult for any AI algorithm to match. Here are a few other areas where talking directly with a pro can help:

No matter your financial goals, talking to a financial professional could give you just the boost you need to secure your financial future. The personal touch coupled with years of experience a licensed professional has is the key to ensuring middle-income families achieve their financial dreams. Something no machine can match.

Disclosures:

Life-licensed Primerica representatives are agents of the Primerica insurance companies: In the U.S. (except in New York), term life insurance products are underwritten by Primerica Life Insurance Company, Executive Offices: Duluth, Georgia. In New York, term life insurance products are underwritten by National Benefit Life Insurance Company, Home Office: Long Island City, New York.In the U.S., securities and advisory services are offered by PFS Investments Inc., 1 Primerica Parkway, Duluth, Georgia 30099-0001, member FINRA [www.finra.org]. Primerica and PFS Investments Inc. are affiliated companies. PFS Investments Inc. conducts its advisory business under the name Primerica Advisors.