As AI grabs headlines for having the potential to replace many white-collar jobs, some have begun wondering if financial professionals could be on that list. Find out more about it and the other four stories that we talked about this week in the latest edition of "The FIDx Five."
ChatGPT on Replacing Human Advice
Will artificial intelligence replace financial professionals any time soon? ChatGPT attempted to answer that question.
Source: InsuranceNewsNet, “Will ChatGPT, artificial intelligence replace financial professionals any time soon?” 1/23/23
Advisors Speak on Secure 2.0
Financial advisors were asked, “How is Secure 2.0 figuring into your advice to clients?” Here’s what they had to say.
Source: ThinkAdvisor, “Who Benefits Most From Annuity Purchases?” 1/18/23
Women Are More Likely to Say They’ll Retire Later
When asked in a Nationwide study back in 2021, 24% of women said they expected to adjust their retirement expectations. Today, the answer is 62%.
Source: BenefitNews, “62% of women don't think they can retire because of inflation,” 1/23/23
Fear of Lawsuits
What’s holding back annuities in 401(k) plans? In a recent survey, 47% of employers asked said fiduciary concerns were the reason.
Source: Life Annuity Specialist, “Why Employers Don’t Want Your Annuity in Their 401(k) Plan,” 1/25/23
Retirees Falling Way Short
Replacing 70% of pre-retirement money—that’s a bit harder than it once was. Only 25% of retirees say they’re doing it now.
Source: CNBC, “75% of retirees fall short of a key retirement income goal. These steps can help.” 1/21/23
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