AI tools can help with aspects of financial planning—but they’re no substitute for expert advice. Learn how to use AI wisely in your financial life.
Like it or not, artificial intelligence is transforming our world, including the way we manage our money. From budgeting to estate planning, generative AI tools like ChatGPT, Google Gemini, and Microsoft Copilot are being used to streamline financial tasks and gather information. And, while AI can be a powerful efficiency booster, it’s important to know the best ways to implement it, and when to lean on the expertise of a human advisor.
We spoke with our financial experts to break down the pros, cons and best practices for using AI for your personal finance goals.
“The best way to think about AI is that it’s a tool, something that we can use to become more efficient, more accurate and, ultimately, better advisors,” says Stephanie Hannan, Private Bank Wealth Advisor at Huntington Bank. In the context of personal finance, AI’s most powerful contribution is its ability to automate time-consuming tasks like research and budgeting.
If you have a specific short- or long-term goal in mind, an AI chat tool like ChatGPT, Google Gemini, Microsoft CoPilot or Claude can be a helpful initial resource. Say you want to spend an entire summer abroad or you’re curious about early retirement. You could ask AI a few questions to get an idea of the main factors you’ll need to consider. Just take care how you use these tools. “The most important thing to remember is that it is a tool and not a complete substitute for a human,” cautions Hannan. Also, don’t upload any personal financial documents or type in specific account numbers, especially if you’re using a free version. Jessica Bole, JD, CEPA, Wealth Planner at Huntington Private Bank, says that her clients sometimes share questions and information gleaned from these AI interactions to double-check its output. This human checkpoint is key. "Our advice and guidance is tailored to our clients based on the time we've spent building a relationship with them," says Bole. "We understand where they're coming from and where they want to go, and we're invested in offering the right answers. It's a distinctly human approach that complements the AI-based research they might be doing on their own."
Even the most financially savvy person can’t process data with the speed of an AI assistant. Whether it’s comparing loan rates, forecasting investment returns, or researching market trends, AI can gather and process large sets of information faster than most humans, allowing you to focus on strategy, rather than data collection and entry.
AI models are only as good as the data they’re trained on; using outdated, biased or incomplete information can lead to misleading or even blatantly wrong recommendations. “If you’re using AI to answer questions or guide your financial decisions, being diligent about checking your sources is really important,” says Bole. “Ask yourself: Is this a reliable source of information? Was it published recently? Was it reviewed by an expert?”
Open-source AI tools like ChatGPT will store user inputs to train future models, so it’s critical to be aware of what information you’re sharing with these companies. “You don’t want to put sensitive data from your statements out on ChatGPT for the world to see,” warns Hannan. Always avoid entering confidential information into unsecured platforms.
Money is deeply personal, and AI can’t understand emotional nuance, life circumstances, or long-term relationship-building the way a human advisor can. As Bole explains, “For those of us in the financial planning world, most of our time isn’t spent doing calculations; it’s about building relationships with our clients, understanding who they are and what their goals are. When we provide advice and guidance to our clients, it’s tailored to that client, and they can trust that we’re looking out for them.”
AI is a great assistant, but not a replacement for expert advice. Consider consulting a financial or legal professional when:
The information provided in this document is intended solely for general informational purposes and is provided with the understanding that neither Huntington, its affiliates nor any other party is engaging in rendering financial, legal, technical or other professional advice or services, or endorsing any third-party product or service. Any use of this information should be done only in consultation with a qualified and licensed professional who can take into account all relevant factors and desired outcomes in the context of the facts surrounding your particular circumstances. The information in this document was developed with reasonable care and attention. However, it is possible that some of the information is incomplete, incorrect, or inapplicable to particular circumstances or conditions. NEITHER HUNTINGTON NOR ITS AFFILIATES SHALL HAVE LIABILITY FOR ANY DAMAGES, LOSSES, COSTS OR EXPENSES (DIRECT, CONSEQUENTIAL, SPECIAL, INDIRECT OR OTHERWISE) RESULTING FROM USING, RELYING ON OR ACTING UPON INFORMATION IN THIS DOCUMENT EVEN IF HUNTINGTON AND/OR ITS AFFILIATES HAVE BEEN ADVISED OF OR FORESEEN THE POSSIBILITY OF SUCH DAMAGES, LOSSES, COSTS OR EXPENSES.
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