Artificial intelligence has become an undeniable force in everyday life. It shapes the way we search, shop, and communicate, and is increasingly present in the systems that support our homes, workplaces, and communities.
But even as AI continues to expand, there remains a quiet hesitation about its entry into the world of personal finance. People may welcome algorithmic suggestions for movies or travel routes, but pause when technology starts to influence decisions that feel deeply personal. Financial planning is so tied to security, identity, and long-term goals that many people still approach AI-driven tools with caution.
This tension is palpable in an era when AI promises unprecedented access to information. Investors can now run thousands of scenarios, test assumptions, and model their financial futures using tools once available only to large institutions. Still, large amounts of data can create some uncertainty. People want clarity, not confusion, and they want to know that technology supports their decision-making rather than overwhelming it.
These issues are central to Jacob Gold's work. Gold is a third-generation financial planner, faculty member at WP Carey School of Business, and co-founder of Arizona State University's Financial Planning bachelor's degree program. Through his courses and practice at Jacob Gold & Associates, he has spent years helping individuals understand the forces that shape their financial lives. His client base ranges from corporations to athletes to high-net-worth individuals, and he has been recognized by Forbes magazine as Arizona's Best In-State Wealth Advisor three years in a row.
Gold says he approaches AI not as a replacement for trusted financial relationships, but as a powerful tool that requires context and oversight. He believes technology can help, but it cannot remove the responsibility to think critically about financial choices.
In the following Q&A with ASU News, Gold outlines why he believes the industry is at the intersection of innovation and human insight, and how that connection is guiding the future.
Question: How is artificial intelligence reshaping the way individuals approach financial planning, and what changes are we seeing in customer expectations?
answer: This AI game is still in its first few innings. The amount of data and tools available is already a game-changer for investors, especially those who don't have the nest egg big enough to hire the most qualified and skilled financial professionals.
Investors can now run thousands of what-if scenarios to see if their funds will be depleted before the end of their lives, based on the rate of return they earn and the amount they plan to distribute each month in retirement. This allows investors to thoroughly evaluate their investments before making a decision.
When I was a kid, I remember my teacher saying, “Garbage in, garbage out.” This means that if you enter the wrong data, you will get the wrong answer. Investors need to have the right financial background to know what to ask AI and to recognize when an AI model may be modeling something incorrectly.
At this point, I don't feel like client expectations have changed much since AI became mainstream. That will ultimately change, requiring financial advisors to focus on empathy, financial counseling, and more frequent communication. Well-positioned financial companies can gain a competitive advantage if they can combine the power of AI with the human touch of a caring financial planner. A hybrid approach that combines AI with the wisdom of qualified, caring financial planners will become the new normal.
question: From your perspective as an information systems professional, which AI tools or applications are having the biggest impact on the day-to-day work of financial professionals?
answer: There is AI software that records conversations and generates summaries and task lists based on it.
There's also AI software that allows you to input a series of questions and answers, and then creates a podcast using an AI-generated avatar.
Finally, traditional retirement software is now powered by AI, allowing it to run numerous trial scenarios, thereby stress-testing investor assumptions.
question: AI promises increased personalization in financial decision-making. How exactly does AI generate these data-driven insights, and what makes them more accurate or useful than traditional methods?
answer: AI can process millions of Monte Carlo simulations and create detailed datasets from a variety of data sources, including tax records, banking and credit transactions, investment returns, economic indicators, and worst-case scenarios. Previously, many of these data points were estimates, and people were making the best decisions they could with limited information.
Today, there is so much information that everything can become white noise, making it difficult to focus on the most sensible thing. So, while the role of the financial planner is evolving, the need for well-informed and experienced financial planners to act as financial guides has never been more important.
question: Which routine or time-consuming tasks in financial planning are being automated by AI, and how will this change the role of advisors?
answer: AI frees financial planners from dealing with numerous compliance requests, marketing strategies, data aggregation, recording and documenting client conversations, rebalancing portfolios, scheduling appointments, and more.
The most intelligent financial institutions will take advantage of the time saved by AI and allocate their time to customers through more personalized interactions and counseling. Lazy financial institutions can use AI to reduce labor costs and automate more tasks, allowing them to accomplish more with less.
question: Accessibility is a central theme in today's technology environment. How is AI contributing to increasing access to quality financial guidance for underserved and new investors?
answer: My company, Jacob Gold & Associates Inc., had a high minimum account amount in 2024. The cost of providing solid financial advice has prevented us from working with everyone.
Now, thanks to AI, we can delegate more administrative tasks, reducing costs and helping more people.
Small investors now have access to investment data that was previously available only to large financial institutions. However, the key is to understand all the data. Nevertheless, the average small investor now has more information available to help him develop his financial strategy than ever before in history.
question: Looking ahead, what emerging AI capabilities do you think have the most significant potential to transform financial planning over the next 5-10 years?
answer: I often tell ASU students that personal finance is less about finance and more about personal finance. With AI, the financial planning industry is expected to evolve into a more service-oriented sector. Providing customized and individualized financial guidance to well-educated individuals will help improve the industry and make it more useful and inclusive.
We have just scratched the surface of what AI can do for investors. Not everything will go well. Some investors may be intellectually lazy and follow AI recommendations without first verifying the accuracy of the data source.
