Compardo, Wienstroer & Janes at Moneta
Artificial intelligence(AI) has quietly become one of the most transformative tools of our time. From drafting emails, doing medical symptom searches, even generating dinner recipes, AI assistants like Claude, ChatGPT and Gemini have made information more accessible than ever before. But with that great power comes great responsibility that too few people think about: knowing what NOT to share.
The Genuine Benefits of AI
AI can summarize lengthy documents in seconds, explain dense legal or financial concepts in plain English, assist students in understanding difficult subjects, and provide a starting point for research that once required hours in a library.
For busy professionals, AI is a productivity multiplier. In fact, we encourage clients to use AI the right way, to be more informed and engaged. Used thoughtfully, it is a remarkable equalizer. Because AI is available around the clock, at 2 a.m. when anxiety strikes, having something that can explain the basics clearly and patiently has real value.
The Danger Nobody Talks About Enough
Here is where the AI conversation must turn serious. Many people, in the course of seeking help, share far more than they should with AI tools: account numbers, salary details, investment portfolios, national insurance numbers, tax returns, and even passwords. Sharing this kind of personal information can be a significant risk.
AI platforms may store conversation data to train future models, for quality review, or other ways users do not fully understand. Data can be accessed by the companies behind these tools, shared with third parties, or even exposed in a security breach. Once your financial details are in a conversation, you are no longer in control. Simply put, while AI has some security safeguards, your sensitive information is controlled by someone else and you don’t know how it will be stored, protected or used.
There is also more subtle danger in the fact that AI can be confidently wrong. It does not know your full financial picture, your tax situation, your risk tolerance, or your personal goals and wishes. Acting on AI-generated financial guidance without professional human verification is like navigating by a map that might be out of date. Ever get inaccurate directions from your maps app? AI can help you get there, but you still need to look out the car window, rather than knowingly going down the wrong road and wondering how you got there.
Dos and Don’ts: Best Practices
DO use AI to learn concepts; ask it to explain the difference between an IRA and a Roth IRA, how compound interest works, or what a P60 means.
DO us AI to explain complex financial topics or summarize wealth articles to help keep you informed.
DO use it to prepare for conversations with your Advisor and the rest of your team. Let AI help you form the right questions to ask your CFP® (Certified Financial Planner®).
DO use general, anonymous scenarios: “If someone earns $600,000 and has $2,000,000 in investible assets, what options might they explore?” rather than naming yourself.
DON’T share your account numbers, sort codes, social security number, passwords, or specific investment holdings.
DON’T paste in bank statements, pay stubs, tax documents, or your Advisor’s financial action plans, even just to ask a question.
DON’T make significant financial decisions based solely on what an AI tool tells you.
DON’T assume your conversations are private, in fact, assume they are not.
Why Human Interaction Still Matters
A financial advisor or CFP® brings something AI simply cannot replicate, accountability, regulatory oversight, and a genuine understanding of your life and wishes. CFP®s are bound by professional standards to act in your best interest.
AI is changing the way we access information. It can be a great starting point, but it’s a poor finish line. Use AI as a tool to learn and bring some additional ideas to the table for discussion, but work with the expert sitting across the table and listen to their recommendations to make an informed decision that’s best for your unique situation.
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