Can AI Replace a Human Adviser?
Artificial intelligence (AI) tools like ChatGPT are increasingly capable of analysing financial data, generating reports, and answering complex questions in seconds. But the real question is: can AI truly replace a human financial adviser?
In this series, ‘Can AI Replace a Human Adviser?’, we examine real-life case studies of clients navigating major life transitions and put AI to the test against a Providend Client Adviser. As these stories unfold, we reveal what AI gets right, what it gets dangerously wrong, and why human advice may still matter more than you think.
Case Study: How Do You Plan for a Family That Has Differing Values?
Mr Tan Wei Ming, age 48, is a second-generation owner of a family manufacturing business, earning a take-home income of $420,000 a year. He is married to his wife, Mei Lin, who is 45 years old, runs her own small interior design studio and earns approximately $90,000 to $120,000 a year. They have two children aged 12 and 16 and live in a private condominium valued at $3.2 million, with an outstanding mortgage of $1.1 million.
Wei Ming holds approximately $2.5 million in investable assets, of which $1.4 million is tied to shares in the family business and $1.1 million is in personal investments such as equities, unit trusts, and cash.
Recently, tensions have arisen between Wei Ming and Mei Lin due to differing values about money and long-term planning. Wei Ming prioritises business growth and reinvesting profits, believing that building more wealth will provide security for the family. Mei Lin, on the other hand, places greater importance on balance, stability, and ensuring that funds are set aside for their children’s education and their own retirement. She worries that too much risk is being taken and that their family’s future depends too heavily on the business. These differences have begun to affect how they make financial decisions together, from investments to lifestyle spending and long-term goals.
Wei Ming wants to create a clear financial plan that aligns both his and Mei Lin’s values. He hopes to secure their children’s overseas education, ensure adequate retirement provision for both of them, and reduce stress around money by having a shared understanding of priorities and risk.
A significant portion of Wei Ming’s wealth is concentrated in the family business, which exposes the household to business and market risks. While their combined income is high, their financial strategy is not fully aligned as a couple.
Mei Lin feels uneasy about the lack of clarity around long-term planning, while Wei Ming feels pressured between growing the business and meeting his wife’s desire for greater financial certainty. Emotionally, both experience frustration and concern, fearing that financial disagreements could affect their marriage and family life.
His question is: “How can my wife and I align our financial values and build a plan that protects our family’s future, while balancing growth, security, and peace of mind?”
To find out, we posed this exact situation to ChatGPT and asked it to act as their financial adviser. Our Associate Director of Advisory Team, Eleanor, reviewed the AI-generated plan, analysed its conclusions, and compared them against what a real human adviser would do. Here is what she found.
What ChatGPT Did Well
ChatGPT is impressive in how it brings structure and clarity to a situation.
In Wei Ming and Mei Lin’s case, it began by aligning their financial values around shared goals. This is important because many couples do not fundamentally disagree. They simply have not sat down to discuss their finances in a clear and structured way.
It then outlined the couple’s shared wealth goals, supported by key considerations for each:
- Children’s education: Start by identifying target universities, followed by determining an appropriate funding approach through a mix of savings and investments.
- Retirement: Agree on desired lifestyle and retirement age.
- Lifestyle balance: Saving and investing towards long-term goals will inevitably affect liquidity and may reduce current lifestyle spending.
This gave the couple a common language to begin the conversation.
ChatGPT also provided an overall assessment of their financial position. It highlighted that the family business shares are illiquid and noted that Wei Ming’s personal investments are heavily skewed towards equities, creating concentration risk.
It then introduced risk mitigation strategies, focusing on balancing growth and security. These included setting aside emergency funds, diversifying investments, and ensuring adequate insurance coverage.
Importantly, it concluded by recommending that the couple speak with a neutral financial adviser. To me, that was a thoughtful inclusion. ChatGPT recognises that while its strength lies in financial structure and analysis, family conflict is rarely just a surface issue.
Where ChatGPT Falls Short
The limitation is not in the logic, but in the approach. The recommendations felt overly prescriptive.
After framing the situation, ChatGPT asked if Wei Ming would like a sample roadmap with numbers to guide execution. When he agreed, it moved quickly into specific recommendations: how much to set aside, how to allocate, and what adjustments to make. It assumed the couple was ready for solutions.
In reality, financial planning is not just about finding the “right” answer. It is about ensuring the answer is right for the people involved. That requires alignment, something that needs to be built, not assumed.
This highlights another limitation of AI. The quality of its output depends heavily on the quality of the input. If clients do not know what to ask or what to look out for, the output, no matter how structured, will still be incomplete. AI works with what is given. It cannot uncover what is unspoken, unknown, or not yet understood.
Assumptions Without Context
For example, in education planning, timelines were projected without considering local context. In Singapore, male children typically serve National Service, which delays university entry. This affects both timing and funding requirements.
It also underestimated the cost of overseas education. At Providend, we regularly update our assumptions, taking into account tuition fees, living costs, and inflation across countries commonly chosen by families, such as the UK and the US. This ensures projections remain realistic and relevant.
A similar issue arises in its recommendation on emergency funds. ChatGPT suggested setting aside 12 to 24 months of expenses, which amounted to about $1 million. While this may sound prudent, there was no clarity on the couple’s actual spending or savings habits. The number appears inferred rather than verified.
The same applies to the suggestion to reduce exposure to the family business. From a portfolio perspective, it is logical. But Wei Ming is a second-generation owner. The business represents legacy, responsibility, and identity. There are family expectations and commitments to employees who have been part of the journey.
Reducing exposure is therefore not just a financial decision. It is an emotional one. It comes with its own complexity. This is something a model cannot fully appreciate.
The Missing Piece: The Conversation
Wei Ming shared that both he and Mei Lin feel frustrated by the lack of clarity in their long-term planning. More importantly, he is concerned that these disagreements may affect their relationship.
This is where my approach differs.
Before discussing solutions, we need to understand what is really going on. Financial conflict is rarely about money alone. It often reflects differences in values. One may prioritise security, while the other values flexibility. One may focus on long-term preservation, while the other is thinking about living well today.
If these differences are not surfaced, even the best plan can become a source of tension.
Starting with Life: The Ikigai Conversation
At Providend, we often say that life decisions come before financial decisions.
Clients may ask how much to invest or whether they are on track. But beneath these questions is a deeper one: What are we working towards?
This is where the idea of ikigai becomes relevant: what gives life meaning and purpose. Instead of starting with numbers, we start with conversation.
We explore what brings them joy and meaning. What a good life looks like for each of them. How they envision their future, not just financially, but in how they spend their time, who they spend it with, and what gives them a sense of fulfilment. We also examine what has shaped their beliefs about saving, spending, and security.
These conversations are not always easy, but they are necessary. They shape every financial decision that follows.
Creating Space for the Conversation
When money and family intersect, emotions surface. My role is to create space for open, honest conversation. Sometimes it means slowing things down. Allowing silence. Asking and waiting. It is about creating space where both individuals can speak openly without interruptions and judgement.
A large part of my work is listening, not just to what is said but to what is not said.
When Wei Ming says he values security, we explore what that really means. Is it about never having to worry? Protecting the family? Maintaining control?
When Mei Lin speaks about stability, we explore whether it aligns with or differs from security.
These nuances come through tone, hesitation, and what is left unsaid. AI cannot pick this up. This is where human judgement and empathy make a difference.
The Vulnerability Behind the Numbers
What is often overlooked is how vulnerable this process is for clients.
Sharing one’s financial situation openly requires trust. Clients are not just sharing numbers. They are sharing concerns, past decisions, and sometimes regrets.
They reveal how they think about security, what keeps them awake at night, and what their hopes are for their family. This level of openness takes time.
Trust is built through conversation and shared experience. It grows when clients feel heard and not judged.
As a mother of two, I sometimes share my own experiences, both struggles and successes. The intention is not to advise, but to connect. These moments help clients feel more at ease and more willing to open up. And when they do, the conversation changes.
From Conversation to Clarity
Only then do we move into planning.
By this stage, the numbers carry meaning. They are no longer abstract targets, but reflections of what truly matters to the clients. We can then determine the return required, their ability to take risk, and their willingness to do so. The plan becomes something they can commit to because it reflects who they are.
In this case, Mei Lin expressed concern that their future depended too heavily on the business. ChatGPT also concluded that the business shares are illiquid and recommended a 40% divestment. But what if their goals can be achieved through deploying existing and recurring resources without the need to divest from the business?
Through scenario analysis, we can explore different pathways, incorporating the clients’ inputs to arrive at an optimal outcome. This is only possible when we have clarity on their full financial position, rather than relying on assumptions.
Conclusion: Not AI or Human, But Both
AI is a powerful tool. It brings clarity, structure, and accessibility. It helps clients organise their thoughts and provides a useful starting point.
But it has its limits.
It cannot uncover what has not been asked. It cannot sense emotions or navigate relationships. It cannot build trust over time. In moments of conflict, families are not just looking for answers. They are seeking understanding and a safe space to express themselves.
This is where a human adviser plays a different role. Not simply as a problem solver, but as someone who helps clients discover what truly matters and guides them towards alignment.
The best outcome is not AI or human. It is both. AI provides the structure. The adviser brings the conversation to life. Ultimately, financial planning is not just about numbers. It is about helping families stay aligned, stay connected, and move forward with clarity and confidence.
This is an original article written by Eleanor Ng, Associate Director of Advisory Team at Providend, the first fee-only wealth advisory firm in Southeast Asia and a leading wealth advisory firm in Asia.
For more related resources, check out:
1. How to Make Life Decisions (Ikigai Decisions)
2. To Live the Good Life, Make Life Decision First Before Wealth Decisions
3. Here’s Why We Charge a Higher Fee Than Robos
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