Tag: Financial planning
How ChatGPT is Shaping Retirement
October 15, 2023
Chat GPT is an artificial intelligence program that can answer human questions. This chatbot is able to understand human language that is spoken or written and then uses algorithms to process and analyze this information in order to produce answers. For instance, you may ask ChatGPT informative questions such as how climate change is affecting endangered species, but Chat GPT can even be directed to write a poem. When it comes to finances, ChatGPT may even be able to help someone begin their retirement planning.
ChatGPT Provides Content, Not Human Advice
Anyone can ask ChatGPT anything, and they will receive a remarkably well-rounded response. If someone were to ask what their retirement plan should include, the chatbot will provide an outline of the basic elements of a common retirement plan. The problem with this is that ChatGPT won’t know the person asking the question and be able to understand the individual details of their life that would make a difference in their retirement planning.
While Chat GPT may not completely replace the value of a human financial advisor, that doesn’t mean that financial advisors won’t need to change the way in which they advise clients to plan for their retirement. If anyone can get a basic plan through ChatGPT, then the services provided by an advisor need to become more about the one thing ChatGPT can’t provide: the human understanding and emotional side of advice. Despite having spent decades taking the emotion out of financial decisions, financial professionals will have to pivot to provide more humanity than ever.
How AI Can Improve an Advisor’s Abilities
Once upon a time, the internet threatened travel agents everywhere, as people could suddenly book their own plane tickets, hotel rooms, and rental cars themselves, from the comfort of their home computers. But travel agents are alive and well, and that’s because the internet still couldn’t do one thing that an agent could: understand a client’s needs and provide personal advice. Instead of mere transactional planning, personalized insight is the new premiere service that a travel agent can provide, and financial planners can grow to do the same.
While ChatGPT can provide concrete information, it cannot begin to factor in the unique preferences of an individual. True conversation is more than the exchange of information. It involves feelings and the confirmation that the person you’re speaking with understands you. A good financial advisor already understands this. Their job is about more than just offering retirement plans; people need empathy. Financial advisor Patti Brennan says her clients “are looking for someone who isn’t just focused on managing their money; that’s just table stakes. What they really want is to know they’ve got someone they can count on during times of crisis; someone who will be a trusted advocate for their future and quality of life.”
Mitchell Morrison, CEO and founder of Eyeballs Financial, says, “ChatGPT is like building a chassis for the financial plan. Its chief weakness is that the answers you get are only as good as the questions you ask.”
While a machine can provide the building blocks of a good plan, an advisor has the capability to understand the complexities of financial planning and the nuances of a person’s life. Together, ChatGPT and the advice from a professional can be used to formulate a plan that is more well-rounded than if someone just relied on one or the other. Rob Leiphart, a certified financial planner at RB Capital Management, adds that, “ChatGPT lacks one crucial step needed in financial planning and investment management: KYC,” or know your client. “It doesn’t begin by asking questions of its own in order to hone its responses. Instead, it provides generic or basic advice,” he says.
While AI ‘s abilities will evolve, financial advisors will be required to as well. Professionals should view ChatGPT as a tool and reevaluate their role in retirement planning. While clients can be well-versed through the framework that ChatGPT can provide them, financial planners can become educators, coaches, and navigators of their retirement plans.
What AI Can Do For You Now
ChatGPT can do more than provide information on how to begin planning for retirement. It can also be used as a resource to think outside of the box in terms of finances. Here are five ways anyone can use ChatGPT to improve their finances now.
Whether you’re interested in supplementing your income now or during retirement, you can ask ChatGPT, “What are the best side gigs for retirees, in my area, or in my field of work?” AI will provide a list of options ranging from consulting, house sitting, or personal errands.
2. Build a better resume
Perhaps you’d like to make more money in your working years or there are a handful of positions you’ve always wished you could land. ChatGPT can help make your resume stand out by suggesting which skills recruiters are looking for in certain positions.
3. Get your business off the ground
ChatGPT could tell you how much you’ll need to start that business you’ve always dreamed of starting, including what resources you’ll need to get going, projected earnings, and even help with sales copy. Whether you’re selling goods or services, you’ll need good advertising to attract potential clients. ChatGPT can provide you with a better idea of what your business idea will entail and help you to create a detailed plan of action.
4. Get tips for writing a better house listing
Planning to make money for retirement by selling your house or planning to move when you can retire are both common goals. An attractive house listing can help you get the best offer on your current property. Paired with gorgeous pictures of your home, ChatGPT can help you write the listing that will get you the most interest. You could even use ChatGPT to help you buy your home elsewhere by researching the most cost effective places to retire.
5. Find financial planners in your area
Once you’ve decided it’s time to start thinking about your retirement, ChatGPT can provide you with a list of qualified and highly-rated financial advisors in your area. Plus, educating yourself through ChatGPT on common retirement plans before you meet with your advisor will give you an idea of what to discuss at your meeting.
Retirement planning can be overwhelming, but you’ll benefit from using every resource available to you, including ChatGPT. For now ChatGPT is an excellent starting point but shouldn’t be the main resource of your final plan. Insureyouknow.org can help you compile your research, store your financial records, and serve as a valuable place to regularly revisit and fine tune your retirement plan.
Paying for Early Childhood Intervention Services
October 1, 2023
Over three million children in the United States had a reported disability according to the 2019 U.S. Census, and that number has risen 0.4% since 2008. Children experiencing developmental delays, not reaching developmental milestones, or those at risk may be eligible for early intervention services and supports.
When to Screen for Developmental Delays
If a child is born prematurely or with a genetic condition, then that child may qualify for early intervention as soon as birth. Early screening is part of the services that should be offered while parents are in the hospital for their child’s birth. However, if a parent becomes concerned about their child’s development after birth or notices any changes, they should refer their child for an early intervention evaluation. Eligibility for services is based on an evaluation of a child’s skills and abilities. A doctor’s referral is not necessary for an evaluation. It’s important for parents to educate themselves on which milestones their children should be reaching and not rely completely on their doctor’s recommendations; it is parents who spend the most time with their children, so they may notice something that a pediatrician won’t catch during a routine check-up. Emma Fitzsimmons, a New York mom who claims early intervention saved her son’s life, tells other parents, “If you’re worried that your child has delays, I would encourage you to seek out Early Intervention services and to ask for recommendations to find the best therapists in your area and a good service coordinator, the person who oversees your case.”
Know What Your State Offers
If eligible for early intervention, children may receive services to help with physical skills (crawling and walking), cognitive functions (thinking and learning), communication (talking and listening), adaptive skills (eating and dressing), and social-emotional development (play). Services are wide-ranging and can include speech therapy, physical or occupational therapy, psychological services, home visits, nutritional services, audiology (for hearing issues), vision therapy, social work, assistive technology, and even transportation.
The Individuals With Disabilities Education Act, or IDEA, covers early intervention and school-aged services. Under Part C of IDEA, funding is made available to each state and requires services to be made available to eligible children with disabilities. While all states offer early intervention, the screening processes and services offered vary state by state. The first step in finding out what your child may qualify for is learning about what your state offers. The CDC offers links for each state in order to learn about the benefits your state offers. Each state has its own guidelines around how families qualify, but generally, a child must exhibit a developmental delay or have been diagnosed with a specific health condition that is known to lead to delays, such as a genetic disorder. The Early Childhood Technical Assistance Center (or ECTA) also outlines the services each state offers. In some states, children may be eligible for services if they are at risk and not yet exhibiting any delays, such as having been born at a low weight. If a child is found eligible for services, a care team will develop an Individualized Family Service Plan (IFSP), which will outline the services a child will receive and the desired outcomes for those services. For instance, physical therapist Tonya McCool explains, “If a child presents with a delay that limits their abilities to complete age-appropriate milestones, a provider will assist by guiding the child into appropriate positions, providing them opportunities to experience new opportunities or helping them try new things so that their families can continue to work with them throughout the week to meet their goals.”
Who Pays for Early Intervention Services?
Under IDEA Part C, Child Find services, which include the initial referral, evaluations, the development of the IFSP, and service coordination must be made free to families, but depending on your state’s policies, some services may be provided at a cost or on a sliding scale. In addition to the federal education funds provided through IDEA, Medicaid and private insurance can also help cover the costs of interventions, such as speech therapy and hearing services. Finding a provider that is familiar with Early Intervention funding will know best how to help families cover the costs of these services. Although early intervention is mandated by IDEA and designed to meet the needs of children, it often requires a combination of resources to cover the costs of services. The ECTA’s website offers contact information for each state’s lead agency, who will be able to provide parents with the resources they’ll need to secure services and funding. If your child qualifies for interventional services, it will be important to become educated in what services must be provided at no cost to you through IDEA Part C.
What Happens When Services End?
Once a child is three, if they are still experiencing delays or require supports, then services will continue and transition into special education services. These are often provided through a child’s school at no additional cost to you. The age at which a child begins schooling also varies state-by-state, which is why it’s important for families to work with their initial early intervention team in order to ensure children continue receiving the supports they need. When an IFSP is developed, it should include any support for the transition to preschool when a child turns three. Plans should be reviewed every six months, as children change quickly from birth to age three.
Early intervention services can have an enormous impact on a child’s ability to meet developmental milestones. These services are provided not only for a child, but also so that their caregivers have the tools they need to create a healthy environment for their entire family. Insureyouknow.org can help you keep track of medical records, interventional resources, and your child’s IFSP, as well as their progress. When it comes time for your child to start school, having this paperwork organized in one place will help you provide their school with everything they require in order to ensure the necessary continued supports.