Arbeitspapier
Using GPT-4 for Financial Advice
We show that the recently released text-based artificial intelligence tool GPT-4 can provide suitable financial advice. The tool suggests specific investment portfolios that reflect an investor's individual circumstances such as risk tolerance, risk capacity, and sustainability preference. Notably, while the suggested portfolios display home bias and are rather insensitive to the investment horizon, historical risk-adjusted performance is on par with a professionally managed benchmark portfolio. Given the current inability of GPT-4 to provide full-service financial advice, it may be used by financial advisors as a back-office tool for portfolio recommendation.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 10529
- Klassifikation
-
Wirtschaft
Financial Economics: General
Portfolio Choice; Investment Decisions
- Thema
-
GPT-4
ChatGPT
financial advice
artificial intelligence
portfolio management
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Fieberg, Christian
Hornuf, Lars
Streich, David J.
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2023
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Fieberg, Christian
- Hornuf, Lars
- Streich, David J.
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2023
Ähnliche Objekte (12)
Financial Advice and Household Financial Portfolios
Gender differences in financial advice
Gender differences in financial advice
The Banker's Oath And Financial Advice
Financial advice and stock market participation
The banker's oath and financial advice
The Banker's Oath And Financial Advice
On the benefits of robo-advice in financial markets
Financial literacy: A barrier to seek financial advice but not a shield against following it
Customer Disputes, Misconduct, and Reputation Building in the Market for Financial Advice
Naïve advice in financial decision making: Hidden costs of a free offer
Explanations or advice: The impact of financial literacy on information acquisition behavior
Financial Advice and Household Financial Portfolios
Gender differences in financial advice
Gender differences in financial advice
The Banker's Oath And Financial Advice
Financial advice and stock market participation
The banker's oath and financial advice
The Banker's Oath And Financial Advice
On the benefits of robo-advice in financial markets
Financial literacy: A barrier to seek financial advice but not a shield against following it
Customer Disputes, Misconduct, and Reputation Building in the Market for Financial Advice
Naïve advice in financial decision making: Hidden costs of a free offer
Explanations or advice: The impact of financial literacy on information acquisition behavior
Financial Advice and Household Financial Portfolios
Gender differences in financial advice
Gender differences in financial advice
The Banker's Oath And Financial Advice
Financial advice and stock market participation
The banker's oath and financial advice
The Banker's Oath And Financial Advice
On the benefits of robo-advice in financial markets
Financial literacy: A barrier to seek financial advice but not a shield against following it
Customer Disputes, Misconduct, and Reputation Building in the Market for Financial Advice
Naïve advice in financial decision making: Hidden costs of a free offer