ACCI Conference 2026

Generative Artificial Intelligence (GenAI) tools powered by Large Language Models have captured widespread attention of many. There are, however, many unanswered questions about its use. This paper’s goal is to evaluate the use of seven GenAI tools to provide financial advice in three situations: 1) The appropriate amount of emergency savings to hold, 2) The optimal withdrawal rate from retirement funds, and 3) The recommended composition of an investment portfolio. The authors wrote prompts for each situation and provided the same prompt for each situation to each of the seven GenAI tools. In a second step, the race or gender of the individual described in the prompt was changed to learn if the GenAI recommendations would change. This paper reports the outcomes and concludes with recommendations for practice, policy, and research.

Author(s): Brenda Cude, Gianni Nicolini, Swarn Chatterjee