First, LLMs can do conventional financial planning (CP). No surprise. CP is a keep-it-simple sales pitch with a mathematical veneer. It’s not real financial planning — at least not what economics recognizes as such. CP math comprises high school algebra, which can be done by speadsheets. Since LLMs can access spreadsheets, they can do CP instantly, on a 24-7 basis, and for free. Hence, Wall Street’s days may be numbered in using CP to gather AUM (assets under management) on which it can charge fees.
Second, LLMs can’t do economics based financial planning (EBP).