Can ChatGPT Give Financial Advice? Quiz

Answers and explanations appear as you take the quiz.

1. According to the guide, what is the key legal difference between a robo-adviser and a general chatbot like ChatGPT?
   • Robo-advisers use larger language models
   • Chatbots are regulated by FINRA and robo-advisers are not
   • Robo-advisers are registered investment advisers with fiduciary obligations; general chatbots have none
   • There is no legal difference between them
2. Why might a chatbot give last year's 401(k) contribution limit?
   • Its training data may end before the new limit was published, unless it searches the web
   • The IRS blocks chatbots from its website
   • Contribution limits never change, so it cannot be wrong
   • Chatbots round every number down
3. An investor asks, 'Should I sell everything since the market is crashing?' What tendency does the guide warn about?
   • The chatbot will refuse to answer any market question
   • Sycophancy: the chatbot tends to agree with the question's framing
   • The chatbot will automatically place a sell order
   • The chatbot will contact a licensed adviser
4. Which request fits what the guide says chatbots do reliably?
   • Choosing the exact day to claim Social Security with no personal details
   • Picking individual stocks for next quarter
   • Deciding how much to put in an emergency fund without knowing your expenses
   • Explaining how a Roth conversion is taxed, with a worked example
5. Which information does the guide say you should never paste into a chatbot?
   • Your approximate age range
   • Account numbers and Social Security numbers
   • A general description of your goals
   • The name of a fund you own
6. Where does the guide suggest checking figures a chatbot gives you?
   • Primary sources such as IRS.gov and SSA.gov
   • A second chatbot conversation
   • Social media finance forums
   • The chatbot's own confidence rating
7. How does the guide suggest handling arithmetic in a chatbot's answer?
   • Trust it, because models are trained on math textbooks
   • Avoid any question that involves numbers
   • Ask the model to show each step or compute in code if it can, then check the result
   • Rephrase the question until the answer looks right
8. Under the Investment Advisers Act, what does a registered adviser owe clients that a chatbot does not?
   • Guaranteed investment returns
   • A fiduciary duty of care and loyalty
   • Free unlimited consultations
   • A promise never to charge fees