Anciens Huang | Moment | Getty ImagesWhen you're hiring a financial advisor, it's crucial to understand how that professional gets paid.To consumers, it may seem like a simple question to ask — but the answer isn't necessarily straightforward.About 36% of consumers don't know how they pay for a savings or investing relationship with a financial firm, according to a 2023 Hearts & Wallets survey. Another 20% said they think their financial service is free.Many of those clients are likely mistaken, although so ...

AI in Financial Planning: Current Status - Industry experts suggest caution when using AI for personalized financial advice currently [2] - The financial industry sees potential in AI for general financial education, considering it a powerful tool [2] - Internal testing of AI is ongoing, but AI is not currently used for providing financial advice [2] - AI's ability to handle technical details and perform mathematical calculations is improving, but concerns remain [3] - Widespread adoption of AI in financial planning is not yet observed [3] Challenges and Considerations - Prompt engineering is crucial, as many investors may not know the right questions to ask AI [4] - Financial literacy is important for effectively using AI in financial planning; caution is advised otherwise [4]