Artificial Intelligence in Accounting, Medicine, and Law with Potential Implications for Financial Planning: A Review of Literature

Abstract

Generative Artificial Intelligence (AI) is rapidly reshaping multiple fields. Generative AI is a type of AI that can create new content or information from scratch, rather than simply manipulating or organizing existing data. This has the potential to revolutionize the way that financial advisors interact with clients and manage their businesses. However, there are many unknowns as it relates to the level and degree of disruption that Generative AI can bring to financial planning. Therefore, this paper explores the interaction of AI with financial planning, drawing insights from the practices of accounting, medicine and law. While the primary focus remains on financial planning, this interdisciplinary approach aims to enrich understanding and examines parallels and emerging trends across diverse professional domains. Each of the four professions integrates client needs, preferences and goals into their decision-making processes.