As you know, the past few weeks in FWF, I have shared what AI (Artificial Intelligence) is saying about long-term care.  I asked 3 different AI platforms that same question and came out with different responses.  This was a bit surprising to me as I did not change the question that I asked – “what is the best strategy to fund a long-term care event”.

After talking with a bunch of fellow geeks as well as people who are way smarter than me, the explanation of why is simple.  Each has their own algorithm to scour the web for information to consume, translate, compile, and present.  It’s a lot like what we all do when we develop a strategy for a client.

We gather information then through our own process, we develop their plan.  (Basically, that’s what AI is doing.)  Here’s the problem – it doesn’t know what is good information or bad.  It just gathers then presents.  Just like anything, whatever is produced or presented needs to be reviewed for accuracy and (what I call) honesty.

So, if your client elects to jump onto ChatGPT or Gemini or Copilot and ask a simple question, they may bot be getting a fully accurate representation of their options.  Look at the range of responses to my rather vague question and you will see what I mean.

Most people will do what I did and not build a detailed script using their personal information.  They’ll get a broad and vague response and base their action (or inaction) on that.

We will NOT be replaced by AI.  Financial planning & insurance is personal.  It is a relationship business.  It is face-to-face, belly-to-belly, eyeball-to-eyeball work that needs to be done … AI cannot do that.  It never will be able to.  It can only do what it is told to do and can be “taught” to learn certain things that mimic a human, but it will NEVER replace the personal interaction that we deliver.

So, remember this, AI is the most powerful tool that we have at our disposal.  But it is just that – a tool for us to use.  Never forget that – it I just a tool.

With that in mind … get in front of your clients and lead them.  Most people do not realize that they are one decision away from losing everything that they worked for.  Lead that conversation and make it a part of your year-end reviews.

Ask the question that makes you and them uncomfortable.  How do you want things to play out when a long-term care situation occurs?

Remember, you need to lead your clients because on their own, they will invoke the default plan of hope which is reactive and rather expensive.

Give my internal Kelley Hilliard a call and ask for the LTC Planning worksheet to use with your clients.