The 2024 Schwab Modern Wealth Survey found that only 36% of Americans have a written financial plan, which means most people still don’t. For many, the real question isn’t whether to plan, but how. Should you rely on a Certified Financial Planner, use AI-powered tools, or try a mix of both?

Picture getting close to retirement and finding out you need to work five more years or risk paying $250,000 extra in taxes because you didn’t have a plan. Even with all the new technology, financial planning is still a personal and important choice. Here, we’ll look at how AI and human planners differ in their methods, costs, biases, update speed, and accessibility—and why some people use AI to double-check their planner’s advice rather than replace them.

Key Takeaways

• AI tools can process vast amounts of financial data and update scenarios instantly, while human planners bring qualitative judgment and behavioral insight.
• Traditional planners often charge higher fees but can tailor advice to complex, unique circumstances.
• AI models offer low-cost, data-driven second opinions that can help validate or challenge existing plans.
• Combining both approaches can align cost, autonomy, and depth of analysis with an investor’s goals.

How Methodologies Differ

Human planners often work within structured frameworks—such as the CFP Board’s seven-step process—that combine technical analysis with personal discussions. This can involve:

• Understanding goals and constraints through client interviews
• Applying tax rules and market assumptions
• Recommending investment allocations

AI planning tools, on the other hand, use algorithms to:

• Aggregate accounts in real time
• Model multiple scenarios quickly
• Detect statistical risks and correlations that may not be obvious to a human advisor

Why this matters: A CFP might focus on whether a client feels emotionally ready to retire early, while an AI model can run thousands of variations of the same retirement scenario to estimate probabilities. When the emotional insights from a human planner are paired with the statistical modeling of AI, the result is a more complete picture—one that considers both financial outcomes and personal readiness

Cost and Accessibility

Certified financial planners often charge around 1% of assets under management for portfolios up to about $1 million, with tiered schedules more common for larger accounts. Other pricing structures—such as flat fees or subscription models—are becoming more widespread. While this level of service may be valuable in complex situations, it can also be costly for smaller portfolios.

AI-based platforms like PortfolioPilot generally use a subscription model, which is typically a fraction of a traditional planner’s annual fee. This approach can make them more accessible for:

• Early-stage investors building net worth
• DIY investors seeking validation of their strategies
• Professionals wanting a second opinion without committing to a whole advisory relationship

Frequency of Updates

A human planner typically revisits your financial plan once a year or when major life events occur. AI-driven tools, by contrast, can refresh projections more frequently—sometimes monthly or even in near real time—by incorporating updated account information and market data.

• Hypothetical: An investor’s equity portfolio drops 12% in a quarter. An AI tool can immediately show how this affects retirement readiness, debt paydown timelines, or tax-loss harvesting opportunities. A traditional planner might address this only at the following scheduled review.

Bias and Objectivity

While CFPs follow ethical standards, their recommendations may still be influenced by business models, preferred custodians, or product familiarity. AI models, when built without commission-based incentives, can provide an additional lens of data-driven, rules-based analysis.

That said, AI cannot account for specific qualitative nuances — such as family dynamics, personal comfort with volatility, or career trajectory uncertainty. This is where human insight remains essential.

When to Combine Both

For many, the highest value comes from integrating the two approaches:

• Human + AI = Deeper Confidence — A CFP brings expertise, experience, and qualitative judgment. AI provides real-time, data-driven second opinions.
• Planning Tools as a “second set of eyes” — At a relatively low cost, it can validate a human planner’s recommendations or flag discrepancies that merit further discussion.

Using both allows an investor to cross-check assumptions — reducing blind spots that can occur when relying solely on one approach.

In practice, it doesn’t have to be a choice between AI tools and traditional planners. Many investors use both, combining personal advice with objective analysis and regular updates. The right approach depends on individual goals and circumstances.

As you think about your financial future, consider whether an AI tool, a human planner, or a combination of the two best fits your needs. Taking time to evaluate your options now can support more informed decisions going forward.