New Delhi, Aug. 18 -- These days, one often hears the question: "Why do I need a financial advisor when I can get everything from AI (artificial intelligence)?"

More and more people are feeding their portfolios into AI tools to decide whether to stay invested, whether to prepay a loan or invest the money, and even which mutual fund to choose.

A simple query on where to invest, run through one AI chatbot, produced a mix of sound and questionable advice. For instance, the tool suggested an asset allocation without first asking about the investor's financial goals or risk-taking capacity. It also recommended a small equity allocation for a three- to four-year investment horizon. There was no clear rationale, meanwhile, for the specific ass...