Welcome back to another episode of the 360 Money Matters Podcast! This week, hosts Billy Amiridis and Andrew Nicolaou dig into a topic that’s front of mind for a lot of people right now: how artificial intelligence is changing the way we manage money.
Billy and Andrew are upfront from the outset that AI is not replacing a financial advisor, but it is changing what’s possible for everyday Australians who want to get more organised, ask better questions and understand their own finances more clearly. They walk through the practical ways people are already using AI, from analysing household budgets and tracking spending patterns to researching mortgage products and preparing for meetings with a financial advisor. The conversation also covers the darker side of the AI boom, including the rise of convincing scams that use AI generated voices, images and fake celebrity endorsements to target unsuspecting investors. Billy and Andrew share a real world example of how sophisticated these schemes have become and why staying alert to them matters more than ever.
Listeners will come away with practical ideas for using AI as a personal financial assistant, including how to analyse a household budget, track tax deductible expenses like fuel receipts on the go, and research mortgage products, interest rates and investment options more efficiently. The episode also outlines the key cautions to keep in mind, from the risk of AI referencing outdated or incorrect information on tax and superannuation rules, to the growing sophistication of AI powered scams involving fake celebrity endorsements and voice cloning. It’s a balanced, practical guide to getting real value from AI tools while understanding where human judgement and professional financial advice still make all the difference.
This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis & Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorised representatives and credit representatives of Akumin Financial Planning – AFSL 232706.
Episode Highlights
- Why AI is best used as a financial assistant rather than a replacement for a financial advisor.
- How AI can analyse household budgets and detect unusual spending patterns.
- Practical ways to use AI for mortgage and investment research, including comparing rates and products.
- Why tracking deductible expenses like fuel receipts through AI can simplify tax time. The risk of AI referencing outdated tax and superannuation rules, and why fact checking still matters.
- Why entering sensitive information like bank details, TFNs, and dates of birth into AI carries real risk. How AI is fuelling more convincing scams, including fake celebrity endorsements and voice cloning.
- Why most poor financial outcomes come down to psychology and confidence rather than picking the wrong investment.
- Why human judgement, empathy, and understanding a client’s full circumstances remain essential to good financial advice.
