Millennials are leveraging artificial intelligence (AI) to reduce costs associated with financial advisory services. Here are three key ways they are saving money:

### Paying Only When Necessary
A new wave of AI-driven startups is revolutionizing the financial advisory sector by offering a flat fee for advice rather than a percentage of assets annually. This approach allows millennials to save thousands each year and receive more tailored advice that aligns with their needs. Most Americans under 55 do not require regular guidance, and a well-designed financial strategy can last for years until circumstances necessitate a revision.

### Avoiding High Consultation Fees
AI financial advisors are more affordable than traditional human advisors. They often charge significantly lower fees or even offer services at no cost. This affordability is achieved by minimizing the human element, allowing users to access financial advice at a lower price point. Additionally, AI solutions provide round-the-clock assistance, a benefit not typically available with human advisors.

### No Extra Charges for Additional Services
Digital platforms using AI deliver customized financial suggestions tailored to individual circumstances, along with tools for budgeting and goal-setting. These platforms are more budget-friendly than conventional advisors, making professional advice more accessible to younger generations. However, forgoing human guidance requires more time and effort from users to manage their finances effectively.