Does ChatGPT provide better advice than robo-advisors?

We develop three investor profiles with different risk attitudes and consult ChatGPT and 17 roboadvisors to recommend an investment portfolio. We compare the recommendations with a benchmark derived from academic literature. ChatGPT's recommendations align with the three investor profiles and the benchmark. In contrast, only three out of the 17 robo-advisors come close to meeting the benchmark for all three investor profiles. Three robo-advisors fail to meet the benchmark for all investor profiles. Our findings reveal that ChatGPT provides better financial advice for one-time investments than robo-advisors. A policy implication is to clearly disclose that independent sophisticated chatbots can be recommended as a trustworthy source of information for retail investors.