AI-powered site looks to change financial investing
(WJAR) — You probably trust humans to invest your money, but what about Artificial Intelligence?
With AI transforming so many industries, it’s no surprise that financial companies are embracing this technology to improve investing.
But what about investment advice that comes entirely from computers – no human involved?
That’s the idea behind an investment website called PortfolioPilot.
“A lot of people think about your human financial advisor as personalized and he knows me, he knows the name of my dog and the names of my kids, but in reality, they’re typically dealing with 50-100 clients, and so their notes and the amount of personalization ends up being a certain fraction of their overall time,” said Alexander Harmsen, CEO of PortfolioPilot.
He continued, “There’s a level of personalization that is available with AI that human financial advisors, in my opinion, just will never be able to match.”
Harmsen said one of the biggest advantages of using AI for investing is that it can quickly search through massive amounts of data – something a human investor simply can’t do.
However, he said these types of platforms shouldn’t exist without human guardrails.
But can anyone use the platform?
While it may sound more complicated that sitting down and talking with a human financial advisor, Harmsen insisted just about anyone can use PortfolioPilot.
“Typically the way people use PortfolioPilot.com is they come to the website – it’s not just a chat window like ChatGPT where you have to come with your own questions,” he explained. “The system will ask you a series of 10 questions – onboarding questions, getting to know you, similar to what you might get from a human advisor if you walked into your Edward Jones shop down the street, and then the idea is that you can import your one portfolio, one investment account and then we will automatically score that portfolio.”
PortfolioPilot offers several plans for a monthly fee, as well as a free investment monitoring option.