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Research Outline
Prepared for Stine | Delivered October 30, 2019
Holistic Financial Advisory Tools
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Goals
To understand the global competitive landscape for a holistic financial advisory tool aimed at the mass affluent.
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Early Findings
Wealthfront
, based in
Palo Alto, CA
, is a self-service financial planning tool that uses computer algorithms to help consumers manage their investments and savings. NerdWallet named Wealthfront as the
best
among these self-service tools.
FacetWealth
, based in
Baltimore
, MD, is an online financial planning tool that matches consumers with a certified financial planner who assists with the planning process. This tool offers a virtual dashboard where clients can access their financial data, as illustrated in the video at
this link
.
Betterment
, another
NerdWallet top pick
, offers two service options, one of which offers the options of connecting with a human certified financial planner. Betterment, based in
New York City
, offers
virtual advice
on investing and saving.
Personal Capital
, based in
San Carlos, CA
, is a
hybrid
tool that uses robo-advisor artificial intelligence with a dedicated financial planner. The
process
involves linking all of a consumers accounts (retirement, mortgages, banking, savings, and credit cards) to provide a holistic view, followed by a conversation with a financial planner who helps to devise a plan and launch the investing.
Empower
specifically
targets the mass affluent market
with its "digital, consumer-focused wealth management platform." The Denver-based tool offers an intuitive interface to help consumers plan for their retirement, offering "
investment advice, financial planning
and insurance through a single user experience."
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