One of the great dilemmas of our time is that many people who are interested in investing are unable to get the advice they need. “When people say, ‘I want to retire comfortably,’ there’s really no avenue for them: Either do it yourself or use a financial advisor — but if you go to a financial advisor, they are expensive and they usually have minimums which price a lot of people out of their services,” says Ramya Joseph, founder of Pefin.
Pefin designs artificial intelligence driven financial advising tools for investors who cannot afford a financial advisor. “I started Pefin mainly because when you think about less affluent people, there’s really no access to financial advice aside from robos,” Joseph told CNBC in an interview recently. By creating this helpful tool, Joseph hopes to open the markets to everyone.
Pefin, which got its name from the contraction of “personal finance intelligence,” is set to launch this fall. While robo advisors are a major trend in the wealth management space, Joseph sees Pefin’s AI solution as very different.
If you have been interested in getting into investing but have felt that you don’t have the tools to get started, Pefin may have what you need. If you would like to learn more, go to cnbc.com.
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