A good financial plan can make all the difference between having a life with financial security or financial worry. But most people find financial planning challenging, or boring, or something that’s too much of a mental overload and can be dealt with later.
Even when people know that financial planning is important, they often can’t afford it. Private money advisors are typically a luxury enjoyed by high net worth individuals. For the broader population, robo-advisory platforms are certainly providing an affordable way for investing money and meeting financial goals. But even these platforms do not necessarily provide customized financial advice.
Pefin is the world’s first AI-driven financial planning and advice platform that is attempting to address this gap. Pefin uses AI technology to understand a consumer’s complete financial situation, including their goals such as buying a home, having kids, sending them to college, as well as their current spending patterns, their debt and investments, the economy, markets, social security rules, federal and state taxes and much more.
From there, Pefin generates a complete financial summary including advice on how to improve financial life on an ongoing basis, so that consumers can achieve their goals. Pefin recommends a savings and investment strategy that is completely tailored to the consumer’s unique situation, and offers portfolio management services to ensure that investments are managed in line with the financial plan.
Ramya Joseph is the founder of Pefin. She joins Fintech Daily to talk about how Pefin is making fiduciary financial advice accessible to all, what is the AI behind the platform, and how it differs from human and robo-advisors. The interview also touches upon Ramya’s career trajectory and why she transitioned from a successful career on Wall Street to founding Pefin. I really enjoyed talking to Ramya and I am sure you’ll find her perspectives engaging and informative.
Show Notes:
Catherine Flax’s (The CEO of Pefin’s) blog on Medium
Pefin FAQs
