AI platform claims it can advise at 1/20th of cost

A US-based digital platform wanting to set up a presence in Australia says it is able to provide financial advice through artificial intelligence for 5 per cent of the cost of a human adviser.

New York-based fintech firm Pefin said its platform uses AI technology to provide holistic, affordable and fiduciary financial planning and advice, encompassing every financial decision a consumer would need to take, all for 5 per cent of the cost of a human adviser.

It said it is currently setting up an Australian subsidiary to customise the product for the Australian market.

“Pefin will license its AI technology and create a uniquely customised Australian platform that provides fiduciary level and holistic financial advice to clients,” Pefin said.

“[The] goal will be to serve the 95 per cent of Australian consumers for whom the cost of human financial advisers is prohibitive, and who would like to receive the highest quality fiduciary advice.”

Pefin president Viju Joseph and Pefin Australia chief executive Anthony Caneva will attend meetings in Sydney and Melbourne from 8 to 18 October to seek partners and investors.

Advertisement
Advertisement

Further, Mr Joseph and Mr Caneva will plan to meet with regulators “to explain how its AI can provide and ensure fiduciary standards for consumers”, as well as to “create a level of transparency for the benefit of regulators that is not possible with human advisers”.

Adrian Flores

Adrian Flores

Adrian Flores is a features editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].

Subscribe to the ifa bulletin

Receive daily online news,analysis, reports and business strategies
By signing up you agree to our Terms of Use and Privacy Policy

from the web

Website Notifications

Get notifications in real time and stay up to date with content that matters to you.