British firm Aviva major stakeholder in Wealthify
Robot advice start-up Wealthify offers innovative investing
It purchased holdings in robot start-up Weathify (yet another example of a big company nabbing small start-ups to enhance innovation) in the hopes that it could add a cost-effective financial service for its customers. It would also be one that adds to the changing landscape of investing and financial advice due to increased A.I.
Currently, Wealthify investors can get into the British stock market with just under a pound and a half. And robot algorithms give investors advice on where to put their money and how much, based on things like age, income, risk aversion etc.
Aviva says it will offer its customers access to Wealthify through their Aviva app that can run on an iPhone.
Most Britons, Aviva says, are woefully unprepared financially for their retirements. It hopes to alleviate that by using the technology of robot algorithms to bring more people into investing by making it cheaper and easier. Getting Millennials involved is a strategy the company hopes can change Britons mindset toward better saving and investing.
The US's BlackRock a $5.7 trillion asset manager, the largest in the world, has also begun to integrate A.I. algorithms into its investment advisory services. Source
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