Myfinancialanswers.com: May be Missing Piece to Robo-Investing

Stephen L Kanaval  |

Many millennials are researching or even using robo-investors because of the low fees and ease of use, but this new industry is missing one key aspect: advice.

A robo-investor is not a robo-advisor, and even as millennials flood robo-investors with cash – the industry currently has $50 billion in assets per Aite Group – many still do not understand how to manage their finances holistically. Myfinancialanswers.com is filling that void with their robo-advising software.

The way it works is pretty simple: you fill out a questionnaire providing a detailed view of your financial picture, then the software calculates projections and suggestions on how to invest and save, and lastly creates a personal action center with clear steps on how to achieve the outlined goals. Millennials will dominate the workforce by 2020 and in a recent Pew Research Study, 50% of millennials could not come up with $2,000 in a crisis. This type of financial ignorance could vastly affect our country in the future. Myfinancialanswers.com, for a cost of $99, will guide customers with concise info on how to plan. The platform is easy to use and uses 1 billion calculations to analyze one’s financial future.

Myfinancialanswers, the brainchild of Ben Pitts and Jeffrey Jones, is also looking to partner with employers to offer discounted service rates for large groups of employees. In addition, the company is looking to partner with robo-investors to tagteam the advising and investing platform in one space.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

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