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.

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Source: AI platform claims it can advise at 1/20th of cost – ifa