In recent years, new companies have arrived on the scene offering advice based on artificial intelligence and big data, micro-investment platforms, or trading solutions based on social networks. WealthTech includes topics like robo-retirement, digital brokers, personal finance management (PFM). micro-investing, and other portfolio management tools.
This broader category is known as WealthTech and can be further broken down into several sub-categories, that largest of which is Robo-advisors. Robo-advisors are automated services that use machine-learning algorithms to offer users advice based on the most profitable investment options in the market, yield targets, the user’s risk aversion profile and other variables such as age and income.