Millions of new investors have flocked to online investing apps during the pandemic, and now one fintech startup is playing matchmaker.
Lasso, a social networking app, is hoping to land those retail investors with financial advisers to help construct short- or long-term financial plans. The gamified platform helps users create custom plans in minutes, according to the firm, and then helps those users find suitable financial advisers to continue the planning process.
A point system helps clients stay on track with their investing goals.
“We are seeing a new wave of empowered retail investors being lured by risky investments such as meme stocks without necessarily understanding how these investments help them reach their financial goals,” said Lawrence Davanzo, former president of Wilshire Associates Inc. and an adviser to Lasso’s parent company, GoalBased Investors. “Lasso can appeal to these investors through a more frictionless planning and advice discovery experience that lowers the barriers for people to access expert advice.”
The app was created by former BlackRock managing director Chip Castille, along with a team that includes veterans from Alphabet Inc., BlackRock Inc. and Guardian Life Insurance Co. of America.
“Finding a financial advisor has historically been a complicated process and felt like a luxury reserved for the wealthy or for the financially savvy individual,” Castille said in a statement, citing data that shows 60% of Americans say that they need help with their finances, but only 1% can leverage a financial professional.
Matchmaking tech tools are gaining popularity. Edward Jones launched a similar platform last year based on online dating apps like Tinder and Bumble. In addition to matching clients based on location and preferred language, Edward Jones Match asks questions about more personal priorities, like living a healthy lifestyle or paying for education.
The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.
The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.
Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.
With more than $13 billion in assets, American Portfolios Advisors closed last October.
Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
