Robots are set to eventually take over almost every industry, and for one pitching company on The Disruptors, the future is already here.
ModernAdvisor’s online financial advising platform allows users to create personalized investment portfolios based on their own investment goals. As the software cuts out the need for a middleman, ModernAdvisor founder Navid Boostani said that it can cut investment management fees to “a fraction” of the usual cost. The company’s software automatically adjusts a user’s portfolio according to market conditions.
“Our long term goals for the company are twofold. We’re going to use our technology to help Canadians invest better and keep more of their own money. In terms of the business goals, we’re going to build the company to a revenue-run rate of $25-$50 million.”
Disruptors co-host Amber Kanwar expressed some skepticism about the platform.
“Looking at this environment I don’t know about the ‘set it and forget it’ approach which is really the underpinning of their sales approach,” she said. “I think the market has shown us that you need to be extremely nimble, and I don’t know if I want a robot navigating me through that rather than a real person.”
Co-host Bruce Croxon agreed these were “nervous times”, but felt that the company’s robo-software had a lot of potential. “It’s a pretty stable way to get a return on your capital.”
Watch the whole pitch below:
BetaKit is a production partner on The Disruptors. Tune in to BNN every Thursday night at 7pm for full episodes!