Predictive analytics tool for advisers launched

A new tool for financial advisers that leverages predictive analytics and algorithms has been lunched by Australian fintech firm Investfit.

Predictive analytics tool for advisers launched

elaina

Last Updated: 28 March 2017 Published: 28 March 2017

The application uses predictive analytics to "maximise financial goals" of advice clients by "simulating a person's financial future", the company said.

The launch comes after Investfit received $1.5 million in Series A funding from a funding round led by venture capital firm Sapien Ventures.

Investfit founder James Claridge said the new application was designed to meet a number of challenges currently facing the advice industry.

"One of the aims of Investfit is to address technical shortcomings in the industry that arise out of current modelling and calculators that assume fixed investment returns into the future rather than modelling the very real variability that we see in market returns," he said.

"Traditionally, the industry pigeon-holes clients into investment strategies according to 'risk buckets' from conservative to aggressive, none of which are necessarily optimal for the client - that's where processing power comes in. Serious processing grunt is required to crunch the billions of calculations in real time - impossible to do in a spreadsheet."