Can this AI-powered wealth advisor shake up the financial industry?

"Are you ready to hand over control of your portfolio to artificial intelligence? Fahad Hassan, cofounder and CEO of AI-powered wealth management platform Range, thinks you should seriously consider it. Hassan's five-year-old company is introducing "Rai," a new proprietary AI wealth advisor that, he believes, will give a huge swath of American households access to the sophisticated advice and planning that was traditionally only accessible to those with sky-high net worths."

"First, Rai has access to more and better data than other tools, Hassan says. Range's customers who use Rai can connect dozens of accounts (real estate information, retirement and investments, restricted or private stock holdings, etc.). That gives the tool a broader picture of an individual's financial status. Second, Rai has been rigorously trained against regulatory standards-that is, it's designed to pass the sorts of exams that human advisors would need to pass, which are administered by organizations like the Financial Industry Regulatory Authority (FINRA). Not only that, but that level of sophistication also allows Rai to continuously self-improve and learn as it goes."

"But Hassan says that Rai goes yet another step further. "It can take action against your money, such as file your taxes, develop an estate plan, and more," he says. Those sorts of actions, which would traditionally require that customers enlist an accountant or an attorney, can now be done in-house by Rai, potentially saving users huge amounts of money. "We can provide hundreds of thousands of dollars in value in 10 seconds," Hassan says."

Range introduced Rai, a proprietary AI wealth advisor designed to extend sophisticated financial advice and planning to a broad set of American households. Rai aggregates extensive account data, including real estate, retirement, investments, and private stock holdings, to form a comprehensive financial picture. Rai is trained to meet regulatory standards and pass exams similar to human advisors, enabling compliant recommendations. The system continuously self-improves and can execute actions such as filing taxes and developing estate plans, reducing the need for external accountants or attorneys and delivering rapid, high-value financial services traditionally reserved for high-net-worth clients.

Read at Fast Company