LIBERTINE_Snapchat_940x528

Snapchat could be your next Financial Adviser

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Social media app Snapchat is reportedly looking to join Betterment, Wealthfront and Vanguard in offering a phone-based automated advising service, also know as a Robo-Adviser.

 

Robo-Advisers use algorithms to provide users with customised investment strategies and portfolio advice, without the use of human financial planners. The technology is becoming increasingly sophisticated, looking to result in an easy to use, low cost alternative to human advisers.

 

A survey, conducted on behalf of Merrill Lynch’s Private Banking and Investment Group, painted an interesting picture of Millennials as a skeptical generation whose trust in financial service institutions is extremely low, and want to remain in the driver’s seat when it comes to their investments. But there is one industry that this generation seems to trust implicitly with their personal information, pictures and even their location – social media.

 

Reuters announced social media app Snapchat is rumoured to be at the front of a line of tech firms developing Robo-Advisory technology. With 100 million daily active users this social media platform has a huge advantage over financial advisory firms looking to implement the same type of technology – they already have a huge user base. And let’s face it, if millions of people trust the app with cheeky nudes and drunken selfies, why wouldn’t they trust them with their savings?