An artificial intelligence-powered investment platform, PortfolioPilot, has become the first non-human entity to be approved by the Securities and Exchange Commission (SEC) as a registered financial advisor.
The platform, developed by Global Predictions, offers several advantages over human financial advisors.
It uses AI and an Economic Insight Engine to provide up-to-date information to retail investors.
PortfolioPilot allows users to receive a portfolio overhaul with just one click, adjusting their portfolios based on factors such as risk tolerance and investment goals.
It also offers an AI equity search feature and a fee optimization tool.
With SEC registration, Global Predictions is now able to charge a subscription fee for the tool, which was previously free.
According to CEO Alexander Harmsen, PortfolioPilot is available 24/7, unbiased, and easy to use, and has already saved users an average of $1,600 in fees.
