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Source: Precedence Research
What market research we have done:
AI as a sector is in a period of tremendous growth, with a compound annual growth rate of 19%. We would be taking advantage of both that and the post-pandemic recovery that has spurred investment in all sectors of the economy.
The market for our idea:
Wealth advisors are a well-established part of the financial services industry, with a market size of over 1 trillion dollars. We would be focusing on a previously untapped market within this sector through reaching people who haven't reached the levels of wealth to be noticed by traditional firms. We seek to empower these individuals through offering them a service that builds up their wealth through time from day one.
Source: McKinsey
Our demographic:
Middle Class
Young Professionals
People who are unsure about what to do with their money
People who don't have family history of wealth
How is our idea different from others?
While other products similar to ours do exist, none combines the power of AI with the access of a smartphone app. Other smartphone services put pressure on the user to research and develop their wealth, almost defeating the purpose of increased access.
Barriers to entering our market:
Few barriers exist to enter the market, with the main barrier being the need to be registered with the SEC as a financial advisor. Other barriers include data access and quality, as well as validation of our algorithm.
Our competitors and their strengths and weaknesses:
Our closest competitor is a desktop plugin called Portfolio Pilot, which is based off of Chat GPT. They have many of the same strengths as us, but lack the accesibility of a smartphone app.
How will we market ourselves?
We plan to market ourselves as a much more accessible alternative to traditional wealth creation strategies. We'll use social media and influencers to reach our preferred demographic, a method that not many other firms in our industry have used.
Source: SocialStar
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