Sure, there’s little that’s sexy about the retirement industry. Getting up there in the golden years is meant to be rewarding and reflective. Yet in order to have the luxury of free time to wander down memory lane, afforded in part by financial stability, you need a good nest egg growing in the bank by the time you hit middle age. And hate to break it to you folks, but you’re not getting any younger.
Enter CoPiloted, a Boston-based online financial services company designed to provide advice and management for people so they can make the most of out their 401Ks.
Currently, 75 percent of people adjust their holdings only once or twice or never in over the duration of their career. But for those following a thought-out and well-designed business plan, returns could yield as much as a two percent gain, meaning hundreds of thousands saved up for retirement.
For a flat monthly fee of $10 a month, CoPiloted provides people with personalized advice on how to manage their assets to make the most with what they have in the bank, no matter the account size.
At its core, the company is all about helping people become acquainted with their own attitudes towards risk and alleviate any stress that may come from investment ignorance.
“The challenge is that if you invest emotionally, and try to time the market, you get crushed,” Founder and CEO Jeremy De Bonet told BostInno. “People are terrible at doing that. Our passions get the best of us.”
CoPiloted’s MIT-spun algorithm, however, can see beyond the passion and shoot for pure monetary goal. “Algorithms don’t get scared, they don’t get greedy. They make the right decision over and over again,” added De Bonet.
Explained De Bonet:
If you have a million dollars, you get a financial adviser, who will painstakingly go through your assets, but the rest of us are left to fend for ourselves, and many of us feel entirely unqualified. We’re told to choose, but that takes a considerable amount of research to help you understand your own attitude towards risks and how you should even begin to manage your given savings.
Everyday you wait to begin investing, you’re not investing in the right way. Be wiser now, so you can be wealthier when you're wizened.
