Fintech Sandbox, the initiative created by Fidelity Investments, Thomson Reuters and Amazon to provide free and discounted services to fintech startups, has announced the sixth firm accepted to the program; AlphaPack. The inclusion of AlphaPack follows Volos Portfolio Solutions getting accepted at the beginning of the month.
Creating a solution for investors, AlphaPack is developing a robo-advisory service for portfolio construction. Unlike closed systems that dominate the robo-advisory landscape, AlphaPack provides an open structure that allows users to connect investment holdings in other accounts to build a clearer picture of an investor’s performance and analyze if they are meeting their saving’s goals.
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Included in their service, AlphaPack analyzes for risk across holdings, and monitors geographic diversification, sector type, historic price behavior including standard deviations, correlations with major indices, and fundamental metrics such as weighted price/earnings. As an open service, the product also allows users to continue to invest with external advisors, with the portfolio data integrated into the system. The advisory offering is currently in private beta.
By participating with Fintech Sandbox, AlphaPack will be using the initiative’s available data to assist in building their advisory product’s analysis features. On this, Ravi Balasubramanian, CEO of AlphaPack, stated, “FinTech Sandbox allows us to aggregate account data for our beta testers so they can see the full, personalized benefits of the platform. This is important because – unlike other robo advisors – we take existing portfolio holdings into account and allow meaningful customization of investment recommendations.”