8 Securities, a mobile trading and investing service in Asia, has released its newest goal-based robo-advisor service, dubbed ‘Chloe’, nearly two years after the rollout of the continent’s very first robo product, 8 Now!.
Chloe is a simple way for individuals to create and automate professionally designed global portfolios that are constructed with exchange traded funds (ETFs) listed on the Tokyo Stock Exchange (TSE). The portfolios are diversified across 50 countries, 37 industries and 4,324 stocks and bonds.
Robo-advisors are online wealth management platforms that use technology to provide automated, algorithm-based portfolio management advice, limiting the need of human intervention.
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Chloe becomes more intelligent over time by using machine learning to better predict customers’ goals and how much they need to save, the company says.
How it works
Investors complete a short online survey to assess their investment time horizon and objectives. The system’s users are then immediately presented with a diversified global portfolio of TSE-listed exchange traded funds. It’s not clear who will design the portfolios, which are optimised on a daily basis, but the company in its early offering tapped Morningstar Investment Management, which has over $170 billion in assets under advisement and operations in 27 countries.
The performance of the portfolio can be monitored 24 hours a day, 7 days a week on both iOS and Android devices and it is considered the first robo-advisor in Japan available entirely on smartphones and tablets.
8 Securities CEO and co-founder Mikaal Abdulla commented: “Following the launch of the first robo-advisor in Japan, we are thrilled to announce our next generation service, Chloe. Millennials in Japan want simple, mobile and low-cost solutions for their saving and investment needs. They need an easy and affordable entry point to navigate the world of investment. They just don’t teach these concepts in school. Chloe will make full use of the latest advances in artificial intelligence and machine learning to provide digital advice and education to help achieve their life goals.”