Don’t Mess Up Your Finances. Here’s How

We all know it’s better to buy low and sell high, but when the market is volatile; you’re likely to do just the opposite. You panic and sell when the bottom is about to drop out, only to turn around and buy when things are looking up.

What if there was an automated behavioral prompt to jump in and stop you from making a stupid mistake with your money? According to an article by Simon Constable, some financial firms are doing that by using artificial intelligence.

To keep you from making mistakes that will cost you, these prompts can “help nudge individual investors to make better financial decisions. That can include a multitude of things from sticking to a budget to picking investments.”

The prompts are “fueled by analysis performed by artificial intelligence.” David Eckerly of Personal Capital explains how “the company analyzes information from customers’ accounts to identify spending patterns and how their savings and investments are allocated. It then uses the findings to make suggestions to the individuals that could help improve their finances. This is all data-driven and specific to the people based specifically on their situation.”

Avoiding Buying High and Selling Low

Instead of sending messages to all clients, which may cause more anxiety, Betterment reaches out to clients who are logging in. They will advise investors who want to sell or reallocate their holdings “by informing them of the costs involved. The message will include the potential tax liability of a trade and the potential cost in terms of lost retirement income from reducing their holdings.”

Those receiving these messages have been 62% less likely to make the change than if they hadn’t received the advice.

Personal Touch and Artificial Intelligence

Instead of only AI generated messages, other financial advisers also employ a personal touch as well as an email or blog to help their clients.

A wealth-management firm based in Oregon and Washington state says, “it is informed immediately if multiple clients suddenly start logging into their accounts. That guides them to see what is happening. They will then issue a broad email message or a blog that addresses what’s going on.”

Julia Carlson, founder and CEO of Financial “Freedom” Wealth Management Group observes, “A personal touch can help avoid missteps. In late 2018, when the market fell and spooked some of the firm’s clients into wanting to sell, the company was able to personally advise each client on what to do. They like that a client has to come through us and not make those emotional decisions without human interaction.”

See related post HERE.

Investing With AI and Without Emotions

The best way to protect yourself from the volatility of the market and the mistakes you might make is to remove the human emotions from trading. iFlip has developed the best automated trading software using Algorithmic Intelligence (AI).

Every trading day, AI analyzes your portfolio to see if it’s best to buy, sell or hold your positions. Hold means to have your position held in cash. AI manages your risk, taking the emotions out of trading and letting your wealth grow over time.

AI Results from 2020 Crash April 1st, 2020 Date Stamp

See how iFlip’s AI Performed in the 2020 Crash

iFlip’s best algorithmic trading software can be utilized on your PC, laptop or in the palm of your hand using the best stock market app for android and iOS. This open mobile stock trading app gives you access to your account. There, you can easily see how AI is managing your risk and protecting your wealth.

Find out more with this short video.

Maybe you need an email message to keep you from making a trading mistake. Or you can have the ease of iFlip’s algorithmic trading software manage your risk on the best mobile stock app. Hop over to iFlip and see how they can help you preserve, protect and grow your wealth.

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