AI-powered robo advisor takes aim at the richest clients


It's another step in the march toward advice that erodes investors' needs for human help: A robo advisor focused on serving the high-net-worth client, powered by artificial intelligence and designed to automate their specific tax management concerns. Meeting the complicated needs of the wealthy requires a deep knowledge of tax rules and regulations says Hedgeable CEO Mike Kane. "Technology and AI systems can interpret and learn from these rules better than humans can, without our emotional biases." Doubling down on its embrace of Asian themes, Hedgeable's newest offering in its robo platform is a feature called'Tax Samurai,' run by an AI bot called'Katana.' For 30 basis points, it will work for client accounts with a minimum of $1 million to analyze their securities, aggregate all of their financial data, create tax efficient transfers, apply automated downside protection on any current holdings, and perform tax efficient trading and tax-loss harvesting.

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