It's simple. All you have to do is share the unique link we send you on signup to Twitter and Facebook (or email). It's important you share using the unique link so we can keep track of your referrals.
While we are in beta, the more of your friends that sign up the sooner you'll get access.
Once the beta ends, we still know who you've referred. If you pay for a subscription, and anyone you've referred also pays for a Pefin subscription, you'll get a month free (up to 12 months free).
The full release of Pefin, which includes savings and investments strategies, will be available April 2017.
Our AI algorithm calibrations and regulatory permissions only apply to the US market at the moment. We plan to focus on global markets, within a short time frame of completing our full release in April 2017.
It takes about 10 -15 minutes for you to setup your initial financial profile and your long term plans. From here, we near instantaneously create a 80+ year financial projection for you that takes into account your current finances, inflation, taxes, market conditions, government rules, and more.
Once we have this projection, we stay on top of any changes (from tax rules, to your accounts, to market conditions). We’ll update your plans automatically when things change, and will notify you if you need to take action. If your priorities change, we are always available 24/7 so you can update your plans at your convenience.
In comparison, setting up a one-time financial plan with an advisor can take 3-5 meeting. And, it is typically your responsibility to communicate changes to your financial situation with subsequent appointments.
Currently, most popular robo-advisors offer very limited (if any) financial planning ability.
Robo-advisors recommend 10 or so static investment portfolios primarily based on a risk level you pick. But, investing should be tailored to your financial situation and priorities.
For example, let’s say you and your best friend have the same risk tolerance. However, you are looking to buy a home in 3 months and need have $20,000 for your closing, and your friend already owns a home. Then it makes sense that today, you should have a different investment portfolio than your friend. With Pefin’s AI Investment Advisor we would see that you have a home planned, and we would reduce the risk in your portfolio for a short period of time so that you have funds required for closing. With a robo-advisor, it’s up to you to go update your risk level when your plans and priorities come into focus (or change).
At Pefin we started with financial planning and designed our investment methodology around your plans. We believe long-term investing becomes more meaningful when you’ve first planned for what matters to you. Robo-advisors create long-term investment portfolio with limited consideration for your future plans.
We are releasing the AI Investment Advisor in April 2017.
Many of us at Pefin do our own financial planning. We've built spreadsheets in Excel, and tried to update and link them together.
We’ve been down the same path and know how much time and effort it takes get our financial plans right and keep them up to date.
Pefin is built on dynamic planning, recalibrating financial plans real-time when changes occur to your financial accounts, your actual spending and saving behavior, market data, government rules, and economic factors. Each plan is personalized for your needs, taking into account often forgotten details like federal and state taxes, maintenance costs, insurance or inflation. Pefin’s AI brain automatically determines the long-term impact of each of your plans, and shows you how one affects another. If things are tight, we'll tell you right away, and show you recommendations and alternatives to address any shortfall, allowing you to choose the best path that fits your life.
All of this requires just minutes of your time. Much easier, right?
Pefin will guide you step-by-step through each part of your financial life—from understanding what is going on with your money today to being prepared for the road ahead.
Many of us simply don’t meet the required wealth minimums or can afford the advisory fees that many advisors charge. The average one-time financial plan costs $1,900 (according to the College of Financial Planning). And, in our changing and busy lives, quarterly check-ins are inconvenient and outdated.
We built Pefin to help anyone understand their money, make the plans they want, and confidently know how to save and invest, ongoing, to achieve those plans. Most plans you will get today are great for the moment, but ultimately static. And life is far from static. We’ve designed a system that understands and can respond to all of life’s ups and downs; one that adapts and evolves with the realities of the market; one that learns from your actual behavior. This is far more sophisticated than the software financial advisors currently use.
More importantly though, we’re making this level of financial guidance easy and affordable. At your fingertips, and at your convenience. That is the power of AI.
You can reset your password by requesting the password recovery email be sent to you from the login screen.
You can connect over 18,000 institutions including the top banks, credit, cards, investment accounts, mortgages and loans to Pefin.
We use MX™ to aggregate your account information every night and update the information in Pefin.
If you cannot find your institution, check to make sure you are typing in the correct institution name—for example, if you are trying to link a Visa card, you’ll need to enter the institution that issues the card (e.g. Chase).
If you are having trouble with your credentials, check the bank site and make sure the credentials you are using work there. Please note that due to factors outside our control, including approval from the banks themselves, we cannot guarantee that your bank will give us the access to view your accounts via Pefin.
Of course. All your account information and plans will be deleted from our servers. If you rejoin we will ask for this information again.
Since we are in beta, Pefin is currently free. But, if you want to cancel your beta subscription just email us at email@example.com.
Users can access Pefin for free during the beta period. Pefin will be available to the first 10,000 users at an introductory rate of $6/month for the first year. Subsequent years will run $12/month. The first month is always free of charge.
When our AI Investment Advisor launches next quarter, pricing for investment management will be separate and based on assets under management.
Our innovative AI technology allows us to provide high-quality financial planning advice at a price point that’s just 1/20th of the cost of a typical financial planner. According to the College of Financial Planning, the industry’s average financial plan costs $1,900.
While other services focus on building large teams of human advisors and other costly overhead, we’ve focused our expertise on building cutting edge technology. You simply don’t pay for our time or for meetings in fancy offices.
AI or Artificial Intelligence simply means that a machine or technology is doing a job a human traditionally does. Pefin uses AI to guide decisions with your money, just like a human advisor would, but at 1/20th the cost.
That is hard to say. We believe we are far better than the average financial planner, but may not offer all the services of a full-service wealth manager at this time (wealth managers typically service high net worth clients). However, we are working hard to shrink that gap so access to financial advice and other services is opened up to all of us.
Pefin provides the best possible estimate of your future finances. We source data from well-known and reliable sources. We keep up with changes to this data and make sure our estimates are always current. Also, each one of our plans is exceptionally detailed taking into account categorical and regional factors.
But, as we all know, estimates can change. This is why Pefin can adapt. If markets change or economic conditions shift, we update your plans automatically, show if they are still affordable, and guide you to the best next steps.
At the core of Pefin is its AI brain which mainly consists of a feed-forward neural network. The best way to picture this network is like a web. It takes in inputs, has a series of interconnected nodes in the middle which processes this input, and produces an output.
The nodes of our neural network understand financial rules and relationships. The network starts with your current finances and projects how they change over time with market conditions, inflation, taxes, and government rules, and your plans. Between all these factors, there are hundreds of connections to be made. For example, if you have a child, are you eligible for a tax credit going forward? If you take time off from work today, how does that change your Social Security benefits when you retire? For any given user, to create a single projection that spans 80 years, the network evaluates anywhere from 2-5mm data points, depending on the complexity of their financial situation.
Anytime the data that is input into the network changes (such as market conditions, tax rules, your account balances, or your monthly spending), your financial projections and plans are automatically updated to reflect the most current and accurate information.
Much of our AI Technology is proprietary and patent pending.
Pefin's AI Brain, is categorized as Artificial Narrow Intelligence, which means it’s focused on doing one thing really well. Our intelligence provides the best financial advice. It can’t play chess, or drive a car, or change your thermostat, or chase your dog as it cleans your house.
To understand more about AI, here’s a great overview.
AI has been around for a long time, but advances in data science and computing have made it much easier to create practical AI applications that can help us everyday.
We have also made it easy for you to try out Pefin. The public beta is free and open to anyone who requests access. And, for subscriptions, the first month is free and you can cancel anytime with no strings attached.
Feel free to compare our results with what your advisor provides, and decide if this is a better option for you.
Pefin primarily learns your spending and savings behavior. When you first start using Pefin, your financial institutions provide 1-2 months of spending transactions that we can categorize and analyze for patterns. Depending on the accuracy of the data we receive from your financial institution, we may ask you to review your spending so we have the best possible starting point for your planned spending (and savings) behavior.
As you use the system or a period of 6 months or so, Pefin learns and adapts from your actual behavior versus your planned behavior. For example, if you are actually saving 5% more a month versus what you expected to save, and this is consistent, Pefin will tailor your projections to reflect your actual behavior and show you that you can retire sooner or be able to afford your plans with more buffer around them.
Pefin’s learning is different from other learning in AI such as Deep Learning (e.g. IBM Watson). For example, it will not make estimates of your spending and savings based on what other people who are “just like you” are doing. This is because what’s right for the average person “just like you” is not actually right for you. Therefore, the learning techniques we use are very context specific and not broad based across millions of users.