Robert Cortright, CEO of DriveWealth, presented a powerful API which offers digital wealth management solutions at Finovate Asia on 8th Nov 2016. DriveWealth, founded in 2012, now becomes the leading B2B2C brokerage in the world, reaches over 400 million potential customers through its global partners. DriveWealth claims that they are the only company with regulatory licenses and cloud-based technologies that can reach global retail investors; they try to reform the investment rules with a unique API product. Below are the functions of the API:
1. Huge Product Pool of US Equities
DriveWealth offers direct access to the best investment products, especially US stocks and ETFs to both investment advisors and their clients. It is expected that DriveWealth will expand its product shelf to cover many other overseas stock markets in the future.
2. Access to Fractional Shares for Dollar Based Investment
DriveWealth’s APIs can seamlessly integrate real-time fractional shares (which can be divided into 1/100 share) with the right to get fractional dividend payments which is highly beneficial to investment advisors and their clients. The advisors can reduce the risk and cost per share when building a diversified portfolio for clients and deploy an investment strategy across multiple accounts regardless of clients’ investable assets. On the other hand, investors can also invest in any stocks, in any dollar amount as they could afford, and then apply dollar-cost averaging regardless of the share price fluctuations and market timing. Users can even design their own portfolios by using DriveWealth’s fractional share basket. In this respect, for teenagers, even a diversified portfolio with only $10 a week could compound and into significant amount of sums in the future.
3. Regular Tracking of Watchlist
The watchlist function enables users to keep an eye on the companies concerned, including updated market data and news, and instantly buy or add them into the basket when the timing is right. Thus, with DriveWealth, the users can stay current with the news, wherever they are, and invest easily.
4. Levels of Retail Advisory and Discretionary Management
The APIs for wealth management can help advisors build portfolios for their clients. With the agreement of clients, they can create a weighted and customized portfolios, advisers can offer varying levels of support: non-discretionary, blended, or full discretionary way. DriveWealth offers three levels of retail advisory: the first level allows wealth managers to make customized and tradable advices to clients. The second level allows advisors to make advices, which is supported by automatic rebalancing alerts. Finally, it also enables advisors to provide a full discretionary solution to clients.
5. Encryption of Account Information
In DriveWealth app, when users link their bank accounts with the app, they can then easily transfer money. DriveWealth fully encrypts the accounts, to ensure safe access to funds and personal information.
According to Cortright, DriveWealth, with increasing overseas partnership, strives to rewrite the rules and barriers of investments, without batching of trades, without limited trading windows, and without hidden high fees, make U.S. equities accessible to investors in every countries and every income levels, and help their portfolios be managed by professionals at affordable costs.
Currently DriveWealth is targeting the high growth markets such as China, India, SE Asia, and South America. For example, in 2016, DriveWealth announced partnership with marketplace lenders, such as Alkanza and CreditEase to bring robo-advisory services to South America and China.