Newly launched wealth management platform powered by artificial intelligence Rosecut is aiming to serve the affluent ‘middle-market' investors by offering cost-effective bespoke financial advice.
As most wealth managers demand a minimum of £2m to £5m to accept clients, London-based Rosecut is targeting the affluent ‘middle market' consists of individuals who have holdings of £100,000-£2m in investable assets.
It's a market of approximately nine million under-serviced UK individuals, representing total investable assets of £3.2trn.
We are building the service of a private bank, with the cost-efficiency and scale of digital delivery"
"We are building the service of a private bank, with the cost-efficiency and scale of digital delivery," Qiaojia Li, co-founder and CEO of Rosecut said in a statement.
"The retail market has excellent digital access to solutions that are tech-based and easy to use, but these solutions lack the sophistication to manage significant sums. The high net worth individuals and beyond, meanwhile, have great face-to-face services, albeit quite expensive," she added.
Rosecut's proprietary AI replicates bespoke adviser sessions in private banks, based upon genuine private banking experience and knowledge, delivered through the platform in real time.
The platform is also developing a supervised learning algorithm based on the field experience of its financial advisory team, using reinforcement techniques that will allow the algorithm to provide bespoke financial strategy for all users under the supervision of human advisers.
"This section of the market is one of the most receptive yet most underserved. Put bluntly, it has been abandoned by the private banks. Therefore, we created an all-inclusive, technologically native platform that not only fully serves the middle market, but has found a way to redefine what service means," Li said.