WealthBot.io

Open source wealth management platform

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Desi Saran@desisaran · Growth Strategist, Lean Startup Machine
This is awesome, great to see some fin tech startups on here
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vlad koMaker@vladkotwt · Master of Gears
Hi, Product Hunters... I wanted to give you a quick intro into what webo is, and why we've built it... Wealthbot.io automates a lot of the RIA’s non-value add tasks so she can focus on her client relationships and her client’s goals. Webo will ensure documents are flowing electronically, he will happily apply tax loss harvesting and rebalance portfolios on household and account levels, he will even talk to your favorite financial custodian and reconcile all transactions using a sophisticated portfolio accounting system. Overall, wealthbot.io is a platform which is aimed at managing and making money. Since it’s open source, anyone in the community can profit, either by developing plugins or extensions of existing functionality, helping non tech-savvy users setup the platform for their in-house needs or launch a robo-advisor or a RIA firm of your own! The beauty of open software is that anyone can take it in the direction of their wildest dreams. Our ideas and roadmap are open to the world as well. And, I have to brag a little. We’ve spent countless hours developing a system that has an extremely solid technical foundation.
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Gene KobilanskyMaker@gkobilansky · Awesomer
@vladkotwt Beautiful. Not much to add except the link to our roadmap - https://trello.com/b/klhsT5Xj/we... :)
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Andrzej Bakonski@andrzejb200sx · Stuff
@vladkotwt Hey this is really cool. Who are you guys? Background? Why did you find a need to build this?
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vlad koMaker@vladkotwt · Master of Gears
@andrzejb200sx We are two brothers asking the question - "Is Fintech Ready for open source?". Wealthbot.io is our way of answering this question. Between us we have over 25 years experience in finance and technology. We are also a distributed company with members of the community working from all over the world. We started the development with an idea over 2 years ago, but now we feel it's solid enough to take a beating from the general public. Plus we need help, the project is huge :) Our goal is to help put human investment advisors back on a level playing field with robo-advisors and large institutions, which charge crazy fees. We'd like to provide an opportunity for both developers and investment advisors to profit. we've realized that we cannot compete in a closed-sourced model, it would be silly (wealthfront, betterment, schwab, are all out there.. not to name 10 new startups that seems spring up overnight). our product fills a nice niche (like magento did for ecommerce).. we hope to make it the best open-source platform for wealth management and love the support from the community we've got in a short period of time.
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vlad koMaker@vladkotwt · Master of Gears
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Andrzej Bakonski@andrzejb200sx · Stuff
@vladkotwt awesome! sounds good. It be great to be able to build & share custom algos inside the tool. I am assuming the algos differ between the well funded robo-advisors based on the talent/brains on-board right?
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Gene KobilanskyMaker@gkobilansky · Awesomer
Hey guys, I help with strategy and community development on wealthbot.io. AMA!
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Charley Ma@charleyma · Fintech @ Plaid
@gkobilansky This is really awesome! What's are the communities/consumer bases that you guys would be targeting? Family offices, individuals, credit unions to help compete with large FI's, etc?
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Charley Ma@charleyma · Fintech @ Plaid
@gkobilansky This is really awesome! What's are the communities/consumer bases that you guys would be targeting? Family offices, individuals, credit unions to help compete with large FI's, etc?
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Gene KobilanskyMaker@gkobilansky · Awesomer
@charleyma Great question! Our current target market is small to medium sized Investment Advisors. Scrappy, tech-savvy and entrepreneurial financial professionals that need some help fighting off the robots :) That being said, the exciting part of being open source is seeing the direction our community takes the platform. For example, I really like this idea from our Hacker News post "Yea, a bot that just runs your Vanguard account like betterment/wealthfront would but without their fees would provide a huge amount of value to people." - https://news.ycombinator.com/ite... I've already added it to our roadmap: https://trello.com/b/klhsT5Xj/we... And great suggestion on working with credit unions! OK, sorry for the run on post, but just wanted to say, love what you're doing with Plaid (we love APIs)!
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vlad koMaker@vladkotwt · Master of Gears
@andrzejb200sx ... i think the calculations might be different, but the basic premises should be the same.. for example the key is to find which holding is the most out of balance, and bring to accepted levels (as funds allow) either by selling or buying more. secondly you'd like to minimize the amount of trades executed (to reduce cost).. and finally you'd like to take care of the most of out balanced things first and then work your way down. .. at the same time we apply tax loss harvesting rules (if needed) or other requirements (like cash on hand to pay for the fees) we encourage people to study and scrutinize and come up with better approaches. most of the code is unit tested and is rather easy to read, if you wish to take a peek: https://github.com/wealthbot-io/...
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Richard Kain@richardkain · Messing around on software projects
This is one of the most interesting Product Hunts I've seen. The codebase of financial services in general is in general very closed of course. There are some very well financed companies like Addepar in this field and will be interesting to see how an open source alternative fares. Good luck! A peanut gallery comment on your model client(s) in the screenshots; I wouldn't put any Finishing Moves on this (conservative) target market. It makes the product look less serious than the codebase is.
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vlad koMaker@vladkotwt · Master of Gears
@richardkain Indeed, it will be interesting to see how things unfold. Community support is the key, and so far our project has received positive feedback, and we're working hard to build up the developer participation around it. we already know that open source can be a viable alternative to well-funded closed sourced models (android vs ios, linux powers most banks and financial systems, magento shopping cart is used by enterprises, but started off as open source, mysql, etc., etc.) it's all about gaining the right momentum and support from "the world" .. yesterday we were #1 trending on github, just to brag a little :) but i'm not the one to predict the future... we're going to slowly, but surely hack at it, and what shall be, shall be. cheers