Toumi RA brings asset allocation services to financially savvy Chinese consumers, without the additional costs of hiring a professional wealth manager. (Photo : YouTube Screenshot)
Financial planning has become a blip on the radar of many financially savvy Chinese consumers, although they still struggle to afford the services of professional wealth management advisers. Toumi RA, a robot financial adviser, seeks to fill that gap.
Toumi RA head Frank Wang said that his service aims to bring asset allocation services to all individuals, particularly the middle class, effectively easing the impression that such services are exclusive only to those who have high net worth.
Ushering in an era where China's fintech industry is taking centerstage, Toumi RA was launched by CreditEase, a firm focused on wealth management that counts the likes of IDG and Morgan Stanley Private Equity Asia as its investors.
With inclusive finance at the heart of Toumi RA's concept, the service is made available in both website and app formats, with two options gracing its overall functionality: the wealth management service (Toumi Robo-Adviser) and self-directed trading service (American stock market).
Toumi RA users are prompted to fill in their basic information prior to making an investment via the service. Wealth management via the service is then made through a survey used to generate a custom investment portfolio that cuts across regions and asset classes--all within a matter of minutes.
Recognizing that the American wealth management market is far more reliable compared to that in China, Toumi RA serves as a gateway for Chinese individuals looking to invest in a wide variety of American assets, many of which have far lower fees compared to domestic counterparts.
Although several Chinese investors prefer to purchase high-yield, low-risk products--the risks of which Toumi RA admittedly cannot conceal, Wang banks on the still-immature Chinese wealth management market as an area his service can further explore.
Consistent to that remark, Wang said that Toumi RA will use the U.S. dollar for the meantime for asset allocation, citing the efficiency that brings for the short term as the service further progresses on its four-step plan.
With the first two of the four-step plan--domestic and overseas market exploration--having taken place already, Toumi RA plans to grow toward the next two steps: the development of business-to-business financial services and the service's evolution to a full-fledged platform.
Watch AllChinaTech's feature on Toumi RA below:
