DRAFT: The First Crowd-Sourced Online Investment Tool
Have you thought about your investment strategies for 2015? We’d like to introduce DRAFT, a new proprietary mobile platform that empowers average investors to access and allocate their accounts according to real-time, real-world, crowd-sourced portfolio performance data.
The simple dashboard answers three powerful questions: Are you well diversified? How are you doing compared to other conservative, moderate or aggressive investors? And, how much money are you paying in fees? Armed with that information, you can choose to mimic top portfolios with a single click and continually monitor the rank, performance and fees of new strategies.
In this blog, we’d like to share insights from Brad Lawler, Founder and CTO of DRAFT. His company was selected to join our Ynext Incubator and recently announced its beta launch at DEMO Fall 2014.
1. What is your vision for launching DRAFT?
Starting a new and disruptive company is actually similar to investing in that both are isolated experiences. The lack of community and inability to share can hold back progress. Because they’re unable to see what others are doing, investors are losing a ton of money in fees and potential gains.
We aim to fix this by creating a secure and easy way for a user to see how their investment strategy compares to top performing strategies on our platform. We’re able to offer this type of innovative tool in an unbiased way because of Yodlee Interactive.
DRAFT is the first platform that shows how your investments stack up to those of your peers through simple side-by-side comparison across performance, asset allocation and fees. We do this by using patent pending technology that combines data points from your investments combined with Morningstar data to analyze and identify opportunities. Every user’s results are completely personalized, based on your actual holdings.
2. Why did you apply for Ynext Incubator?
The Ynext Incubator program helps us to optimize use of the Aggregation API. It also provides invaluable resources such as $20K in investment, expert mentorship and networking opportunities.
For 15 years, Yodlee has provided some of the largest financial institutions in the world with new levels of data security and aggregation. They have also empowered a flock of smaller, innovative FinTech companies like Credit Karma, Coinbase and Xero. Our team at DRAFT is excited and flattered to be a part of this year’s impressive class of incubator companies.
3. What did you find valuable during Ynext Incubator boot camp?
On the first day of Ynext Incubator boot camp, we found that the greatest benefit of this newly revamped program might actually be the community of FinTech disruptors. This year’s incubator class is made up of eight companies that will utilize the powerful and secure Yodlee platform to improve a wide variety of financial services. The founders of these companies all have very different backgrounds and will utilize Yodlee APIs in different ways.
Also, we could build the most amazing financial app ever, but if nobody knows about us or understands what we do, then it won’t matter. Another valuable part of the Ynext Incubator boot camp was getting advice from PR and brand experts, which will help us to refine our message and optimize our resources.
4. How do you plan to leverage Yodlee APIs?
We plan to leverage the Aggregation API to help average investors better understand their investment accounts and make better decisions to reach their financial goals. Using the Yodlee API, DRAFT users can quickly connect to investment account information at any financial institution. DRAFT focuses on investments like stocks and mutual funds within user accounts to show how the performance, allocation and fees of user’s holistic portfolio compares to that of top performers on the platform.
5. How can investors learn more and get started with DRAFT?
DRAFT provides insight that you can use to manage investments yourself – or use to strategize more fully with your advisor.