Draft is a new mobile app that crowdsources data to help investors understand their portfolios better and make more education decisions on how to allocate their savings. The company was founded in 2014 and is based in Austin, Texas. It has raised $1 million in seed funding and currently has a staff of 10 employees. The app was first launched in 2015. It is now in the beta testing stage and has over 9,000 people on its waitlist.
Who Is Draft Designed For?
Draft is designed for young professionals in their 20s and 30s with balances ranging between $100,000 and $1 million in their investment portfolios who want a better understanding of how their investments are performing. It is of particular interest to investors who want to know how much their financial advisors or investment funds are costing them in fees.
What Does Draft Do?
Draft provides investors with a free and easy way to analyze their investment portfolios. Users connect their accounts to Draft's platform which collects their financial information and compares it to the historical 5-year return of the top 10 percent most successful investors in each category.
The app allows you to compare your returns, asset allocations and fees, which gives uses a useful benchmark to compare their returns and provides actionable information on how to improve their investment strategies.
Draft is a read-only application. This means you cannot use it to relocate assets in your portfolio. You will have to use a broker, fund manager or financial advisor for that.
How Much Does Draft Cost?
Draft is currently in the beta testing stage. The idea is to sell the app as a white label app to financial advisors, which they can brand and distribute to their clients as their own. The purpose of the service is to increase communication, trust and transparency between investors and their financial advisors.
What is Draft's Sign Up Process Like?
Draft is a new app that is still not available to the general public. There is a waiting list you can join on Draft's website.
How Is Draft Better than Other Money Management Apps?
Draft provides an easy and intuitive way to analyze your portfolio that doesn't require you to understand complicated financial terms or strategies. Instead of just comparing your investments to traditional benchmarks, such as the S&P 500 index, Draft compares your portfolio with the top 10 percent investors among your peers. It also offers an easy way to see how much of your savings are going toward paying fees, which is something many investors don't consider.