Open Source Wealth Management

Posted by jdixon on Jan 15, 2016 10:47 PM
LXer; By James Dixon

So you want to manage your money with open source?

In the recent discussion of "inappropriate" news stories on LXer, I and others pointed out that LXer could only carry articles that were submitted to them. In the spirit of that discussion, I am offering the first of what I hope to be several articles/submissions on open source and finance.

My first submission of this type was a link to an article titled An Open Source Reference Architecture For Real-Time Stock Prediction, and can be found at http://lxer.com/module/newswire/view/223819/

This is a brief look at an Open Source wealth management platform. It is not an in depth review, merely a brief description of what I understand the scope of the project to be and pointers to more information.

Many LXer readers are probably familiar with one or more wealth management/financial advice companies, from Edward Jones to Fidelity to American Express. While many of these offer their own financial investment products and financial services, it can be argued that their primary focus is actually wealth management: Helping people to manage their existing money to reach their future goals.

The tools such companies use are not well known to the public, and tend not to be advertised. The reasons for this are rather obvious, as when any company can choose to hire experienced investment personnel, the tools they use to analyze customer needs and align them with available investment products can make all the difference in the quality of the service they offer. From what I know, they also tend to be proprietary and aligned with whatever investment trading system the company uses.

Well, there is now an independent open source software platform that offers such analysis, and a company which supports it.

Both the company and the platform are called welathbot.io. The software is hosted on Github at https://github.com/wealthbot-io/wealthbot and the company website is http://wealthbot.io/.

They offer a full demo of their product at their website for anyone who wishes to check it out.

The website is intended for investment professionals, not the individual investor. There is no technical reason an individual investor could not download the code and set it up for themselves, but doing so is not for the faint of heart (there is a reason they can run a business offering the code).

If you're an investment advisor interested in an open source alternative to your existing proprietary tools, you will probably want to see what walthbot.io can do for you.

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