Magnifi
, a US based leading financial service provider revealed the appointment of new senior level executive to its team and addition of new features to its platform. As per statement released by the firm, it has onboarded Mr. David Pottruck to serve as its new executive co-chairman. The New York headquartered firm’s is well known for its investment search platform which uses natural language and data science to simplify the vetting and selection process of financial instruments such as mutual funds, ETFs and model portfolios. The simplified process helps both new users and professional investors with their trading related activities. For new users who are just entering the market and for amateurs, the platform demystifies the world of investment while for financial advisors and portfolio managers it helps save time by enabling faster discovery which allows them to spend more time with their clients.
To stay true to their motto – interpreting meaning, not just matching based on which the platform is built around, the firm regularly keeps updating and upgrading their platform. The newly added feature is part of their premium package and will allow users of this package to analyze a portfolio in a manner that suits their perspective and requirements. To put in simple words, an investor can analyze a portfolio to see if it meets their area of necessity such as tax efficiency and cost reduction while maintaining their required level of exposure. According to more than 25000 searches which have taken place during the term of January and February of 2020, the top search from platform is – funds that do well when markets fall – a clear indication and reflection of grave state of current market sentiment and volatility.
At a time when searching for investment assets requires going through lot of surveys and filters which involve complicated jargons, Magnifi’s platform allows a user to easily discover desired portfolios and financial assets/products via search using normal language. EG- a user can simple search “passively managed lonq-risk but high dividend yield funds” to look for ETFs and Mutual funds which meet the criteria. The incoming executive is a veteran in financial services industry with nearly three decades of experience in senior level management roles. Of his multi –decade long career history, Mr. Pottruck has spent more than two decades serving as board member of industry leading brands. His most notable roles include – COO/CEO/President at Charles Schwab, Chairman of Board at CorpU, Board Member and Chairman of the Compensation Committee at Intel Corporation, Chairman of Red Eagle Ventures and Chairman of the board at Hightower Advisors.
Commenting on his new role at the firm, Mr. Pottruck said, “For my entire career, I’ve been focused on transformational businesses that use technology to help investors achieve better outcomes. Magnifi is exciting in many of the same ways that Charles Schwab was exciting when I joined in the mid-1980s. At Schwab, we pioneered democratizing access to mutual funds. Today, Magnifi is democratizing knowledge, giving individual investors and advisors access to information that until now was only available to those with access to large institutional research teams. The result is that more individual investors and professionals will be able to find investments that meet their goals and needs”.
Speaking about David’s addition to the team, Dr. Vinay Nair – CEO and Co-Chairman of Magnifi said, “Magnifi is an exciting platform and technology that is changing how advisors and self-directed investors discover and shop for investments. It is the future of investing, creating transparency and a better investor experience. David will help us identify structure and execute on strategic partnerships as we scale”.
