Openfolio was featured in US News this week. Openfolio, which brings the power of social networks to personal investing, is focused on gathering and analyzing user data to help members become better investors. The service is aimed at millennials, but users of all ages have recently been active in the platform.
OpenFolio is a New York-based company launched by former Wall Street bond traders who wanted to bring the open culture of a professional trading room to retail investors. The company likens the process of sharing investment information to that of sharing on applications such as Foursquare, Spotify and TripAdvisor. OpenFolio users post their portfolio holdings and track metrics such as performance, fees and risk against other users. Rather than communicating via 1990s-style chat rooms, OpenFolio users have a mobile app. OpenFolio is different from a robo-advisor. It is not a custodian of client accounts and holds no actual funds. Users simply upload their portfolio data and learn how they stack up against others.