Accelerate Building Robo advisory with Wealth Management API

Jul 01, 2021

Who doesn’t want financial stability? A financial cushion that can serve them and be their back during rainy days? A retirement plan that can offer them the satisfaction of having a filled bank account when they are out of work? A surety that they will be able to pay the hospital bills in case of emergency? A guarantee that they will have enough to request a mortgage for their new house? All this requires some financial knowledge.

Financial knowledge comes when people have access to good financial advisors. Sadly, getting honest financial advisors that offer helpful suggestions is like finding a needle in a haystack. That’s why wealth management is so complex. 

In fact, you would be surprised to know that even in the US, less than 25% of people have ever used a financial manager for advice. According to a survey, only 18% of Americans actively seek financial advice, and the biggest reason is that they consider it an extra expense.

Fortunately, digital wealth management platforms are changing that. And powering them is a wealth management API that is trying to improve how wealth management platforms are made today. One of the providers of wealth management API is Bambu.  It is redefining how wealth management works by building better and faster wealth management applications. In addition, this wealth management API contains data that can help wealth management platforms’ clients to invest in their goals.

What is a wealth management API? How Does it Work?

Wealth management has always been a hot topic. But it has become even hotter recently after the global pandemic and market crash in 2020. All this has created more demand for financial advice, and people are now opting for digital investment options. As a bank, an insurance company, an investment service, or a brokerage, this is the best time to create a wealth management robo advisor that can help your clients and a wealth management API can help you build it faster and better.

Consider wealth management API as a solution to your robo advisory platform. For example, suppose you are creating a robo advisory platform that can help your clients manage their portfolios, take care of their retirement plans, and reach their house purchasing goals. In that case, a wealth management API will provide the foundations for that.

With a wealth management API, you won’t have to start from scratch. That means not creating the whole algorithm to calculate investment goals and provide portfolio projections to the clients. Of course, all this takes many people from multiple disciplines (finance, engineering) and time to build. With the API, you will create the basic infrastructure and the wealth management API will take care of all the processing that goes in the backend for crafting financial plans for your clients.

Who Should Use a Wealth Management API?

Anyone who is offering financial management services to their clients or willing to offer them in the future should connect to a wealth management API. 

This could be: 

  • Banks looking to offer financial planning and wealth management services
  • Financial advisors looking to offload their work to automated robo advisors
  • Startups in the financial space looking to launch their product faster
  • Fintech companies looking to add a new module with their current offering
  • Brokerage firms trying to create their wealth management platforms

All these are the ideal users of a wealth management API as it will allow them to create/launch their robo advisory platforms with minimal efforts. 

Bambu Wealth Management API: How Can It Help?

Bambu is one of the leading online wealth management platform providers. It offers wealth management solutions such as  

robo advisory, API so that its clients (financial services) can create wealth management and financial planning solutions for their customers. 

How Does Bambu Provide Financial Projections?

 

Creating a robo advisory platform using the Bambu wealth management API is simple. The API is powered by financial data in multiple countries to enable wealth management providers and an easy way to build goal helpers for their clients.

For example, let’s say you are creating a robo advisory platform for your financial firm. The robo advisory platform can guide clients on a day-to-day basis in planning for:

  • Child’s education
  • Retirement
  • Healthcare

Let’s go through an example of how Bambu wealth management API works in real scenarios. We will use a child’s education goal as an example. Then, we will show some screenshots from a real wealth management platform that uses Bambu API to build a child’s education goal helper.

To analyze and provide an accurate estimate of how much the client should save for their client’s education, the wealth management API will interact with Bambu’s financial data mentioned above. The data will then be combined with an algorithm to project the future amount of the goal. 

In the child’s education goal helper platform below, the client will be asked for the child’s age of education, the university’s location, whether or not the university is public, and whether or not the major is medical.

After the client fills in all the required info, the platform will send a request to Bambu API and the API will then send a response containing the estimation of the child’s education amount, which is $129, 874.

How Can You Start Using Bambu Wealth Management API?

Go to developer.bambu.co to get started. You can create a free account and try the API from there. The website contains tutorials to get started using the API to build multiple-goal helpers such as a child’s education, retirement, and house. The free tier gives you a 5000 API calls quota per month. 

What’s Next?

If you are looking to accelerate creating your wealth management platform that can guide your clients in planning their investment goals, then Bambu wealth management API offers all the help you would need. Try the API today and see how it can help you create your wealth management platform faster and better.