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Retirement planning (401k)

Category: Contestants

 

Name: Sunil Gangwani

NYU affiliation: Stern

NYU status: Alumni

Did you enter last year?: No

Do you have any teammates?: Yes

How many, including yourself?: 2

 

Concept Name

Retirement planning (401k)

 

High Concept Statement

Integrated Robo- Advisor for 401k plans

 

Status Quo

60% of people rely on 401k for retirement planning as per Koski research. They don’t know how much they need for retirement, how much to contribute and which investment strategy/funds to choose from laundry list provided by the employer. DIY tools at best are confusing and fund family promotes their own products.

 

Competition

Customers today use DIY tools provided by 401k service administrators.
Competition:Existing fund managers such as Fidelity or Robo Advisors such as Betterment can potentially enter the 401k market. However, it’s not easy to replicate Plootus offering. Our app provides a tailored solution for each individual and each 401k plan. Every plan has a unique set of funds to choose from. With minimal inputs and time, we are solving the retirement problem for $7 trillion 401k market.

 

Solution

Our algorithm (patent pending) estimates how much money a user needs for retirement. Based on the individual requirements, our app then suggests
-how much to contribute,
-which investment strategy to choose
-and how to select best performing funds (best performers and lowest fees) ¬†¬†from the employer’s 401k lineup.

 

Revenue Model

$10 per month subcription,  Advertisement for other products such as IRA, loans, credit cards etc.

 

Which platform would you like to launch your app on?

iPhone

 

Which category best describes your app?

Finance