Do you want to learn more about personal financial management but without paying for a costly financial advisor? Maybe you are someone who doesn’t mind digging into the details on your own to get the answer.
You may find that getting your own answers is rewarding. Or, it could just be that you don’t want to pay for a financial advisor. If either of those sounds like you, then you're probably going to like Finny. In this article, we’ll go over what Finny is all about.
- Personal finance education and investing tools
- AI-driven financial advice
- Premium plan includes on-demand answers from coaches
Financial guides, tools, and advice
$0 to $14.95 per month
7-day free trial of premium plan
Who Is Finny?
Finny is a fintech that provides affordable personal financial advice. It was founded in 2013 and is based in Santa Monica, CA. Milan Kovacevic and Chihee Kim are the co-founders of Finny.
What Do They Offer?
Finny is for do-it-yourself (DIY) types who want to learn and improve their personal financial management. There aren’t any live financial advisors to speak to, which is why you need to be more of a DIY. If you are, Finny has tons of information for you to dig into. However, you aren’t just thrown into the deep end. The website will guide you to the right answer based on your questions.
Finny is powered by an AI bot. When you ask a question, the bot goes to work, trying to find the best answer. If it can’t, the human assistants can step in to help out. However, interactions with coaches are limited to email only.
Finny provides financial help in all of the following areas:
Finny’s investing tools are fairly advanced. While Finny doesn’t provide investing recommendations, it gives you everything you need to make informed decisions about different stocks and funds.
Stock And Fund Screening
When you enter a stock symbol, Finny’s Quick Take feature provides you with a quick assessment of the stock. If you’re still having difficulty choosing between two or more stocks, you can use the Comparison Wizard, which allows you to compare the performance between different stocks.
You can also run stock screeners to help find stocks that meet whatever you’re looking for in an investment. If you aren’t sure which screener to run, you can pick from pre-built screeners. These include:
- Momentum plays
- Cash cows
- Bargain stocks
- Warren Buffett
- Ben Graham
- Dividend stocks
- Massive upside stocks
Stock And Fund Analysis
If you want to check out Finny’s stock and portfolio analysis without signing up, click Analysis and Charts from the top menu. Then type in VTI for the Vanguard Total Stock Market ETF. You’ll see five tabs that provide different analysis on the ETF:
In the top right of the Analysis section is the Finny Score. This is a proprietary score that provides a quick assessment of the ETF’s performance. The Finny Score goes from 0 to 100. The higher the score, the better. The score is based on the number of pros and cons found in the analysis.
The Performance tab provides details about returns for the stock, including the Sharpe ratio, which is a measure of volatility or risk. The ratio is compared against a benchmark — the S&P 500 Total Return Index in this case.
The Risk tab provides the instrument’s beta and the Taxes tab has information about the tax efficiency of the instrument. All of the analysis tools are very easy to understand and have hint icons, which pop out more information about each metric.
As part of your subscription to Finny, you’ll receive “The Gist,” which is a weekly finance newsletter. It covers a wide range of personal finance topics, including investing. It’s a great addition to increasing your personal financial management knowledge.
Are There Any Fees?
The basic version of Finny is free. However, to get access to premium guides, tools, and Finny Coaches, you'll need to sign up for the premium version.
Finny Premium costs a flat monthly fee of $14.95. Or, you can pay $99 for a year and bring the rate down to $8.25/mo. There’s also a 7-day trial period. If you cancel before the trial ends, you won’t be charged.
How Do I Open An Account?
You don't need to open an account to start asking the Finny bot questions. But if you want full access to all of it's content and tools, you'll need to subscribe to Finny Premium. You can visit Finny's website to start your free trial of their premium version.
Is My Money Safe?
Finny simply runs a monthly or annual charge on your credit card. There is no money on deposit or invested with Finny. Finny’s website also uses encryption to keep your data safe. You don’t provide Finny with any sensitive data since there is no bank or investment account to open.
Is It Worth It?
For investors with large account balances, using Finny to help you DIY your investments could save you money when compared to hiring an actual advisor or robo-advisor that uses an Assets Under Management (AUM) pricing model.
For example, if you paid a robo-advisor 0.25% to manage $100,000 of investments, it would cost you $250 per year. Or you could pay Finny $99 per year to get AI-powered advice to help you choose your own investments, which you could in turn buy for free with a discount stock broker.
But Finny is a tougher sell for smaller accounts. If you have $5,000 to invest, a robo-advisor with a 0.25% advisory fee would only cost you $12.50 per year -- much less than Finny Premium. And, for that fee, you'd get actual wealth management services, like automatic rebalancing and tax-loss harvesting. See our top robo-advisor picks for 2020.
Financial guides, tools, and advice
Access to Human Advisors
Yes (Written support only)
Wealth Management Services
Customer Service Number
Customer Service Email
Mobile App Availability
7-day free trial of premium plan
- Product Cost
- Tools and Features
- Ease of Use
- Customer Service
Finny is a personal finance education website offering an AI-powered chatbot, investing tools and charts, and answers from human coaches.
- AI-powered investing advice and tools
- Stock screening and advanced analysis
- Human coaches available for extra help and answers
- No wealth management
- Could cost more per year than robo-advisors
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.