Echo is a financial technology company that empowers users to make the best investment decisions possible.
Today, there are over 90 million Millennials who control more than $2 trillion in wealth. By 2020, that number is expected to grow to $7 trillion, and by 2025 they will make up nearly half of total U.S. income. In aggregate, the investment industry is even larger, with just the mutual fund industry in the U.S. totaling $17 trillion in AUM and total global assets amounting to more than $71 trillion. Seeing the radical, transformative changes that technology can bring to other industries, entrepreneurs began experimenting with robo-advisors; apps and websites dedicated to empowering individuals (mostly Millennials who have a preference for said changes) when it comes to their own finances. The results thus far have been extraordinary. The largest player by valuation, Robinhood, is worth $1.3 billion, while the largest by AUM, Wealthfront, has $7 billion.
Echo Investing is the next step in the evolution of this industry. Its platform is an app that allows users to trade shares of publicly-traded securities commission-free. The company's minimum viable product (MVP) is complete, with all major functionalities built into it, including our keystone real-time portfolio synchronization. Real-time stock prices can be looked up on the platform, the sale and purchase of these can be made (paper trades but cash trades would be achievable with minimal effort), two iterations of echoing strategies can be implemented, and users can see the bios and portfolios of other users on the platform.