FinancialAdvisorReplacement.com (FAR), an app named for its mission, was launched today, promising investors a 4% annualized return over the next five years with no management expenses.
The app is funded by a two Silicon Alley executives who got the idea from a Wall Street broker they met on the subway in New York.
“The New York subway system has long been recognized as a breeding ground,” says Marty Cohen, CEO and Founder of FAR. “But not for financial ideas.”
Cohen, a successful venture capital investor, and his partner, Raj Choudrysakian, CFA, have attracted investments from some of Silicon Alley’s biggest names as well as former top Wall Street executives.
FAR’s business model of providing advice for free for five years has attracted $1 billion in the last three months and assets are growing 123% monthly.