In-person financial advisor or Selma AI - An Interview with Patrik, CEO of Selma

What is a financial advisor, and what role do they typically play in personal finance?

A financial advisor is someone who helps you understand your unique financial situation and gives you advice on how to improve it. Financial advice can also include help with special topics such as pension planning, tax planning, estate planning, insurance, or real estate and mortgages.

How much does a traditional financial advisor typically cost?

A traditional financial advisor is expensive and costs CHF 150 - CHF 250 per hour. If you are very wealthy, the advice of a financial advisor might be included in the overall package you pay for.

What are some common challenges people face when working with traditional financial advisors?

Usually, a financial advisor is specialised in a single topic like investments, tax, real estate or insurance, additionally, access is not that easy and as already mentioned only available for the very wealthy or those who can pay extra.

How does Selma AI compare to an in-person financial advisor in terms of cost and time investment? 

For Selma clients Selma AI is completely free, available on demand 24/7 - the advice is ready almost instantly and you can simply browse through different topics you are interested in without somebody pushing for a certain topic or product. 

What are the advantages of using Selma AI for financial advice over traditional methods?

The advice is highly personalised to your unique financial situation, split in different questions and you can access it whenever you want conveniently from your sofa 😃 

Can you share any success stories or stories from our clients who have benefited from Selma AI?

Sure! So far Selma AI had more than 12’000 conversations with our clients of which 86% of them were deemed useful. We were thus able to build a better understanding of the financial situation and knowledge for thousands of people already. 

What kind of support do clients and users get in case they need additional help? 

Currently, Selma AI is not yet able to cover all topics and many of our clients still like to check their finances with a human expert. Selma offers great customer support (via mail, chat and calls) where people can reach out to financial experts for any question the AI can not answer. 

Can Selma AI offer the same level of personalised financial advice that a human financial advisor can?

In theory, yes. Currently, Selma AI is still restricted to certain topics around your overall wealth structure and investment portfolio. However, Selma AI is learning fast and we’re constantly expanding the financial topics and questions that Selma AI can cover. 

What future developments or features can users expect from our Selma AI to enhance their financial planning?

As said, we’re building Selma AI further into analysing and understanding the different aspects of your money. This includes more context about the investment portfolio and performance, pension planning, insurance, and concrete advice on how to reach and finance your individual goals.