Riment - an AI powered robo advisor for wealth management

Abstract

In the evolving landscape of wealth management, digital advancements have paved the way for the rise of robo-advisors, offering efficient and cost-effective financial advisory services. However, despite their algorithmic precision, existing robo-advisors often lack the capability for personalized interaction and in-depth market analysis, essential for addressing the diverse needs of investors. This project introduces "Riment," a cutting-edge robo-advisor application enhanced with OpenAI's large language models (LLMs). Riment leverages advanced natural language processing and machine learning to offer personalized financial advice and sophisticated market analysis. Built on the Django framework with React.js for the frontend, Riment embodies the integration of AI into quantitative finance to improve accessibility, personalization, and responsiveness of financial services. This report details the evolution of financial advisory services, the role of AI in finance, and the development of Riment, emphasizing the potential of AI to transform wealth management. The project aims to bridge the gap in personalized financial services and set a new standard in robo-advisory solutions, catering to a tech-savvy generation seeking tailored financial guidance.