This innovative app leverages the power of OpenAI's ChatGPT and the strategies of successful hedge funds to truly revolutionize the personal finance management landscape. In an age where the realm of investment and financial management can seem overly complex and daunting, this app presents a powerful, yet user-friendly solution.
The app's unique selling proposition, however, is its ability to mirror the strategies of successful hedge funds. This offers an unparalleled opportunity for users to align their portfolios with top-performing funds.
Moreover, the interface is clean, user-friendly, and easy to navigate. With real-time updates and analytics, users can easily track the progress of their investments, helping them make informed decisions
New to investing and thought this looked like a good way to get started. It’s not.
1. Don’t tell you until way past the signup stage the charges for automatic investing.
2. Decided to start with the $500 minimum. Chose a portfolio to follow. After the first stock purchase Autopilot stopped because my buying power had dropped below the minimum. Contacted autopilot and they said it was a “glitch.” Apparently the only way to fix it is to give it access to more of my money. No thanks. Then to top it off, and I realize this is probably pure coincidence, the one purchase it made turned out to be one of the worst performing stocks in the portfolio.
Developer Response
Hey! Ahh apologies for the initial frustration with the product. Yes, you are right that the minimum is $500 as this product is built more for portfolios of $5K+, but the point you make about it becoming tougher to use if the amount drops below $500 is valid.
I will share this feedback with my team now. Chris - co founder of AutopilotSeems pretty legit… however it would be nice to add something in the app to understand what basis/logic the AI is purchasing it’s picks and the length it plans to hold onto them for. Also curious to what the general length of holds are. Because I got in last week and it has already let go of all positions and reentered new positions. Maybe even an email digest if possible if nothing gets added to the app of what causes the buy/sells. Otherwise looks pretty promising!
I’ve always been looking for an app like this for following my favorite traders, can’t wait for them to add more features like other pilots, transaction history for tracking gains/losses better, and other features.
Had an issue connecting my account and the Support eventually got it solved, though it did take some time. I imagine the support staff for this app is rather small or even an individual dev.
One note is that they should let you choose your account type (Free or Paid - $30/3months) before you make your first investment ($500 min FYI). But again hopefully they can iron all this out as they develop the app more.
Developer Response
Hey Appreciate the review as you are 100% right. As we are just a team of 8, 🫡we are working hard to answer support emails/text as fast as possible. We are improving though and have a new hire coming in soon to help.
We also have lots of stuff coming product wise including the performance tracking, different pilot options, & more.
On the payments point you have a point, and we are going to be putting a change through soon on onboarding.
Lmk if you have any more questions here, my email is chris@joinautopilot.com🫡Who wouldn’t want to copy the portfolios of hugely successful investors?? I don’t have the time (or skill) to pick the winners like these investing legends. And if you can’t beat them, join them. I certainly feel more comfortable copying investors with amazing track records than with my usual guesswork in the markets. So far it’s worth every penny! And it’s worked perfectly with my TD account.
This would have saved me $$$$ if it was around years ago
This is bringing a level playing field to everyday investors that want to increase current savings with similar tactics as the big guys. With all the hard work going into this I see no reason to maintain a 401k anymore, why let a 22 year old manage my retirement who only is concerned about his gains when AI can do it without ulterior motives?
This is a win win.
So I figured out there is a delay between what the pilots are doing and what autopilot does. The pilot I was following took about 2 weeks, very suboptimal and causing me to lose money. I decided to delete the pilot I was following, so that I could slowly sell the holdings to try and atleast be even. To my surprise removing a fund manager (pilot) means that autopilot will sell all holdings at market open. So now I’ve lost more money because I couldn’t sell these stocks myself when they’re supposed to be sold (without two week delay). So upset right now, autopilot should be paying me to be using this service in its current state.
Developer Response
Hi ahh apologies for the initial frustration as I do see why this situation wasn't great. We state on the "pilot" screen how long the delay is, but we also are actively pushing this towards our new "real time pilots" where there is absolutely 0 delay between their trades and the trades of the clients.
Shoot me an email though chris@joinautopilot.com, I can help sort out this initial charge.I loved the idea of this when I first heard about it, and I think the implementation has been amazing. I wanted to invest in the stock market, but I didn’t know where to start. With this, I can invest and not worry about becoming an expert on what stocks are smart to buy. I also love the layout, it has a very clean look that isn’t overwhelming to someone who doesn’t understand all the metrics associated with the stock market.
I’m currently on a night shift and sleep during the peak trading hours, so this is more a convenience than anything for me, allowing me to ensure trades are getting executed promptly, with minimal input from me. Based on their quarterly billing, and the average growth of the portfolios being copied, you need about 1500 dollars invested to net a profit, which should be a reasonable sum for those in their early twenties. If you don’t have that kind of cash, then you can still use the app for free (it just won’t auto-trade for you) and save until you have the capital to start making money. I’d recommend this over a mutual fund 100%, since it’s the same concept, without the early withdrawal fees.
Iris had much more options of people to follow. You could follow other users in addition to hedge funds and politicians. I could check the history and see if I agreed with their trades before following.
This app is a shadow of the previous one. You immediately have to pick someone to follow and commit at least $500 to invest or you can’t even interact with the app. If they let me do paper trading for a month or something to get a feel for what would happen, then maybe I could trust it. But as it stands this is way too opaque and I hate that you have to commit actual money before even being able to interact with the app.
Developer Response
Hey Landon,
Iris definitely was a more social, different product on that front so I understand the disappointment if you enjoyed that platform. We do plan on improving some of the features to closer resemble Iris over time.
Also on the paper trading point, we do have a virtual brokerage option on the app that will allow you to do this. You can find it on the "connnect your broker" page. If you have any further questions shoot me an email: chris@joinautopilot.com !
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