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DailyWorth’s Founder Expands Into The World Of Robo-Advising

By Erin E. Arvedlund
The Philadelphia Inquirer

WWR Article Summary (tl;dr) DailyWorth Founder Amanda Steinberg has been informing women about money through her free “DailyWorth” newsletter since 2009. She is now adding onto that success with a new money management platform to help women with savings, investment, and retirement options. Steinberg says “WorthFM” is a way for women who aren’t familiar with traditional finance to get started in all three areas to build net worth.

The Philadelphia Inquirer

A robo-adviser just for women?

That’s the latest step for Amanda Steinberg, the South Philly native who founded DailyWorth, a financial-advice newsletter with more than one million women subscribers.

Last year, Steinberg expanded Chestnut Hill-based DailyWorth into financial advice and money management with the launch of WorthFM, which offers a pre-selected portfolio of eight exchange-traded funds.

WorthFM is similar to robo-adviser start-ups such as Wealthfront or Betterment, with portfolios that are pre-selected and rebalanced automatically.

WorthFM women start out with memberships of $2 a month to try the service, which opens three accounts at the same time (savings, investment, and retirement). Once a member accrues $5,000 in invested assets, WorthFM charges a 0.50 percent flat fee.

Steinberg said it’s a way for women who aren’t familiar with traditional finance to get started in all three areas to build net worth.

“Our readers are very interested in investing, but they don’t read Yahoo Finance or MarketWatch,” she said in an interview.

“Our women were asking repeatedly about products, such as, ‘What account should I open first?’ So clearly, the marketplace wasn’t addressing the need. As an entrepreneur, I couldn’t pass it up.”

Money management for women might seem like a small niche, but for Steinberg, it’s been a successful one. She has raised $9 million in venture capital so far and expects to complete another round of financing in 2017.

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