Cake Financial has launched their public "alpha" today at TechCrunch40. Bringing a new spin to social networks, Cake enables investors to track their performance next to their peers, their friends, and other investors. By automatically plugging in to most of the major brokerages, Cake can automatically retrieve your holdings for up to ten years and track your performance compared to the rest of Cake and the market.
Specifically designed with the 40 million Gen X and Gen Y consumers in mind, Cake is a new kind of financial service. Members can open an account with Cake in minutes because there is no transfer of money or change in existing brokerage relationships to get started. Instead, members can link their Cake account to an unlimited number of existing portfolios from leading online brokerage firms. This allows Cake community members to see up to 10 years of historical activity as well as current portfolio holdings, trading activity and performance data of fellow members. All safely, securely and anonymously.A recent study from the Harvard Business School reveals that many ordinary investors consistently beat the market. Cake is designed to allow members to capture and share the behavior and habits of these high performers with each other.