Cake Financial has just launched a Facebook application. You can take your investment knowledge to your Facebook friends, share your investment portfolio and gain from the collective knowledge of all your b-school college friends. The important information, like your net worth, isn’t revealed, so it’s rather understood that this application works quite similarly to the Cake Financial stand-alone network.
This move makes Cake Financial one of the first to take such an expanded approach to its investment and financial networking services, following along the same path as most other collaborative networks out there. With the benefit of having the wisdom of the crowds, Cake Financial is aiming to be present wherever its users are, in a rather integrated manner. It’s somewhat similar (albeit in reverse order) to what LendinClub has done, in its enabling of users to look to their trusted network of friends and acquaintances for financial purposes. While LendingClub doesn’t deal in the sharing of personal portfolios, it’s easy to see the parallels.
Cake Financial is shifting its networking tools from that of anonymity within the larger confines of its stand-alone network to the existing social graph you already have on Facebook. Is that more beneficial than seeing the shared knowledge from those that have proven themselves on Cake Financial? That really depends on who your friends are. Surely the combined information of such data will be more helpful than harmful. Hopefully the newsfeed alerts for updates made to your Cake Financial account won’t get too annoying for your friends!
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