MoneySoft launches comparator
Independent financial services technology company, MoneySoft, has brought a new product to market which it claims will give financial advisers the ability to more closely examine client spending habits and compare their financial behaviour.
The product, a new benchmarking and reporting tool, has been integrated into the company's cashflow, budgeting, and savings management platform Moneysoft and will be made available free to Moneysoft business account holders.
Commenting on the tool, Moneysoft managing director, Peter Malekas said that by enabling advisers to show people exactly what their peers were doing with their money was an extremely powerful and motivating tool.
"While everyone is running their own race, the fact is many people are concerned about ‘keeping up with the Joneses' and it's human nature to be curious about what others are earning, saving and doing with their money," he said.
"Equally, people should know and be encouraged if they're doing relatively well when it comes to their money management goals. This tool gives them insight into the financial behaviour of other singles, couples or families, and further strengthens the advice conversation around cashflow and budgeting."
The new service, which was developed in collaboration with Steve Crawford, of Experience Wealth and Your Spending Coach.
Recommended for you
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.
Sharing his reasoning in joining the FSC board, WT Financial managing director, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.