Online advice service kicks off
Two former NAB executives have launched an online entry level cloud based wealth advice service for consumers who do not go to financial planners or client types not targeted by advisers.
BigFuture is a single avenue for members to check their total wealth, including superannuation, bank accounts, term deposits, managed funds, property and loans.
It also tracks members' wealth situation over time and offers asset allocation and country allocation summaries.
Operating under an Australian financial services licence, the service is free for most people, but a paid premium services is available for members with considerable amounts of investments and complex needs.
Co-founder, Michael Clancy, said the service is for the 80 per cent of Australians who do not use financial planners.
"Some people just aren't sure where to start. BigFuture can help this large group of Australians learn how to manage their wealth," Clancy said.
The service has also developed a planning model that gauges how much members need to save for retirement and how much they will be able to spend in retirement. It uses simulations based on probability to let members model how they want to spend their wealth.
BigFuture chief executive, Donald Hellyer, said the service aims to "democratise wealth management".
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