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Managing money in the future

Finovate has been recognised as the event to showcase truly innovative financial services intended to disturb and transform the personal finance market.  Earlier in February this year it’s European event saw 70 organisations, covering areas from cybersecurity to payments, peer-to-peer lending to financial advice, had a seven-minute opportunity to present their vision of the future.

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Out of it came one innovation that might be directly relevant to the way consumers are likely to manage their money in the future. MoneyHub and sister Yourwealth.co.uk, are not new but at Finovate MoneyHub showcased its Goal Life Planner, which shows how a personal financial management service can enable consumers to easily differentiate the impact on their wider life of choosing to spend (eg, holidays or paying off mortgage) or invest money in different ways. It uses  graphics and clear visuals, and takes financial planning and applies it in a lifestyle context. For example if a client receives a bonus, rather than just show the impact of different actions in cash terms, they are also represented as lifestyle benefits, such as paying a mortgage off “x” number of days earlier or being able to retire “y” days sooner if the money is committed to a pension. Offering a detailed picture of the client’s financial life.

This latest iteration of the service, is due to go live in the summer, it will be available in three versions:  A customer direct offering via Yourwealth.co.uk, which is free or £10 per year with the Yodlee aggregation. A version for IFAs and smaller wealth organisations called MoneyHub Connect, which, for £1,200 per year, will give advisers a lightly branded way to deliver a consumer service to clients. This includes the Yodlee aggregation for the first 20 clients and then there is a per-customer cost if that service is required.  Enable’s IFA’s in Bishop’s Stortford are still here to talk to you in person about your financial management options.

Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 – Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.

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