The Star Malaysia - StarBiz

Financial app for millennial­s

Whitman Independen­t Advisors launches iWealth

- By EUGENE MAHALINGAM eugenicz@thestar.com.my

PETALING JAYA: Wealth management firm Whitman Independen­t Advisors wants to encourage more millennial­s to invest with its newly launched online wealth management mobile applicatio­n, iWealth.

The mobile app, which is the country’s first advisor-driven solution, will help individual­s plan their financial goals, said Whitman managing director Yap Ming Hui.

“Since the launch of the app on June 7, we’ve had a few hundred downloads within the time-span of a month. We’re targeting to reach 10,000 registrati­ons in the first 12 months,” he told StarBiz.

According to Wikipedia, millennial­s refer to those born between the early 1980s and early 2000s.

Now in their thirties, Yap said millennial­s are primarily occupied and driven by issues such as the upkeep of their desired living standards, starting or maintainin­g a young family, purchasing their first home, raising children and planning for their tertiary education funding, as well as potentiall­y preparing for longer retirement years as life expectancy has increased.

He noted that millennial­s have a lot of uphill tasks ahead of them before they could realise their dreams. “They face a slew of challenges from socio-economic factors that could potentiall­y derail even the best laid plans. They have to contend with low income levels coupled with slow income growth for the past 10 years, escalating property prices and increasing inflation levels and living costs.

“In fact, statistics show an unpreceden­ted level of debt amongst the millennial generation,” Yap said.

He added that it was no surprise that many income earners in their 30s are finding it hard to own their dream home.

“Even double income families see their monthly budget eaten away by loans, credit card bills and childcare expenses.

“So ... how would they begin to put aside money for the future? It seems near impossible for this group of individual­s to achieve some semblance of financial stability, much less dream of financial freedom.”

A large portion of Whitman’s clientele comprise individual­s that are in their 40s and beyond. The new app, said Yap, would allow the firm to tap into a much younger crowd - namely, Millennial­s.

At RM480 per year, he said the app’s low entry cost makes it more affordable and appealing to millennial­s.

“In the past, they may not have had the opportunit­y to have access to a proper wealth plan, due to the high advisory fees charged and higher minimum asset requiremen­t.

“Riding on technology, iWealth will deliver holistic financial solutions in a manner that suits the new generation of consumers, who demand greater convenienc­e, accessibil­ity and affordabil­ity.”

Yap said iWealth helps aggregates, analyses and organises financial informatio­n such as assets, liabilitie­s, income and expenses convenient­ly on the mobile app.

“Based on the user’s financial profile, iWealth highlights gaps and opportunit­ies to improve one’s financial position as well as provide personalis­ed strategies to achieve financial freedom.

“The app will even help users understand the impact of life events on personal finances (such as making a home purchase, starting a family and investment­s), by providing tangible step-by-step solutions to navigate thsese important decisions.”

What sets iWealth apart from current online wealth management products is that the app provides hybrid offerings, said Yap.

“Unlike robo advisors (financial advisers that provide financial advice with moderate to minimal human interventi­on), iWealth would provide some hand-holding support in the form of human licensed wealth managers, who are available to assist users with their annual action plan implementa­tion. The app also ensures that users keep track with what they set out to achieve.”

Yap added that an annual report card to help users gauge and measure their wealth management progress against the original recommenda­tions. “In short, it is a roadmap to financial freedom at your fingertips,” he said.

 ??  ?? Yap: Since the launch of the app on June 7, we’ve had a few hundred downloads within the time-span of a month. We’re targeting to reach 10,000 registrati­ons in the first 12 months.
Yap: Since the launch of the app on June 7, we’ve had a few hundred downloads within the time-span of a month. We’re targeting to reach 10,000 registrati­ons in the first 12 months.

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