Financial app for millennials
Whitman Independent Advisors launches iWealth
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.