“Welfies” Enter the Wealth Management Sector


Brad Pitt+Anglie Jolie=Brangelina 
Jennifer Lopez+Alex Rodriguez=JROD 
Wealth Management / Roboadvisor+Selfies=Welfies

That’s right, now there’s a new term in the wealth management sector – “Welfie”.  A marketing ploy?  Perhaps, but what we find interesting about this new Australian app who coined the term – PictureWealth – is that it doesn’t revert to ETFs for the answer to all an investor’s needs.  It gets its users to plug in lots of upfront data and THEN offers a holistic view of their finances.  Sounds kind of like a wealth manager,  yes?  The firm has raised a bit of capital and is Australian-based, so don’t look for this to knock over Betterment, Personal Capital or Intelligent Investing anytime soon.  BUT – we feel this is the next trend of what needs to come from the sector.  More CUSTOMIZED information, not cookie cutter “starter home” portfolios.  Keep your eye on this one.
(Cindy Taylor, Publisher)

“New personal wealth robo-advisor gives its users a ‘welfie’ – a selfie of their personal finances.

New Aussie personal financial advice startup has raised A$1.2 million in capital, from the group that will distribute its app.

PictureWealth offers a robo-advisor of sorts but one that doesn’t use ETFs. It gets users to plug in their financial history – bank accounts, expenses, debts and assets – and well as other expense information like insurance.

It then takes a picture of users’ wealth – or lack thereof – and gives advice accordingly.

“Until now, there hasn’t been a single space where people can view a picture of their personal wealth,” said co-founder David Pettit.

“They’ve had to refer to a combination of apps, websites, policy documents, financial advisors, spreadsheets and other outdated tools to get a holistic view of where they stand. PictureWealth aims to use world-first technology to bring financial happiness to more people.”

Financial advice comes from the programme’s chatbot. In addition to providing generic advice, the chatbot can answer questions about expenses, such as how much money a user has been spending at the pub each week.

The company says it is different to other personal financial advice apps because it does more than just nudge users’ behaviour…”

Full Story at Roboadvicenews