Adviser News - Blog

Understanding and tackling clients’ behavioural biases with the fourfold pattern

Our innate behavioural biases regularly sabotage the best-laid financial plans. To identify and change our worst habits takes a combination of expert advice and powerful technology, says Moneysoft’s Jon Shaw. Behavioural economics has exposed the hidden logic driving people’s decisions about money but it often takes a good financial planner to help clients make the ‘irrational’ rational. The problem has nothing to do with the how smart we are and everything to do with the way our brains work. We now know (thanks to the work of psychologists Daniel Kahneman and Amos Tversky) that people attach values to gains and …

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Blog - In the Media

Fortnum partners with Moneysoft

July 4th, 2017: Moneysoft will provide its digital money management solution to Fortnum Financial Advisers under a new partnership set to boost client engagement and provide greater insights across the advice process. Fortnum will provide the co-branded Moneysoft tool to advisers across its full network, enabling them to empower clients and bolster their financial wellbeing. Fortnum’s Practice Technology Manager, Cassandra Mackay, said “Fortnum are excited to provide our Adviser Network with a tool to engage their clients in budgeting and cash flow.” “This is a great opportunity for an adviser to partner with their clients to achieve their financial goals.” …

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Adviser News - Blog

An age old theory updated with technology

An age old theory updated with technology With Peter Malekas, Founder and Managing Director, Moneysoft Prior to his Moneysoft days, Peter Malekas worked as an accountant and financial planner. Throughout his career, he was (and still is) passionate about finding ways to improve processes and enhance the client experience. Following many successful years as an adviser, Peter Malekas reached a crossroads and asked himself, ‘Do I sit here and continue to live comfortably in this adviser space or should I leave my comfort level behind and create the change that I’m passionate about?’ And so, Peter started working on his …

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Adviser News - Blog

The tech nudge

Technology is reshaping the world – and not always for the better. Moneysoft’s Peter Malekas considers a new international report about the impact digital technology is having on consumers and the important role that advisers can play. When it comes to money, it’s often a case of out of sight, out of mind. The further away it is in time (superannuation is a long way off for many people) or space (mobile payments mean we can pay without ever touching our wallets), the less attention we pay. Technology often exacerbates the divide but it can also bridge it, according to …

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Adviser News - Blog - In the Media

Why the demise of cash heralds new dangers

Money makes the world go round Australians are leaving cash behind for the convenience of electronic payments. It may not be all good news according to Moneysoft’s Jon Shaw. Money makes the world go round but cold hard cash is no longer doing the heavy lifting. Cash accounted for more than two-thirds of the number of consumer payments made in 2007. Just seven years later, less than half of consumer payments were made in cash. Online shopping, contactless cards and other digital forms of payment offer convenience but this comes at a cost. Digital forms of payment fundamentally change our …

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Adviser News - Blog

Fast Money! The Case for a Cashless Society

The cash crash Cold, hard cash. It’s a payment method familiar to people, regardless of age, affluence or technological know-how. According to the Reserve Bank of Australia (RBA), the use of cash — including ATM withdrawals —has fallen sharply. A recent consumer payments study revealed the amount of cash used by Australians has dipped by roughly one-third over the last six years. Furthermore, the RBA states that thirteen years ago Aussies were spending an average of $787 each month using debit and credit cards. The average has increased to $1824— that’s $3.08 spent via cards for every $1 in cash …

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Case Studies

How to Change Lives and Build Client Engagement with Moneysoft

Jackson Millan knows what it’s like to help a client out of insolvency and get back on the path to home ownership. Moneysoft spoke to the Yellow Brick Road Dee Why principal and money coach about the power of budgeting and how he uses it to build a closer relationship with clients. Traditionally financial planning has been focused on investments and products while budgeting has been neglected. But isn’t that how most people get ahead and achieve their goals? I agree. A couple that came to us around a year ago had a problem with some unsecured debt. The wife …

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In the Media

Moneysoft enters new partnership with Mortgage Choice

April 11th, 2017: Moneysoft’s advice technology will power a new Mortgage Choice Financial Planning tool aimed at bolstering clients’ money management skills and helping them reach their financial goals. Mortgage Choice Financial Planning will offer the tool under the name of MoneyTrack as a part of their cash flow coaching service. Tania Milnes, general manager of Mortgage Choice Financial Planning, said the new tool will help its national network of advisers to enhance the affordable and transparent advice they provide to clients. “The introduction of MoneyTrack will provide a robust basis for the advice we currently provide to help manage …

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Case Studies

Meeting growing demand for budgeting and cashflow services

Brava Financial Services recognised that there was a gap in the financial advice market, in terms of providing something of tangible value to their clients that goes beyond having a conversation around a clients spending habits. As client demand for budget and cash flow advice was increasing, Brava implemented Moneysoft to complement their advice offering and saw the benefits of using a cash-as a service solution in their business. Financial Adviser, Adam van der Water, discusses how using Moneysoft has improved their engagement with clients. Financial planning is becoming more holistic. How big a role does overall money management play in this shift? Traditionally, it was directed more from …

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Adviser News - Blog

The death of robo-advice

Robo-advice promised to overthrow traditional financial planning models but the future hasn’t turned out to be quite so automated. It reveals a fundamental truth about the nature of advice according to Moneysoft’s Jon Shaw. In recent years, the financial planning industry has found itself in the spotlight for all the wrong reasons. Its quality of advice has been questioned but more often than not, regulations have raised costs rather than standards. Enter robo or automated advice. The lure of low-cost cloud-based technology, powered by sophisticated algorithms, promised to slash costs and bring a high-quality advice offering to more Australians at …

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