Ease of use powers Moneysoft Lite cash flow management tool to one in five Moneysoft subscriptions
15th May, 2018: Time poor advisers and their clients have embraced the streamlined version of Moneysoft’s personal financial management tool, with Moneysoft Lite growing to 20% of active users in less than two years.
One in five Moneysoft subscribers now uses Lite, which was launched in late-2016.
It caters to advisers and other finance professionals who want a simple, cost-effective way to introduce ‘cashflow as a service’ to their clients. The Lite platform enables advisers to build engagement with different types of clients at varied stages of the financial life cycle, said Neil De Beger, Moneysoft’s head of marketing and SME Operations.
“People want to have clear visibility of their finances without spending much time. That goes for both advisers and their clients.”
“Moneysoft Lite provides a financial health check which is a useful starting point in a new advice relationship. It offers ongoing insights into income and expenditure to help guide behavioural change, or simply to make sure everything is on track.”
Moneysoft developed its Lite solution to meet the specific needs of financial advisers, mortgage brokers and superannuation funds searching for a way to engage with their clients as part of a sustainable and efficient business model.
“We looked at how businesses and their clients were using Moneysoft Pro, and saw we could provide real value by offering a light-touch alternative. Moneysoft Lite is a direct response to that need,” said De Beger.
“Not everybody wants to get hands-on delving into detail when the information they need is summarised accurately and put clearly in front of them in a way they can understand. It frees up advisers to concentrate on developing client relationships and scaling their business.”
The growing shift to holistic advice is a key factor behind Moneysoft’s growth. As finance professionals seek to demonstrate the value of their services, they also need to meet growing compliance requirements.
Moneysoft boosts client engagement while also increasing efficiency through integration with a wide range of popular industry systems such as XPLAN.
It also enables advisers to provide new service offerings. Budgeting, alongside retirement planning, ranks among the top unmet advice needs of Australians, according to the latest Investment Trends research.
The Royal Commission into financial services has revealed rampant under-reporting of household income by borrowers. While many financial planners don’t typically directly provide credit advice (which requires a separate license), ignoring clients’ debt and overall financial position can derail the best laid financial plan.
Relying on clients’ ability to remember their financial behaviour can often lead to expenses being significantly underestimated. Moneysoft Lite is helping financial planners to tackle these issues in a cost-effective way by seamlessly collating and analysing clients’ multiple accounts and investments.
“Moneysoft was one of the things that we could easily plug in and not have it take too much time if we didn't want it to,” Jodie Douglas, principal financial adviser and managing director at Mad About Life, said. “When we started we had all our clients on Moneysoft Pro but I didn't realise Moneysoft Lite was so good. It's similar – you just don't have the budget side of it. That was good because the budget can be time consuming. Most of our clients just want reports on their balances and how they’re tracking.”
Douglas says Moneysoft Lite helps her clients to be aware of their spending patterns and account balances, which helps control their financial behaviour without swamping them with information.
For more information, please contact: Neil De Beger Moneysoft head of marketing & SEM Operations
Posted 6 years ago 3 Minute(s) to read
Most Popular
Posted 6 years ago by Moneysoft Sales 2 Minute(s) to read
Media Release: New website launches with solutions to support Super funds
MEDIA RELEASE Moneysoft launches new website to support super fund focus December 14, 2018 Financial technology company Moneysoft has launched a new website that showcases its growing range of services to large...
Read morePosted 6 years ago by Moneysoft 4 Minute(s) to read
Research shows that budgeting and cashflow management the top advice priority for younger Australians
Research shows that budgeting and cashflow management the top advice priority for younger Australians 15 January, 2019 Younger people overwhelmingly rank budgeting and cashflow management as the most valuable type of...
Read morePosted 7 years ago 2 Minute(s) to read
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.
Read morePosted 7 years ago 2 Minute(s) to read
Moneysoft and IRESS XPLAN deliver a powerful combination
Curbing regulatory changeMaintaining and adhering to the regulatory compliance standards in Australia, means that Financial advisers face new challenges to deliver a quality service offering.
Read morePosted 6 years ago Less than a minute to read
Bringing tailored advice to the mass market using technology
Adele Martin, Money Mentor. Adele Martin, is transforming the advice industry, using technology to scale her business.
Read morePosted 6 years ago 1 Minute(s) to read
Innovative benchmarking for advisers and clients
As part of the standard offering, Moneysoft includes free access to a benchmarking and reporting tool giving Advisers unique insights into the spending habits of their clients and the ability...
Read morePosted 6 years ago Less than a minute to read
How to help young professionals reach their goals
Michael Chew, Co-Founder & Director of Orange Wealth Michael's clients are typically young, professional families.
Read morePosted 6 years ago 2 Minute(s) to read
New budget overview
Overview The budget page has undergone a significant re-design. Check out our walk through video by clicking here.
Read morePosted 6 years ago 2 Minute(s) to read
Release notes August / September 2018
The process of entering in updated credit card details has been improved to prevent an issue where this could fail and not provide an error message.
Read more