More and more brokers and advisers are using a digital tool designed to help brokers’ clients keep track of their money.
Moneysoft Lite was launched in late 2016 by Moneysoft, a fintech company established in 2012.
The Lite product is a streamlined version of the company’s personal financial management tool and is now used by 20% of the company’s active users.
The software was designed to help brokers and advisers who need to save time and want to monitor their clients’ expenses.
According to Neil De Beger, Moneysoft’s head of distribution and marketing for SME, the Lite platform enables advisers to build engagement with different types of clients at varied stages of the financial life cycle.
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.
De Beger said, “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.”
While brokers are not able to give advice on a client’s financial situation, keeping track of expenses has become a huge focus after the Royal Commission revealed an under-reporting of household income by borrowers.
Relying on clients’ ability to remember their financial behaviour can often lead to expenses being significantly underestimated.
Moneysoft Lite allows brokers to tackle these issues by collating and analysing clients’ multiple accounts and investments.
Last year Moneysoft and Mortgage Choice announced a partnership to create a financial planning tool called MoneyTrack, as part of their cash flow coaching service.
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