New broker platform set to change broker/client relationship

by Julia Corderoy19 Oct 2015
Leading aggregator Vow Financial has unveiled a new relationship manager platform for brokers, which it promises will transcend traditional customer relationships.

Vow Money Manager, which was launched as a pilot it the aggregator’s annual conference in South Africa last week, is a “sophisticated” personal wealth manager. It is powered by live market data, which means the cash flow and wealth management system re-adjusts every day to review a client’s spending habits and calculate the length of time required to reach their goals.

Vow Financial CEO Tim Brown said the platform, which also combines the past 12 months of financial history with predictive algorithms for the year ahead, will revolutionise the broker/client relationship.

“Vow Money Manager puts all your information in one place. It has a sophisticated budget management system that also includes a daily analysis of a client’s spending habits, and how that influences the time it takes to help them achieve their goals,” he said. 

“Finance brokers traditionally only take care of a person’s home loan and then refer the client on to a financial adviser. This tool will change that relationship, making the finance broker a daily ‘Money Mentor’ and ensuring that they are the key client relationship holder. Assisting clients reach their goals over the short, medium and long term is ultimately what keeps them as a loyal customer.”

According to Vow, the platform is being built with an alert system to allow a broker to know whenever a competitor runs a credit check on their client. It also has property capability to show their client available homes in the market that fit their criteria, or rental properties that are likely to give targeted returns.

When the monetary goal is reached, both parties will be alerted to know they have reached the milestone and are now ready to move onto the next step.

“Finances and property can be overwhelming and complicated for many people. We are removing all the hassle by keeping all their financial information in one place and checking daily that they are tracking towards their goals,” Brown said.

“By not just operating as a finance broker but partnering with clients as a Money Mentor then we believe we will be able to build deeper relationships and stickier clients.”

The Vow Money Manager platform will commence testing with a group of Vow finance brokers in November with an expected launch to follow in the first half of next year.

The platform was developed by Anthony Bishop, head of debt management, in conjunction with Rubik Financial Limited.