Financial advice startup Moneysoft has partnered with Mortgage Choice to produce and launch MoneyTrack, a financial planning tool to be made available to its network of advisers through its cashflow coaching service.
Tania Milnes, general manager of Mortgage Choice Financial Planning, said the tool will provide a “robust basis” for the advice it currently provides.
“It gives clients an easy to understand tool that provides a clear picture of their spending and saving habits and helps steer the conversation around achieving their financial goals,” she said.
The platform will also boost efficiency for advisers, added Jon Shaw, head of technology and commercial operations at Moneysoft.
“Our technology features straight-through processing which cuts down on manual data entry, delivering time savings to advisers while also enabling them to develop a greater understanding of their clients’ individual financial circumstances,” he said.
Launched by former accountant and financial adviser Peter Malekas in 2012 and having raised $1.5 million in funding from backers including BlueChilli, Moneysoft was built with financial professionals in mind including, among others, financial advisers and planners, mortgage brokers and aggregators, and super funds.
Its Moneysoft Pro platform enables users to provide clients with cash flow, budgetary, and money management services by bringing together a client’s accounts, loans, mortgage and any other products into one view, while its Individuals platform allows users to link all their accounts, set money goals, and track their progress.
With Mortgage Choice on board, Moneysoft stated its customer base of financial advisory and dealer groups has now grown to 10.
The partnership follows another with Link Group, provider of fund administration solutions, announced a few months ago, with the companies to work together on new products for super fund members.
In the five years since the startup’s launch, the number of tech players offering financial advice has exploded; robo-advice for the consumer has become a particularly popular segment, with the likes of Stockspot, Acorns, and HashChing just a few working in the space.
Facing disruption, however, some in the financial planning space have come to embrace tech tools to better enable them to serve their clients.
Joining Moneysoft with a solution aimed at this market is myprosperity, which recently announced former managing director of Xero Australia, Chris Ridd as its CEO, with MYOB cofounder Craig Winkler an investor. The platform has developed an online solution to help accountants and advisers better work with their clients.
Image: Peter Malekas. Source: Bluechilli.