WLTH wants to help Australians track their complete financial position in real time

- October 12, 2018 3 MIN READ

Australian consumers have been presented with countless money management apps and systems over the last few years. From those helping us round up and save loose change to those providing robo advice or robo investment, budgeting tools, and everything inbetween, there is seemingly a tool for everyone, no matter their financial literacy – and more keep coming.

Among the newest is WLTH.

Founded by brothers Brodie and Drew Haupt, WLTH aims to help Australians keep track of all their finances, in the one place

With the pair having worked in the wealth management space for over a decade, Brodie said they had frequently come across issues arising from the fact they managing their clients on a software platform their clients never had access to.

“The idea came about to solve this problem by creating a client-facing CRM tool, which would help consumers communicate with their circle of professionals, while making it easier to have everything stored and easily tracked in one location,” he explained.

With the idea in mind, Brodie said the biggest challenge the brothers came across was actually making the decision to start working on the platform.

They lucked out in development, finding partners to work with who already had a working industry model; from here, they were able to pivot key features and functionality.

“From that point it was really down to working out our why, our direction and what we wanted the brand to stand for,” Brodie said.

WLTH allows users to pull in data from various sources for display in one central dashboard. From a user’s banking data to their superannuation account, share portfolios, managed funds, or property or vehicle valuations, WLTH provides users a real-time view of their finances.

At its core, the platform mostly allows users to look at all their data rather than make any transactions. A budgeting tool does, however, enable users to create budgets, set spending limits, and automatically sort and filter their transactions, while a tax feature allows users to tag and filter transactions as tax items, and upload receipts and add documents to make life easier at tax time.

Users can also give their financial advisor, accountant, or other professional access to their WLTH dashboard to assist in managing their finances.

Brodie explained WLTH is targeting Australians who want a better understanding of their financial position.

“Most Australians are using a number of platforms to to manage their finances and WLTH offers a platform they can see all this information in one place, allowing them to track their overall net position,” he said.

“Most people don’t realise how many finance apps they have on their phones; from our research, we have found that most users have between four to eight installed, highlighting the need to simplify this process.”

So how will WLTH look to bring users on board and stand out from the crowd?

“We have analysed our competitor market and there are many that are operating in this space with all varying capabilities. The point of difference we are providing is an all inclusive offering straight to consumers. Our focus is to enable our users with the knowledge and skill sets to empower them with their finances via our platform,” Brodie said.

The startup is exploring partnerships with industry professionals, along with content marketing: it runs a weekly ‘Fintech Five for Friday’, giving readers a quick look at what’s happening in the fintech landscape.

With over 2,000 subscribers already on board, Brodie said the startup aims to grow to 10,000 by the end of the first quarter of 2019.

“While we have hit all of our key growth metrics, we are of the belief of incremental and responsible growth, which translates to making sure we have all of our the right processes and support in place before really scaling up,” Brodie said.

“Learning from your user network is the best way to continually improve and evolve.”

This also applies to the startup’s pricing structure; where it previously offered three different subscription tiers, a basic version of the platform is available for free, while a premium subscription will set users back $29 per month.

Beyond growing its customer base, Brodie said WLTH’s goal is to support and assist its users in ameliorating and managing their finances.

“We feel that the fintechs in the Australian market have a responsibility to collaborate and work together in order to keep solving problems and inefficiencies,” he said.

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