Australia’s PictureWealth seeks financial advisory clients for its ‘welfie’-taking personal finance app
An Australian start-up is setting out its stall to market an app to the international financial advisory community that it says will help its members to help their clients to better visualise their financial situation, by enabling them to create “welfies”.
A “welfie” is an electronic “snapshot” of someone’s finances, according to David Pettit, (pictured right, above), founder of the Perth-based start-up, PictureWealth Pty Ltd, which has been riding a wave of publicity in the Australian press ever since it revealed in September that it had raised A$1.2m ( £698,000, US$920,000) from investors. Among these investors was an Australian advisory firm called Super Advice, which is reported to have offered the app for free to about 75,000 of its clients.
Another advisory firm that has embraced the app is TAG Wealth International, which like PictureWealth is based in Perth but which looks after expatriate clients who are mainly based in South East Asia, according to TAG Wealth director Andy Willard.
Willard is also acting as national partnership manager for PictureWealth, as he is, he says, that convinced of the merits of the technology, and its potential for the international advisory marketplace in particular.
“I will be bringing this opportunity to our international clients at TAG Wealth International, as I feel that the expatriate market is in desperate need of financial education,” he explains.
“Theirs is a world where money is a complex landscape that seems increasingly difficult to navigate.
“PictureWealth makes peoples’ finances easier to understand by providing a private and secure ‘snapshot’, while also bringing together, as desired, robo-advice, education and incentives for practicing healthy money management behaviours.”
The PictureWealth app is seen as the latest in a series of personal budgeting fintech apps and programmes, others of which include the Acorns Grow savings app, and the Pocketbook budget planning app.
PictureWealth claims to allow advisers to help their clients to aggregate information on all their assets, such as bank accounts, expenses, cryptocurrencies and insurance policies, into the app, to build a snapshot of their financial position.
Once they input the data, the app presents it to them in colourful diagrammes – the so-called “pictures” that give the company its name – which are viewable on a PC or smartphone screen, and which, say the PictureWealth executives, enable the average individual to visualise their own financial situation with a clarity that they would never have been able to achieve without the app.
The platform also offers clients personalised robo-advice with its proprietary Facebook chatbot, called FLIQ, as well as educational tools and incentives to improve financial wellbeing, PictureWealth executives and the company’s literature say.
One of PictureWealth’s backers, as well as one of its advisers, is Neal Cross (left in photo, above), whose day job is chief innovation officer at DBS Bank based in Singapore.
In certain tech circles Cross is a well known figure, and last year was named the “world’s most disruptive chief innovation officer/chief technology officer“.
According to Pettit, the two meet at an industry event around eight years ago, where Cross was a featured speaker on the subject of the future of finance. They became friends, and share what Pettit says is a vision as to “how to solve the issue of financial literacy across the planet”.
To view a 2-minute, 20-second promotional video about PictureWealth, click here.