Home SMART 100 2015 LifeSherpa

LifeSherpa [SMART 100. 2015]

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This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

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1. THE BEGINNING

This innovation initially came to life when…

I became frustrated after 25 years in finance that advisers were giving one-size-fits-all advice. It doesn’t work for a diet and it doesn’t work for your savings. It was no wonder that 80% of Australians didn’t have a personal financial adviser. So LifeSherpa was born. It helps people understand their motivations for spending or saving to help them reach the financial outcomes that are important to them.

2. WHAT & HOW

The purpose of this innovation is to…

…help young Australians live the life they want with the money they have by delivering affordable, accessible personal financial advice online. No jargon, no conflicts and no commissions. 

It does this by…

LifeSherpa provides a suite of tools and resources to help people understand themselves and understand their money. At its heart is a gamified money coaching web application which leads members through an 8 step process to financial freedom.

3. PURPOSE & BENEFITS

This innovation improves on what came before because…

It delivers personal advice at low fixed costs across the whole of our member’s financial lives – Not just comparisons – real personal advice from real people backed up by technology.

Its various benefits to the customer/end-user include…

…a better understanding of their financial position and options leading to better decisions, reduced financial stress and a fuller life.

4. COMPETITIVE LANDSCAPE

In the past, this problem was solved by…

…using the services of an accountant financial planner or mortgage broker which was either expensive or conflicted by commissions and ownership by the banks.

Its predecessors/competitors include…

Online activity here has largely been limited to comparison services (iSelect) or direct to consumer sales within a single product class (StockSpot, Lime). LifeSherpa is the only online provider of personal advice across all aspects of our financial life.

5. TARGET MARKET

It is made for…

Young Australians (20-45) with limited financial resources looking for help with budgeting, debt elimination, money skills and coaching, protection and buying their first home.

It is available for sale through…

LifeSherpa is available online based on a freemium model. Free membership provides tools and resources. $12.50/mth gets access to a personal adviser and commission rebates. Corporate or Organisation packages are also available at reduced rates.

Our marketing strategy is to…

Marketing is focused on digital – primarily content based. A significant part of this is a number of engagement tools like our Money Personality test which gives insights into how you feel about money, why you spend or save and how you make decisions.

FINE PRINT: This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

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