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…
MyMoney came to life as a financial services marketplace that enabled holders of superannuation, managed funds, terms deposits a place to be a self directed investor and have commissions previously paid to distributors to be refunded and allow them to seek out advisers that were fee based. Alternatively, investors are able to take responsibility for their own advisory activities and have ongoing trailing commissions refunded on a monthly basis.
2. WHAT & HOW
The purpose of this innovation is to…
…create a portal marketplace for investors that wish to participate in their own financial decision making but have inbuilt and trail commissions refunded. The market place provides a self directed portal for investors.
It does this by…
The non advisory firm collates the commissions that are paid to financial advisory firms and refund the commissions on the products to be consolidated and refunded to the clients on a monthly basis. The list of commissions from each product is made transparent and returned to the client.
3. PURPOSE & BENEFITS
This innovation improves on what came before because…
The platform marketplace allows simple signup where previously forms required to be completed online, produced as PDF, signed manually, scanned and mail back. All forms are now integrated into docusign and forms completed online, returned to client for online signature and returned to MyMoney for verification. An online business process follows each step of the way.
Its various benefits to the customer/end-user include…
The benefits include faster sign up, drag n drop functionality where clients can seek online assistance by dragging information into the portal, online signatory, online dynamic chat, more stabler hosting access from AWS and load balancing.
4. COMPETITIVE LANDSCAPE
In the past, this problem was solved by…
…printing and using paper based forms. This is now undertaken as online via docusign, development and easier build and modification using low code rapid development platform, online chat and help, dynamic business process that also generates the underlying XML code for processing, heat maps and workflow rules.
Its predecessors/competitors include…
Competitors include yourshare, refundeasy and the financial planning market
5. TARGET MARKET
It is made for…
Our market place is designed as a Business to Consumer market with clients that hold superannuation, managed funds, term deposits, cash management accounts that wish to take control of their own investments. The demographic consists of all age groups, make and female.
It is available for sale through…
This is made through an online portal only to enable the business process tools and workflow rules to be simply managed and integrated.
Our marketing strategy is to…
…utilise the social media environment for sign ups as this allows the greater penetration to the online audience, our pricing strategy is fixed low cost per month that enables all levels to participate rather than high cost based upon a percentage of assets.
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.
