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…
Founder, Glenis Phillips has a background in tertiary education, personal investing and has post-graduate qualifications in applied investments and financial planning.
Her aim was to create software for the consumer to understand their finances and consider various ‘What IF?’ scenarios. It took years to complete a complex set of interconnected mathematical models. In the process a number of unique concepts to explain personal finance were developed.
Converting the complex mathematics to cloud based software was supervised, tested and funded by the founder.
2. WHAT & HOW
The purpose of this innovation is to…
… be for use by both the self-directed investor and for use by financial professionals as a demonstration and educational tool to enable better understanding of personal finance. It simplifies complex financial concepts
It does this by…
…the underlying giant modelling calculator dynamically interlinking the calculations of all aspects of an individual’s wealth and lifestyle choices. Changing any financial variable at any stage, now or in the future immediately remodels the entire plan, while retaining the original for comparison, providing true holistic ‘What If’ scenarios. Reports can be generated showing either snapshots or lifetime plans.
3. PURPOSE & BENEFITS
This innovation improves on what came before because…
…consumers only had access to Internet calculators, calculating one change in one aspect of their finances. Financial Mappers is the world first consumer usable financial modelling software where one change remodels all aspects of their finances. Financial advisers’ professional software is too complicated for interview demonstrations.
Its various benefits to the customer/end-user include…
…it is inexpensive and easy to use for consumers. A professional financial plan costs over $2,500. For financial professionals, it provides a collaborative working space with clients, allowing an efficient means of selective information sharing, easy demonstration and education.
4. COMPETITIVE LANDSCAPE
In the past, this problem was solved by…
…consumers could only use simple one off calculators giving answers to only one question at a time, with no consideration of other financial or lifestyle factors. Many financial advisers still using legacy software, take time and support staff to create and explain any financial plan. All their client demonstration calculators use average returns for projections.
Its predecessors/competitors include…
a professional financial planner, costing over $2,500. More recently independent and institutional automated investment advisers give one of a few standardised investment portfolio recommendations, and again use average projections.
5. TARGET MARKET
It is made for…
…our primary consumer target market are firmly committed independent DIY investor (1.95 m households), which includes the 60% of over 600,000 SMSF owners who do not utilize formal financial planners. Our major target is white-labelled usage by Financial Advisers, Accountants, Superannuation Funds and other financial institutions, all of which could benefit by improving client engagement. This represents in total 5.1 million households in the wealth creation phase, who are possible end users.
It is available for sale through…
…currently to consumers as an online subscription product, to demonstrate the functionality of the mathematical engine. We are developing conversations with financial planners regarding affiliate and white labeling sales. We plan demonstrations with financial institutions and superannuation funds.
Our marketing strategy is to…
…use limited targeted email and social media advertising with optimisation. Exhibiting at financial conferences and Fin-tech conferences.
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.
