This robo-advisor will take a selfie of your wealth, “a welfie”
New personal wealth robo-advisor gives its users a ‘welfie’ – a selfie of their personal finances.
New Aussie personal financial advice startup has raised A$1.2 million in capital, from the group that will distribute its app.
PictureWealth offers a robo-advisor of sorts but one that doesn’t use ETFs. It gets users to plug in their financial history – bank accounts, expenses, debts and assets – and well as other expense information like insurance.
It then takes a picture of users’ wealth – or lack thereof – and gives advice accordingly.
“Until now, there hasn’t been a single space where people can view a picture of their personal wealth,” said co-founder David Pettit.
“They’ve had to refer to a combination of apps, websites, policy documents, financial advisors, spreadsheets and other outdated tools to get a holistic view of where they stand. PictureWealth aims to use world-first technology to bring financial happiness to more people.”
Financial advice comes from the programme’s chatbot. In addition to providing generic advice, the chatbot can answer questions about expenses, such as how much money a user has been spending at the pub each week.
The company says it is different to other personal financial advice apps because it does more than just nudge users’ behaviour.
“Unlike some of the other budgeting and money-management apps out there, we are continuing down the path of fully digitised advice across all aspects of personal finance,” said Mr Pettit.
“In other words, helping people build their financial picture, and then improve it with digitised guidance and advice.”
PictureWealth plans to sell its platform to other businesses, such as Super Advice and RISE Standards, rather than go directly to customers.