A new financial modelling tool released to the market is designed to improve the financial literacy levels of consumers and will potentially lead to better advice outcomes for them.
PlanYourWealth launched the service that gives consumers access to investment modelling, property and mortgage information, as well as legal and accounting guidance.
"Our goal is to provide the most user-friendly, resource-driven, financial website available. The best way to achieve financial security is to follow a disciplined process, which first identifies one's current financial position and then explains the investment options available to them. From here, they can then start planning for the future," PlanYourWealth founder Aaron Greaves said.
In particular, Greaves said he hoped the service would result in individuals having better financial knowledge that would allow them to receive more suitable advice for their circumstances.
"When a client sees an adviser, they have no idea whether the adviser is pushing a particular product or angle and also what limitations the adviser has. Armed with education and the greater confidence this knowledge brings, they will make smarter investment decisions, including which advisers to work with," he said.
The system produces a series of tailored reports laying out the investment options available to people, given the information they were willing to divulge.
In addition, Greaves said the service could complement the advice consumers received if they wanted to invest in asset classes their adviser was not completely familiar with.
"Unfortunately, most financial advisers can't provide advice across all asset classes and most neglect investing in residential property, which is why we offer a complete range of service professionals for investors to do their due diligence," he said.
