SYDNEY: 4 SEPTEMBER 2017 – Map My Plan is taking financial advice to all Australians by making it more accessible and affordable, which are the two biggest challenges for Australians seeking advice.
According to former federal member for Oxley and Map My Plan Director the Hon Bernie Ripoll, Map My Plan is the breakthrough for financial advice needs, and will take advice much further than the current 20% of Australians receiving it today.
“The other 80% of Australians say that a financial advice plan is too complicated and too costly. However, research shows that people with a plan do better than those without a plan. Map My Plan is working to reach these people and be the most effective way to provide an advice solution for all Australians.”
Map My Plan improves the financial fitness of all Australians by mapping their financial future and coaching them to help achieve their goals.
Importantly, Map My Plan does not recommend any financial products, instead building a financial map through a process of self-discovery. Map My Plan breaks the process into three distinct parts of a plan – foundations goals, home and lifestyle and retirement, and investments. Your map adjusts as new information is added and goals are achieved.
Hon Bernie Ripoll will facilitate a session at this year’s Association of Financial Advisers conference on the Gold Coast in October titled, “Digital solutions: Breathing life into Financial advice”, to discuss these issues and consider the true power of digital solutions to democratize services.
Hon Bernie Ripoll has long been an advocate for consumer protection, getting a fair go and ensuring Australians have more options. Bernie believes that technology is the big game-changer now and for the future of the financial services sector.
“I have always been a great believer in technology that serves people. We need to make the best use of what is available to improve the quality of services and reduce costs. It’s this transition to technology that will help the other 80% of people who miss out today,” he said.
Map My Plan is also resonating with employers who want to provide financial wellbeing services for the staff, as well as financial service providers who want to add further value to their members and clients.
More than 5,500 employees of Ernst and Young now have access to Map My Plan as part of a broader wellbeing program in an effort to improve the financial fitness of staff and their families.
Map My Plan is also being trialled by three other mid-tier advice practices as well as a large industry association.
According to Map My Plan CEO Paul Feeney, these progressive businesses can see the gap between financial fitness and seeking financial advice, and want to be proactive around a solution.
“Map My Plan gives Australians better financial habits by coaching them to reach their goals,” he said. “It puts Australians in charge of their financial future by showing them a better way.”
He added: “Map My Plan is a breakthrough for consumers looking for some control and to feel better about their financial future.”
About Map My Plan
Map My Plan is an online tool that maps and coaches Australians to improve their financial fitness and help them reach their financial goals. Launched in 2015 following the release of an Australian-first study it commissioned titled “The financial fitness of working Australians”, Map My Plan has attracted the attention of employers, superannuation funds and financial service providers, as they all navigate the challenge of providing their employees, members and customers with cost-effective and accessible advice. Map My Plan is an educator, an online tool and a benefit for all Australians looking to feel better about their finances and to have a plan