Matthew Johnson

Platform and wrap provider Wealthtrac yesterday launched a new shareable App for its popular wrap product that will enable Wealthtrac members to monitor their super on their phone or mobile device.

The innovation follows the overwhelming success of Wealthtrac’s mobile shareable application for SMSFs that delivers news and information to anyone interested in self managed super.

Wealthtrac Chief Executive Officer Matt Johnson said the mobile device shareable App recognised the seismic shift occurring in the delivery of financial services and information.

Figures compiled by the federal government’s Australian Media and Communications Authority show as at May 2014 12.07 million Australians owned a smart phone.

“The penetration of Mobile Commerce or M-Commerce, defined as undertaking banking or paying bills or buying goods and services online using a mobile phone has ballooned dramatically, increasing 450% in 3 years to a point where 3.4million Aussies used an M-Commerce service during December 2013.

“You only have to catch a bus or a train in a capital city to realise its not just Facebook, Twitter and Instagram that people ‘on the go’ are accessing on their phone – they are also monitoring and managing their financial affairs.

“Wealthtrac’s new Wrap shareable App will provide direct access to Wealthtrac members’ own account to monitor daily performance, access product disclosure statements, get the latest industry news, register for direct share research, find their nearest adviser and access useful education documents.

“Using Wealthtrac’s ‘sister’ SMSF shareable App, launched last year, members can set up an SMSF, transfer assets to their fund and access information on SMSF borrowing.

“The world is moving mobile at a rapid pace and this new Wrap shareable App recognises this phenomenon.

“We have more digital innovation in the pipeline as we seek to continually improve our service to advisers and members,” Mr Johnson said.

Wealthtrac partnered with Shareable Apps to build their applications. CEO, Adam Friedman said, “We’re excited to be working with great innovators in their field and proud to produce this world first, one stop shop portal for Wealthtrac and its customers.”

Because the Apps are shareable, Wealthtrac customers and advisers can now refer new users by sharing the App with them across all mobile devices and all sharing methods.

Download and install the Apps:

Wealthtrac Wrap Shareable App – http://wealthtracwrap.shareableapps.com

Wealthtrac SMSF Shareable App – http://wealthtrac.shareableapps.com

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Of those who are confident of achieving their savings goals:

• 78% say they know how much money is needed
• 75% say they have a clear savings plan
• 73% say they regularly review progress towards their goal
• 72% say they have a specific saving timeframe, and
• 43% tell family and friends.

Miles Larbey, Senior Executive Leader of ASIC’s MoneySmart said, ‘Savers who regularly review, remind themselves and publicly commit to their savings goals are those more likely to achieve them.’

To coincide with the poll results ASIC yesterday launched a new, free app, TrackMyGOALS, to help Australians set, track and meet their savings goals. TrackMyGOALS can be downloaded from ASIC’s MoneySmart website or through App Store or Google Play.

The poll also revealed the top five things respondents were saving for. Of those who said they were saving:

• 48% are saving to buy or renovate a home
• 47% are saving for a holiday
• 47% are saving for the future
• 33% are saving an emergency fund, and
• 13% are saving for a car.

Other things people were saving for include: education (10%); furniture or household appliances (8%); a wedding (5%); or a new computer (4%).

‘TrackMyGOALS allows users to add multiple goals, set reminders and to share their goals with friends and family on Twitter and Facebook. There are also daily tips and, to help users stay motivated, they can visualise the outcome by uploading a picture of their savings goals’, said Mr Larbey.

The poll results also suggest that women and men approach saving differently. Women are more likely than men to save for more than one thing at a time. Thirty-six per cent of men who save consider themselves ‘fast and determined’ savers because they are focused on saving as quickly as possible. On the other hand, 39% of women say they are ‘slow and steady’ savers in that they save small amounts regularly to reach their target.

For those who are not currently saving, and would like some assistance to get started, ASIC’s TrackMySPEND app can help. It allows people to see where their money is going, identify areas they can save and take control of their finances. TrackMySPEND can also be downloaded from ASIC’s MoneySmart website.

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[1] ASIC’s MoneySmart online ‘Money Goals’ poll, July 2014

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Wealthrac release new mobile app.

Independent wealth product distributor Wealthtrac, has launched a mobile application that is designed to deliver news and information to anyone interested in self managed super.

Wealthtrac Managing Director and CEO, Matthew Johnson, said the development was an important step forward for the business and its adviser clients.

“Our cloud-based SMSF platform brings together all SMSF administration and reporting needs into one centralised hub,” he said.  “The ease of administration and level of reporting provides significant time savings for the accountants, advisers and trustees who use it.   This means they can focus on the areas that truly add value for their clients and their business.”

“Our App will also assist in this process by providing the latest SMSF news, access to SMSF education documents and will allow trustees to find their nearest adviser.  Users will also be able to set up an SMSF.  We believe this is the first time an SMSF has allowed for this level of functionality.

Mr Johnson said Wealthtrac is committed to developing products and services that enhance the client-adviser relationship.

“At Wealthtrac, we have a very strong belief in the independent advice model and all our services aim to strengthen the adviser-client relationship.   Self-managed super is probably the most complex area of superannuation.  Unfortunately, it is also where people seek the least advice but actually need the most help,” Mr Johnson said.

Mr Johnson said he believes the ability to focus on delivering investment and strategic advice, will be what defines the SMSF advice industry in the future.

“At a recent event hosted by Wealthtrac, a number of senior industry figures expressed concern that not enough is being done to protect SMSF investors from poor investment and strategic decisions.  The debate on the enshrinement of the term ‘financial adviser’ also rages on,

“But we believe what will set qualified advisers apart from the spruikers, is education and the ability to deliver advice on complex areas such as estate planning, contribution caps, related party transactions and other trustee responsibilities.    Excellence and ease in administration tools will underpin this success, but it is the advisers themselves that will make the real difference.”

Mr Johnson said the Wealthtrac SMSF platform offers:

• Instant tax reporting, which enables advisers to optimise a client’s tax position throughout the year, instead of at year end when it is generally too late to fix a tax problem
• An in-built compliance engine, which sends out alerts if a client breaches a super regulation allowing advisers to fully protect their clients 24/7
• Wrap-style reporting tools, with mobile access, provide a range of online reports on current performance and transactions.

“Our single monthly fee starts at only $140, and we have no asset based fees, no fee based on the number of investments, and we don’t charge extra to start a pension or commute funds.”

“We believe our range of features and competitive pricing makes the Wealthtrac SMSF platform the leader in today’s market.   With new features planned for release later in the year, we plan to retain our leading position.”

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ASIC”s new app to search business registry in Australia and New Zealand.

Australians and New Zealanders will be able to quickly and easily find details on almost five million registered organisations names using their smartphone with the release of the NZAUConnect app.

A joint initiative of ASIC and the New Zealand Companies Office (NZCO), NZAUConnect brings together the business registers of both countries, allowing consumers to simultaneously search two million registered companies in Australia, and 550,000 in New Zealand. In addition,NZAUConnect provides the ability to search a further 1.7 million organisations on the Australian National Business Names Register.

Through NZAUConnect, consumers can use their smartphone or tablet to access information including a business’s registration status, registration number and principal place of business.

Beyond enabling customers to search the Australian and New Zealand business registers at a time and place convenient to them,NZAUConnect enables consumers to save their most common searches, and share search results by email.

ASIC Commissioner Greg Tanzer said the introduction of NZAUConnect recognised the growing number of consumers using a smartphone or tablet to access the ASIC website and search ASIC’s national company and business names registers.

‘In 2012, there were 29 million searches of ASIC’s national registers, and while the bulk of these were completed through our website, we are seeing more customers using mobile devices to access our information,’ Mr Tanzer said.

‘Currently, around 10% of our customers are using a mobile device to view the ASIC website, with one in five of these people going on to search our National Business Names Register.

‘We expect these numbers will continue to grow strongly, and NZAUConnect is another step in making it simpler to search our registers when and where they please.’

Mr Tanzer said NZAUConnect was part of ASIC’s ongoing commitment to make it easier for customers to find information on registered businesses in Australia and New Zealand.

‘The introduction of NZAUConnect provides a platform for ASIC to continue exploring how we can use new technology to increase and improve the ways in which customers can access the information held in our registers,’ Mr Tanzer said.

‘Through making it easier, simpler and more convenient to find this information – including details about who stands behind a business, or the registration of it – we can help build confidence and certainty for customers on both sides of the Tasman.’
Mr Tanzer said ASIC and NZCO had a long history of collaboration, and shared a vision to help increase access to public information on companies and registered organisations in both countries.

‘NZAUConnect – and through it, the work of ASIC and NZCO – demonstrates how we can work in partnership with our trans-Tasman counterparts, and presents an exciting foundation for future development,’ Mr Tanzer said.

NZAUConnect can be downloaded for free App Store and Google Play by searching for ‘NZAUConnect’.

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