An Auckland fintech has launched today claiming to be New Zealand’s ‘smartest technology-based financial advisor’
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Ilumony, an Auckland fintech startup claiming to be New Zealand’s ‘smartest technology-based financial advisor’ has launched its free online service today.
The startup aims to help Kiwis have more control of their KiwiSaver account through the use of clever technology.
Ilumony was co-founded by chief executive Rachel Strevens and chief technology officer Abhy Singla with the intention of using big data and analytics to help New Zealanders better manage their finances and grow wealth.
Singla says their algorithms do the hard work for Kiwis. “We have designed rigorous algorithms that analyse hundreds of KiwiSaver investment options and combine these with personal data inputs to present the best KiwiSaver options suited to individual profiles.
“Over time, Ilumony has the potential to add tens, and sometimes hundreds, of thousands of dollars more to individual KiwiSaver accounts.”
Strevens adds that Kiwisaver can be one of the best investments Kiwis can make but “many New Zealanders aren’t getting the most out of their retirement savings.
“With scores of private KiwiSaver service providers to choose from and hundreds of available investment options, we help people sort through the noise and find the best option for them.”
Ilumony’s KiwiSaver tool works by monitoring KiwiSaver funds and ranking them on a range of factors. New users answer a few simple questions and are then recommended a selected range of funds matching their profile.
Ilumony helps users open new accounts - or transfer existing ones - and continues to monitor the individual’s KiwiSaver account to provide ongoing advice and help.
“As a financial advisor of more than 10 years, it pains me to see that a large percentage of New Zealanders simply can’t access or afford quality investment advice,” says Strevens.
“We’re making expert advice available with a few clicks to help New Zealanders make better financial decisions, regardless of the size of their bank accounts.”
Ilumony intends to expand its product range into other investment options, to help people build an investment portfolio and invest outside of KiwiSaver.
“I’m personally excited about developing this technology which is helping shape the future of the New Zealand financial industry,” Singla says.
The startup aims to help Kiwis have more control of their KiwiSaver account through the use of clever technology.
Ilumony was co-founded by chief executive Rachel Strevens and chief technology officer Abhy Singla with the intention of using big data and analytics to help New Zealanders better manage their finances and grow wealth.
Singla says their algorithms do the hard work for Kiwis. “We have designed rigorous algorithms that analyse hundreds of KiwiSaver investment options and combine these with personal data inputs to present the best KiwiSaver options suited to individual profiles.
“Over time, Ilumony has the potential to add tens, and sometimes hundreds, of thousands of dollars more to individual KiwiSaver accounts.”
Strevens adds that Kiwisaver can be one of the best investments Kiwis can make but “many New Zealanders aren’t getting the most out of their retirement savings.
“With scores of private KiwiSaver service providers to choose from and hundreds of available investment options, we help people sort through the noise and find the best option for them.”
Ilumony’s KiwiSaver tool works by monitoring KiwiSaver funds and ranking them on a range of factors. New users answer a few simple questions and are then recommended a selected range of funds matching their profile.
Ilumony helps users open new accounts - or transfer existing ones - and continues to monitor the individual’s KiwiSaver account to provide ongoing advice and help.
“As a financial advisor of more than 10 years, it pains me to see that a large percentage of New Zealanders simply can’t access or afford quality investment advice,” says Strevens.
“We’re making expert advice available with a few clicks to help New Zealanders make better financial decisions, regardless of the size of their bank accounts.”
Ilumony intends to expand its product range into other investment options, to help people build an investment portfolio and invest outside of KiwiSaver.
“I’m personally excited about developing this technology which is helping shape the future of the New Zealand financial industry,” Singla says.
