Financial Planning goes digital

By Shaun Anderson

MyFinancialLife goes public

MyFinancialLife is a web-based tool that presents personal finance information on an easy-to-use platform. It uses Nedbank's highly secure Approve-itTM technology, which provides the same features that protect Nedbank's online banking. 

MyFinancialLife gives users full sight of their expenditure, savings and investments in a way that automatically calculates their net asset value. It also includes loyalty memberships such as air-miles and certain retail rewards. While intelligent financial tools are not new to planners, the public at large have not had free, secure and easy access to a platform like this before in South Africa and we believe it will enhance the relationship between financial planners and their clients. 

Individuals will use a personal dashboard to keep track of their income and spending. It will allow them to evaluate different ways to bring their habits in line with their financial goals, with digital notifications sent when they spend outside the targets they set. 

While the secure Nedbank platform will go a long way to helping individuals achieve financial fitness, the intimate conversations it may ignite with financial planners is where the real value lies. As users delve deeper into understanding their own financial position, it is expected that their engagement with financial planners may increase, as will their curiosity to find solutions that suit their needs. 

Nothing can replace the insights investors get from their financial planners in making the right decisions, but technology is shaping a way to enhance these conversations. It also enables easy and effective monitoring of progress which will encourage individuals to stick to the plans they've made to reach their financial destiny. 

A brief overview of MyFinancialLife: