Media Release: MOVO Launch


New online portal opens up access to quality financial advice

Date: 25 February, 2014

Determined to meet the needs of the millions of Australians missing out on the benefits of financial advice, leading financial services firm, Financial Index Wealth Accountants, has launched the nation’s first end-to-end online financial planning platform.

Providing highly personalised yet affordable planning advice, the new MOVO platform is directed at the four out of five Australians who never access financial advice.

Says Financial Index Wealth Accountants CEO, Spiro Paule: “We’re targeting the segment of the market that has been totally overlooked until now - young families struggling to build up their savings and accumulate wealth, would-be entrepreneurs trying to get their businesses off the ground and people trying to make their way in an increasingly complex financial world but doing it in an ad hoc and often haphazard way.”

“It is these people we are reaching out to - those most in need of a helping hand - by offering them a low cost alternative to accessing quality financial planning advice.”

Mr Paule is adamant the new online service is not competing with Financial Index’s own wealth advice business or those of conventional competitors.

“We’re not targeting Australians currently using advisors who, from our understanding of this market segment, are unlikely to change their habits and go online. We're targeting the Australians who never get to see a financial planner – the four fifths of Australians who are currently priced out of the market.”

He says MOVO is plugging the gap between what consumers are prepared to pay for financial advice and what it costs the industry to provide that advice by streamlining the inefficiencies of the existing financial planning process.

“As a result we have been able to pass the savings on to our customers and make our offering extremely affordable. A MOVO financial plan will cost between $199 to $349 as opposed to the industry average of $2,500 to $3,500*”

Mr Paule says despite the affordability of MOVO's offering, the quality of the advice has not been compromised. "Our service is personalised to the needs, goals and life-stage of the consumer. All advice provided is in accordance with ‘best practice' advice standards, while our business processes are ISO 9001 certified - the highest internationally recognised quality standard."

While Phase 1 of the MOVO platform will focus on rolling out its financial planning services, future development will integrate low cost online accounting, lending and SMSF solutions.

As MOVO begins scaling up, Mr Paule says this has the potential for the creation of many new jobs, particularly in the area of systems’ management and processing, contributing to building Australia’s capability in the technology space.

In time he is confident that the online application will go global.

How does the MOVO process work?

Via the MOVO online interface, users are invited to create an account, set goals and build their financial profile. This information is then delivered to the MOVO advisory team (housed within the Financial Index business structure) who develop a tailored financial advice report called a Financial Roadmap. Once complete, this report is delivered to the user via the MOVO website. All advice can be tracked through an online workflow management tool to ensure the recommendations are accurately implemented by the client.

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Parker Public Relations

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