Momentum launches tailor-made online Financial Wellness solutions for South Africans

Presented in an interactive format, the online tools assist individuals to get a broad and clear picture of their financial status. The solutions comprise of a self-assessment tool, a comprehensive real-time budget application, a document storage solution and calculators that assist with the number crunching.

After successfully piloting the staff rollout, these innovative and interactive solutions are set to change the way people think and interact with their money. "Providing our clients with practical solutions and products has always been at the core of our offering, however we realised that we needed to do more to get people motivated and excited about their financial wellness,” says Lee-Ann du Toit, Head: Financial Wellness at Momentum.

Du Toit explains that "People are genuinely bemused when it comes to crafting an organised approach to financial wellness. Keeping this in mind, Momentum wanted to design and deliver a truly practical suite of solutions to help simplify people’s financial lives. "The notion of financial wellness is no longer a ’nice to have’ says Du Toit "it forms the cornerstone of any financial plan”. Momentum is acutely aware that being financially well extends far beyond accumulating money for retirement; it is about quality of life, peace of mind and the means to improve one’s situation year on year.

The online solutions, consisting of MyScore, MySmarts, MyFiling and MyFintrack collectively make up one of the most comprehensive, and market-leading set of financial tools available.

• MyScore helps individuals to assess where they currently stand in terms of their financial wellness by showing them where the gaps exist in their financial plan

• MyFintrack is a budget aggregator that helps individuals budget with meaningful figures captured directly from their bank accounts

• MySmarts is a set of calculators that help people with retirement savings and debt management

• MyFiling gives individuals the ability to upload all of their important documents to a secure online file

Lee-Ann Du Toit, Head of Momentum Financial Wellness says, "These solutions are available to all South Africans free of charge, whether they are Momentum clients or not.” Du Toit believes that these solutions, if used properly, will significantly enhance a client’s control and knowledge of their finances. The solutions are customised according to an individual’s particular stage in their life and appeal to clients throughout their life in different ways.

Momentum’s focus going forward, will be to ensure that they support and enable the long-term financial wellness of consumers, in partnership with financial advisers. In an increasingly tough regulatory environment, specifically the pending ’Treating Customers Fairly’ legislation tabled by the Financial Services Board, it makes sense to develop solutions that enhance the knowledge and skills of consumers.

Du Toit says, "The solutions are fully secure and follow bank-like security protocols to ensure that consumers’ information are not compromised. We do not cut any corners when it comes to ensuring that consumers are confident that we treat their information with the strictest confidentiality.”

Du Toit says "While investing in the right products is an important element of financial wellness, one has to look at the whole picture. If someone has a stellar investment portfolio but no risk cover on their assets, they are vulnerable.” Momentum assists clients to see the big picture, identify gaps in their portfolio, and procure the right solutions in an easy-to-use, simple to understand way. "The Financial Wellness online solutions complement the important role a financial adviser plays in long-term financial planning. By working closely with financial advisors we aim to help South Africans get closer to their financial dreams and goals; it’s simply good business,” concludes Du Toit.

 

Take your first step in the journey to Financial Wellness and register for ‘MyFinancialWellness’ today on www.momentum.co.za .