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Financial Planning
Tuesday, February 25, 2014 - 03:16
Joining the web

Momentum’s personal financial management solution, Financial Wellness, is now live and available to the public free of charge. The innovative set of solutions was developed to help individuals navigate the often complex world of money.

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 testing on the company’s staff, these interactive solutions are ready to try and change the way people think about 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,” explains Lee-Ann du Toit, Head: Financial Wellness at Momentum.
“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 practical solution to help simplify people’s financial lives. The notion of financial wellness should no longer be a ‘nice to have’,” she adds: “it should form the cornerstone of any financial plan.”
Momentum says that being financially well extends 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 consist of: MyScore, MySmarts, MyFiling and MyFintrack:
• 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; and,
• MyFiling gives individuals the ability to upload all of their important documents to a secure online file.

“These solutions are available to all South Africans free of charge, whether they are Momentum clients or not.” Du Toit believes that, if used properly, the online solutions will significantly enhance a client’s control and knowledge of their finances. They are customised according to an individual’s particular stage in their life, and should appeal to clients throughout their life in different ways.
Momentum’s focus is to ensure that it supports and enables 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 adds, “The service follow bank-like security protocols to ensure that consumers’ information is not compromised.
“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.”
For further information and to give the service a try out please go to: www.momentum.co.za
Where you can register for ‘MyFinancialWellness’. You will be asked to create an account and confirm a password via email or sms. You will then be asked to active your ‘web profile’.

About MMI Holdings

MMI is an insurance-based financial services company listed on the JSE. It was created in December 2010 through the merger of Metropolitan Holdings and the Momentum Group, and now also conducts business in 12 African countries outside South Africa and the United Kingdom. The core businesses of MMI are long and short-term insurance, asset management, savings, investment, and healthcare administration, and employee benefits. More information can be found at: www.mmiholdings.com

Copyright © Insurance Times and Investments® Vol:27.2 1st February, 2014
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