iWealth Basic.
The wealth management app, available on both the App Store and Google Play, seamlessly integrates a do-it-yourself (DIY) element to help Malaysians achieve financial freedom.
Users navigate it by entering their personal financial information such as income, expenses, existing investment and wealth aspirations to arrive at the most optimal way of achieving their financial goals.
The actions then form the basis of a masterplan for all future financial and investment decision making.
It also offers users a snapshot of their present and future financial standing while generating a suite of personalised strategies to help them get closer to achieving their envisioned financial target.
Whitman Independent Advisors founder and managing director Yap Ming Hui said the introduction of the app comes at a time when an increasing number of Malaysians are struggling with high household debt, the cost of quality children’s education, car and housing loans which pushes them further and further away from achieving financial freedom.
To help them grow their money without taking unnecessary risks, Yap said the app is akin to having your own financial Waze (the navigator app).
“Like Waze, iWealth Basic helps users identify a few alternative routes to reach their financial goals.
“Just like how anyone would refer to Waze before the start of their journey, Malaysians should refer to their financial road map in the iWealth Basic app before investing any sum of money.
“By doing so, they would be able to avoid pitfalls, find short cuts and reach their destination faster,” he explained.
Yap, whose company has been providing wealth management advisory services for the past 18 years, observes that many of its clients had lost a big stake of their wealth due to unnecessary financial mistakes prior to using the app.
Although iWealth Basic is free of charge to use, for an annual fee of RM480, users can upgrade their accounts and enjoy the benefits of the iWealth+ package, which offers access to bespoke financial documents such as income and expense statement and balance sheet, a tailor-made road map to financial freedom, a custom-made action plan with strategies to achieve their desired financial freedom, online consultation sessions with a personal advisor and an annual report card.
Yap said the app now offers Whitman’s holistic wealth management services, which was initially only offered as a premium offline service to high net-worth and upper-middle-class clients.
“The reasonable entry cost makes it more affordable to millennials as it supports them in building their personalised road map towards financial independence,” stated Yap.
The mobile app, which is a first-of-its-kind here, was launched in June and is targeting to reach 10,000 registrations in the first 12 months.
