With an aim to improve the amount of control people have over their finances, Yellow Brick Road Wealth Management (YBR) has created a technology program that combines financial coaching with an interactive tool to get folks from financial A to B. The tool estimates someone’s capacity to reach their financial goals based on what they are doing towards these goals today, making it easier to see what outcomes are likely to be realistically, and how one might go about achieving those.
The program starts with a session whereby different choices made today are measured out for their impact on future outcomes. Then a plan is developed, with the steps outlined that are required to achieve desired outcomes.
The program, named GURU, uses robo-advice technology and algorithms to determine the best pathway forward for an individual, with the service made more valuable with the help of a money coach who ensures the steps laid out in the plan are taken care of in practical ways.
The YBR plan is to take advantage of the inbetweeners, who don’t want to pay for full-scale financial advice, but want to achieve their financial goals nonetheless. The pricing model caters for those who may be starting out their financial planning journey, with $900 to action a roadmap for the first year, with every year after that $600. The first steps of the program are free to complete.
A major block to financial planning clientele numbers remains - most Australians actively shun financial advice due to poor industry reputation and prohibitive cost, meaning that most Australians don’t understand the benefits they could receive from having someone run their eye over their financial goals, and help them carve a way forward. This is where the YBR GURU program can fill a much-needed financial advice gap.