Financial Planning Platform Steps In As Malaysians Doubt Savings Ability

According to Prudential Malaysia, only about 48% of Malaysia are satisfied with their financial well-being. Notably, a significant number of this group consists of young adults aged 25 to 34. Taking into account factors such as stagnant wage growth, escalating living expenses, and limited levels of financial literacy, it’s a worrying reality that a good 43% of this demographic doubts their ability to save adequately for their later years.

In light of these challenges, it’s evident that young adults could benefit from enhanced financial guidance, and this is where recent advancements in fintech and artificial intelligence (AI) come into play.

The emergence of online platforms and mobile apps has fundamentally transformed the financial landscape, making financial advisors significantly more accessible. For those young adults new to the world of organising their finances and investing, these innovations provide them with unprecedented access to their financial information, making it easier to track investments up to the minute.

As the next generation of movers and shakers in finance look to improve their fiscal knowledge, Casper Foo and Eric Foo, founders of financial planning platform Finalyst spoke exclusively with BusinessToday.

During the interview, the founders with over 15 years of financial planning experience each, emphasised on the importance of harnessing new technology and AI to stay ahead in today’s highly competitive financial market.

Business Model and Revenue Growth
Finalyst is a cutting-edge platform designed for financial planners, empowering them to excel in their advisory roles. With intuitive tools and visualisations, the company’s product provides a comprehensive view of clients’ financial health, facilitating quick decision-making. By simulating different scenarios, planners can offer personalised advice and build lasting client relationships.

Casper and Eric outlined the company’s business model, emphasising its B2B SAAS-based structure, primarily generating revenue through recurring subscriptions. They expect significant revenue growth, targeting their first million this year.

Though recently launched, the company’s product has already made waves in the financial planning sector. Positive feedback during beta testing and successful high-ticket deals demonstrate the platform’s potential to transform financial planning practices.

Driven by a commitment to empowering both financial planners and clients, the company aims to bridge the gap between sophisticated financial products and discerning customers. “With a product that incorporates the best design, technology and business practices, planners are able to deliver winning, data-driven financial advice to their clients.

This leads to increased success in securing repeated high-ticket deals, resulting in income growth,” the founders said.

They prioritise data-driven advice, aiming to enhance financial success for all parties involved.

Motivation and Vision
The founders’ extensive experience in financial planning inspired the company’s creation, aiming to provide planners with sustainable business strategies. “From experience, we know that the goal for any insurance agent, unit trust agent or wealth planner is to secure high-ticket deals and establish long-term, sustainable income.

Unfortunately, many planners new to the industry fall by the wayside within the first 2 years because they lack a sustainable business development strategy.

Thanks to the abundance of choice and the wealth of information available on demand now, customers are more informed than ever. Seasoned planners can no longer rely solely on a close relationship with the client to make the sale but need to be able to produce the data to justify their recommendations,” the founders said.

Their vision is to offer a comprehensive, scalable solution that reshapes the financial planning landscape.

Addressing Gaps in Existing Solutions
Identifying shortcomings in existing financial planning tools, the founders mentioned that their product prioritises a client-focused approach. They aim to simplify financial planning for all users, from novices to experts, by providing intuitive, user-friendly features.

“Big insurance companies have apps for financial protection, but all of them are designed to sell their own products. This product-focused approach is tailored to their business needs but doesn’t necessarily put the needs of the customer first.

On the other hand, independent financial planning solutions are designed with financial planning professionals in mind and are often too complex for the average user.

In contrast, Finalyst’s approach is, and will always be, client-focused,” the founders said.

The company’s product has been crafted to accommodate a broad spectrum of users, catering to both novices in the digital realm and tech-savvy individuals alike. A significant emphasis has been placed on user interface (UI) and user experience (UX) design to ensure a seamless experience, from initial client fact-finding, including Know Your Customer (KYC) procedures, to navigating the planner dashboard.

Unlike traditional spreadsheets, the company produced an apps to transforms raw data into visually engaging representations, enhancing users’ comprehension of their financial information. Armed with these intuitive tools and comprehensive data, financial planners are empowered to offer well-informed recommendations across various aspects of financial management, encompassing assets, liabilities, income, and expenses (ALIE).

Additionally, the company facilitates the creation of tailored insurance and investment portfolios, drawing from a diverse range of products offered by multiple providers.

Competition Management and Outlook
The company founders view competition positively, leveraging market insights to continuously refine their product.

Their competitive edge lies in empathy, understanding, and continuous innovation, positioning them as leaders in the field.

Looking ahead, the company aspires to become the industry standard in financial planning. Their strategy involves fostering strategic partnerships, expanding their user base, and eventually venturing into the B2C market, with ambitions to expand regionally

With a clear vision and commitment to innovation, they aim to revolutionise financial planning, ensuring both planners and clients achieve financial freedom and success.

Previous articleBerjaya Food Introduces Paris Baguette To Philippines
Next articlePETRA Initiates Water Service Transformation For Next Decade


Please enter your comment!
Please enter your name here