- The financial planning platform FinimizeMyLife (FML), which has more than 18,000 on its waiting list, allows users to create holistic, personalised financial plans in just three minutes, free of charge
- Major financial services are now integrated into the platform empowering millennials to plan their financial lives
Finimize, the Passion Capital-backed London-based company that helps millennials become their own financial adviser, today announces that Smith & Williamson, LifeSearch and most of the UK’s largest robo-advisors, such as Wealthify, have become partners of the FinimizeMyLife (FML) platform.
The partnerships signify the first major investment management and insurance services to partner with FML, which already has more than 18,000 signed up to its waiting list. In just over a year, Finimize has built a community of over 100,000 people, all of whom receive its daily newsletter distilling the financial news of the day in simple, easy to understand language.
On FML, users can create holistic, personalised financial plans in just three minutes, free of charge. Guided by an advanced algorithm and deep research, it helps millennials get their financial lives on track.
Finimize set out in 2016 to empower millennials to become their own financial advisers by giving them the tools necessary to make informed decisions about their own finances. The platform is entirely independent, relying on a wealth of data about financial decision-making to provide unbiased guidance every step of the way. The new partners’ products will be integrated to the platform.
Users simply log into FML and provide details such as income, savings and any debts. They are then given a selection of financial goals to choose from, which the user can customise further if they want to. These goals include: saving for an emergency fund, saving for a house, saving for a pension or investing your savings. Once these details have been submitted, FML creates a detailed and personalised financial plan for achieving these goals.
Depending on the plan that has been drawn up for them, users have the option to click through to Finimize’s partners. If the user has chosen to invest some of their savings, they will be shown the relevant financial products available from the mentioned partners at a discounted rate or with special perks.
Max Rofagha, co-founder of Finimize, said: “Finimize is committed to simplifying the complex finance industry. We’re embarking on a mission to empower our users to become their own financial advisers. And we’re doing that by providing them with the necessary tools like financial news and education as well as a holistic financial planning platform.
“There is nothing quite like FML in the market and we have seen a phenomenal level of interest from both traditional financial services providers and newer fintech players. Partnering with the UK’s biggest robo-advisors as well as LifeSearch and Smith & Williamson will help our users act on the financial plans and we look forward to welcoming more companies in the coming year.”
Richard Theo, Wealthify CEO, said, “We love Finimize’s insightful and straight-talking approach to finance that is helping put people in control of their financial futures. FML provides a great solution for the next generation of savers and investors who are looking for easier ways to sort out their finances online. Our partnership was a natural decision as Finimize’s solution complements our own mission to simplify and democratise the complex world of investments.”