Bringing you live news and features since 2006 

United Income releases expanded version of wealth management software

RELATED TOPICS​

United Income, an independent wealth management software company, has released an expanded version of its wealth management software.

Informed by behavioural economists, and its advisory board of academics and former top public policy officials, the new functionality implements leading behavioural economics ideas to help clients improve financial planning and management decisions.
 
“It is an exciting time to be on the leading edge of using technology in new ways to build wealth for households,” says Matt Fellowes, United Income’s CEO, Morningstar’s former Chief Innovation Officer, and a former Brookings Institution Fellow. “New technology we’ve invented has unlocked wealth building levers that were not possible in the past.”
 
To date, United Income boasts 99 per cent client retention, and over 25 per cent of its clients have brought over additional assets since enrolling in the company’s wealth management technology. The company estimates that it has grown more than three-times faster than other leading technology-based wealth management solutions at this stage. With these new features informed by behavioural economics, the company hopes to help boost the percentage of its members that are expected to have enough money to reach their goals and pay for retirement.
 
Included in the new suite of behavioural economics functionality, United Income members can now see expected future life milestones, along with personalised lifespan, spending, and tax projections that the company has made available since launching. This functionality is based on academic work that has found people are more likely to plan for their future well-being if they can better relate to what that future may look like.
 
These new features complement United Income’s existing functionality that simulates millions of combinations of potential life and market futures to optimise its financial plans and investment allocations for members.
 
New functionality also includes the ability for United Income clients to see how their wealth may change in the future, which can now be adjusted for different inflation scenarios. “Too often, wealth projections are misrepresented by ignoring that the buying power of dollars tends to fall over time,” says Andrew Vincent, United Income’s head of product. “Using our new technology, we’ve created inflation projections for major budget categories, like healthcare, and assets, like houses, so our members can see a more nuanced picture of how their wealth may change in the future.” 
 
United Income has also implemented new peer comparisons, which allow members to compare how much wealth they have built compared to other households, with specific recommendations for how to build wealth. Fellowes said the inspiration came from HelloWallet, a financial guidance software company that he previously founded. “We learned that peer comparisons were one of the most powerful tools in the behavioural economist’s tool-chest to drive improvements in the financial health of households. We’re thrilled to now utilise those lessons at United Income to help our members.”
 
This unique combination reflects United Income’s commitment to continually expand its unified system of consumer finance that can analyse the interdependency of different life, market, and public policy decisions and potential outcomes. Using this robust understanding of how the world works, the company believes it is better positioned to help its members reach their financial goals and build wealth through their lifetimes.

Latest News

ETF transaction volumes at SIX Swiss Exchange continued a positive trajectory during Q1 2024, the firm says, writing that, in..
Figment Europe, a provider of institutional staking infrastructure, writes that it is solidifying its presence in the heart of Europe’s..
Saving and investing app, Moneybox, has doubled the number of ETFs available on the platform, in the light of ‘growing..
Global X ETFs has announced the appointment of Ryan O'Connor as its Chief Executive Officer effective as of April 8, 2024. ..

Related Articles

Jigna Gibb, Bloomberg
Bloomberg Indices has recently hired Jigna Gibb as Head of Commodities and Crypto Index Products, to lead its commodities and...
Robert Minter, director of ETF investment strategy at abrdn takes a look at passive investing in commodities and shares his...
Ryan McCormack, Invesco
This year sees the 25th anniversary of Invesco’s QQQ, the USD240 billion ETF – the fifth largest ETF in the...
ETFs
The European ETF market achieved a record 28 per cent growth – reaching over USD1.8 trillion assets under management (AUM)...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by