Valuiza, a unique cloud-based service that helps financial advice practices collect client feedback, launches MyNextAdvice as part of their product-offering suite.
The idea for Valuiza emerged while the Founder and CEO, Dr. Ray McHale, was working in the financial services industry. “At the time I was searching for a way to really understand what my customers were thinking and to identify their future intentions so I could take action on what was going to have the biggest and best impact on customer retention and growth.”
Dr. McHale further adds, “The only tools available were ineffective and single question surveys that provided very little insight, lacking any real, predictive power or substance. So I completed a doctorate in relationship marketing, resulting in the IP that now underpins the Valuiza service that has been patented in four countries including Australia and USA.”
Only 1 in 5 Australian households use a financial advisor despite 92% being concerned about their financial situation. The industry has been under sustained pressure from the government and media to embrace changes that instill trust and confidence in the industry.
Trust and confidence remain low for consumers who are seeking advice to solve their problems and face a deeply frustrating experience in trying to identify the best advisors for their particular needs.
Consumers deserve good financial advice from the best advisors and financial advisors deserve the opportunity to grow their client base due to their performance with existing clients.
According to McHale, “Last year I needed to find a financial advisor so I Googled ‘find a financial advisor.’ The results on page 1 consisted of links to ASIC resources and a bunch of directories and comparison sites. After spending several minutes clicking through each link, it became apparent that none of the sites were focused on helping me solve my issue.” MyNextAdvice was born.
MyNextAdvice provides a great user experience to consumers looking to quickly and easily connect with the best advisors based on their specific needs. The service automatically matches the consumer with the best advisors, guarantees the authenticity and trustworthiness of all ratings and arranges for the advisors to contact you within 24 hours.
The service essentially automates lead generation for advisors, which provides a great incentive for advisors to regularly collect feedback from their existing clients and work towards higher ratings.
After a consumer recognizes they need advice, the consumer can go to MyNextAdvice and select from a comprehensive list of topics such as cash flow management, investment, small business advice or superannuation. After providing a few other pieces of information, they’ll receive an SMS confirming that they will be contacted within 24 hours by the matched advisors. The service is free to all consumers, making it convenient, quick (less than 3 minutes) and smart.
Dr. McHale adds, “Consumers who use our service will avoid the need to engage in time-consuming, frustrating searches for advisors who can meet their specific needs. They can also have complete trust and confidence in the social proof aspect that is so important in supporting their decision to engage with a specific advisor.”
There are approximately 18,300 active financial planners in Australia alone, and 6.4M households that don’t currently use a financial planner. The business model is based on advisers using the Valuiza service to collect valuable client insights and pay a monthly subscription to access all of Valuiza’s functions, including access to new leads generated from the MyNextAdvice site.
MyNextAdvice may seek seed funding in the next 12 months and has been bootstrapped to date by Dr. McHale. The team is headquartered in Sydney, Australia and has several advisers including Pete Lord, the Founder of MoneyBrilliant.
“MyNextAdvice is the best way for consumers to connect with the best advisors based on their specific needs and for advisors to tell their story, amplify their great work, and be rewarded for their performance” said Dr. McHale.
