IOOF launches budgeting app

The app, called fincentral, will be made available to clients through its advisor network and will allow users to track multiple bank, mortgage, investment and superannuation accounts.

The company said the online goal-based budgeting app aims to give users a compete view of their net worth and cash flow.

IOOF head of advice systems and technology, Umesh Banga, said: "People struggle to manage their money properly if they don't understand their cash flow.  Financial advisers need to be across this, too, so they can give their clients advice and help them build a long-term wealth creation strategy."

Moneysoft chief executive Jon Shaw said the aim was to deliver an enterprise-grade solution to meet customers' needs, but with the simplicity of a start-up.

"Consumers want a financial advice experience that provides the type of service they value most highly, while also meeting their expectations on security, privacy and convenience," he said.

IOOF said it was partnering with Moneysoft to make fincentral available because it meets "so many client needs".

"We believe IOOF's role is to deliver advice-led wealth management for all Australians. fincentral is another demonstration of our commitment to the power of advice," Banga added.

Read more: IOOFMoneysoftUmesh BangaJon Shaw
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