New Australian wealthtech, HeirWealth, will officially launch in Sydney today to help families experience more organised and harmonious intergenerational wealth transfers.
The family wealth platform addresses many of the challenges that individuals, families, and professional advisers face as part of the country’s $3.5 trillion intergenerational wealth transfer including administrative inefficiencies and managing both traditional and non-traditional asset across fragmented tools.
“HeirWealth was borne from a personal need after I was executor of my father’s modest estate,” said Mr Tubman. “That pivotal time led me to search for a platform that helped my family organise our wealth and document family entities, financial institutions, properties, private investments and collectables.
“But there was nothing in the market that suitably served this purpose. I am so proud to say that now there is and it’s HeirWealth,” he said. HeirWealth is the first and only platform of its kind that provides individuals, families and professional advisers with visibility and management of over 40 asset classes from shares and property to digital currencies and even prized collectibles such as art, jewelry and motor vehicles.
"The platform also supports improved financial literacy outcomes and engagement with particularly among younger generations and women.
“Over the next 20 years we will see an unprecedented amount of wealth being transferred from the baby boomers to the millennials,” said Mr Tubman.
“We are about to witness the feminisation of wealth and the transfer of wealth to a new generation who invest and interact completely differently to their forebears.
“The times are changing and it’s vital for advisers to engage with the next generation and digitise their offerings to satisfy the new order,” he said.
HeirWealth has Open Banking integrations in Australia and the United Kingdom, allowing customers to automatically synchronize financial data. Among HeirWealth’s numerous investment product integrations are Envestnet | Yodlee and a suite of native integrations that includes BGL, Xero and coming soon, Myob.
The HeirWealth platform, which was recently named as a finalist in the Emerging Fintech Organisations of the year awards hosted by FinTech Australia, promises to change the way families see, track and discuss their wealth.
“The platform provides visibility and valuations across traditional investments and alternatives, but it also uses artificial intelligence to bring that sentimental aspect to family wealth by enabling photos to be upload and expression of wish video recordings to capture a family’s legacy,” said Mr Tubman.
The HeirWealth app is available directly to individual families and family offices in Australia and the UK. HeirWealth can also be white labelled by financial advisers, wealth managers, trusted accountants, lawyers, and other professionals and can add value as a client engagement and retention tool.