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Wealthucate | Financial wellness

Wealthucate's smart technology platform provides users with the assistance they need to get on track with their financial wellness

Photo of Faruk Jaffer
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Often people are unsure how to get out of debt or how much to save for an emergency fund, child’s education, and retirement. They wonder how much life insurance to buy or how they could benefit from local government resources and programs that support their financial wellbeing. And finding a good financial advisor is time-consuming and expensive. As such, many people postpone making financial decisions and taking actions towards reducing their financial stress or improving their wealth.

Wealthucate makes solving financial challenges and attaining monetary goals easier by automating the financial planning process. It uses a proprietary algorithm and machine learning to empower individuals to take more control over their money and assets and make smarter choices through highly personalized recommendations around major financial decisions.

The Wealthucate online app facilitates a comfortable yet empowering, do-it-from-anywhere financial planning experience. Users can quickly create a secure account and establish a profile. No human interaction is required. Based on the users' answers to a few simple questions, the app's smart algorithm recommends personalized tasks to maximize wealth and suggests timelines to complete them.

The initial recommendations can be further customized based on what users want. Low-income users can benefit from customized advice that addresses their specific needs. A simple but comprehensive dashboard helps users easily visualize and monitor their progress, even adapting to changes with their financial situation. 

What's unique about Wealthucate is its holistic approach to financial wealth. All recommendations, tasks, and progress regarding a comprehensive list of financial components can be accessed through this app, anytime and anywhere – at home or in transit, on a mobile, laptop or desktop. There is no need to search online and access multiple sites to find and compare specific categories of financial guides and calculators. 

Describe who will use your solution (1,000 characters)

Building a stronger sense of community in any area depends on the financial health of its residents. Wealthucate will have the highest impact on the following three groups: 1). Young adults, 18-to-34-years old will learn how to manage their finances, create healthy financial habits and be on the right path towards financial well-being. 2). Low-income families will get customized information catering to their needs. In addition to getting advice on saving, debt management, and budgeting, they will learn to: -Save money on affordable transportation -Improve physical health resources -Increase income by learning new job skills -Stay mentally fit -Find affordable child care -Understand local healthy goods and services 3). Hispanic residents that don't speak English as their first language will have the option to use the app in Spanish. A technology platform like Wealthucate will lower the fear barrier to learn about social services and connect community resources.

Describe your solution's stage of development

  • Fully Scaled - you have already scaled your solution and are exploring new use cases

Insights from previous testing (500 characters)

(1) Analytics: Wealthucte has created a dashboard to track aggregate data and to provide analytics and metrics (2) Benchmark: Wealthucate has created a financial wellness score to demonstrate users' current financial health and how they fare amongst their peers. SMART Goals: In A/B testing to create a framework for advice, people really liked the approach of SMART goals, where the advice is: specific, measurable, achievable, result-oriented and time-bound.

Tell us about your team or organization (500 characters)

The founder, Faruk Jaffer is a CERTIFIED FINANCIAL PLANNER™ professional who was inspired to start Wealthucate based on his challenges at Google to provide financial wellness to the under-served employees. Imran Raja is the architect behind Wealthucate. He is a full-stack cloud engineer with 9 years of experience building scalable applications and systems. He resides in Ann Arbor, Michigan.

Size of your team or organization

  • 2-10

Team or Organization URL

Funding Request

  • $50,000

Rough budget (500 characters)

Total of $50k includes: $4k Social Media and online advertising; $3k Print and radio advertising; $5k Focus groups; $5k Events; $20k Three Kiosks/mobile cart rental and payment for local representatives; $9k Administration and IT; $4k Travel for the Wealthucate team

Describe how you would pilot your idea (1000 characters)

We will select three local partners to organize focus groups, events and host presentations to onboard interested users and collect feedback. We will rent and establish three kiosks or mobile carts in different areas of the impact zone by working with local representatives. Our representatives will engage with residents to demo the app, to demonstrate the benefits, and to collect feedback. We will leverage local vendor partners and city resources that can benefit from Wealthucate, such as low-cost healthcare providers. Advertising channels will include social media, radio, local websites and publications, featuring both the app and promotional events. We will distribute brochures and educational materials for the target audience in ideal locations.

Describe how you would measure the success of your pilot (1000 characters)

Wealthucate has a dashboard to measure success. It allows us to get insights about what is working and how to improve the financial wellness program. Some examples include: -Financial Wellness Score: our proprietary score allows a user to track progress with financial health, which is made of various financial tasks and balance sheet. The pilot program manager will get high-level aggregate data about financial wellness scores. -User Engagement: The dashboard will show what tasks are important to users in the region. For example, are people more interested in paying off debt, saving, or understanding how to pursue low-cost transportation or health options? -Actions: Based on customized advice and solutions tailored to the residents, Wealthucate will enable users to take action. These actions will be measured through methods like the number of clicks and traffic to local resources.

Sustainability Plan (500 characters)

Referral partners will contribute funds in return for engagement. Users that have the financial means to afford the software will be assessed a nominal fee.

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