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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 goals .

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 as well as personal assets can be accessed through this one 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. 

How will your solution benefit residents, workers, or visitors in the Michigan Central Station impact area? (1,000 characters)

Building a stronger sense of community in any area depends on the financial health of its residents. Our solution provides a way to educate and empower all residents 18+ years to be more in control of their financial health and create prosperity. 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 wellbeing. 2). Low-income families will get customized information catering to their needs. In addition to getting advice on saving, retirement, insurance, they will learn: -Available transportation options that fit their budget -How to save money by various transportation options -How to improve trade skills to increase income -A strategy to pay off debt -Support and networking opportunities within community groups 3). Hispanic residents will have the option to use the the app in Spanish.

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. Corina Mitu is the Product Marketing Manager who wants to spread financial wellness.

Size of your team or organization

  • 2-10

Team or Organization URL

www.wealthucate.com

Are you submitting as a student team?

  • No

Are you submitting as a team from the Impact Area?

  • No

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)

The cost to a subscriber can be as low as purchasing a cup of coffee every month. If we find they want it for free, then our referral partners will contribute funds in return for engagement.

2 comments

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Photo of Boratha Tan
Team

Thanks for submitting Faruk Jaffer . I am part of the City:One facilitation team. I was wondering exactly how the app works. Are algorithms being used to provide financial advice? Are there representatives behind the apps who monitor and give advice? A mix of both? Can there be a phone call to talk to a representative? Would it make more sense to not charge anything to people who are at certain low incomes? (We can potentially identify those with very low incomes if they use services such as Southwest Solutions, UNI, or other non-profits in the city)

Photo of Faruk Jaffer
Team

Thank you for the excellent questions, Boratha Tan . Please note my answers below and let me know any other questions/comments.
Q1: How the app works?
To start, Wealthucate asks five questions to understand someone’s profile, so that the algorithm can deliver the right advice based on important factors: income; age; caring for children; supporting loved ones; or paying for housing. Next, the algorithm will deliver high personalized tasks and help users to understand their financial health. Since we are customizing a solution for “low income” families in a certain area, we can also customize the priorities based on the most pressing needs of the community. In addition to advice, we want individuals to know how to take action and connect with valuable resources in the community.
Q2: Representative to monitor and give advice?
Currently, the app can be scaled and offered almost free because we are automated and data-driven. Funding will be helpful to create jobs in the local community with representatives to offer support.
Q3) Would it make more sense to not charge anything to people who are at certain low incomes?
Yes, I completely agree because it will prioritize engagement. This will help users educate themselves while taking action with trusted resources within the application.