An age old theory updated with technology

With Peter Malekas, Founder and Managing Director, Moneysoft

Date: 13 June 2017

Prior to his Moneysoft days, Peter Malekas worked as an accountant and financial planner. Throughout his career, he was (and still is) passionate about finding ways to improve processes and enhance the client experience.

Following many successful years as an adviser, Peter Malekas reached a crossroads and asked himself, ‘Do I sit here and continue to live comfortably in this adviser space or should I leave my comfort level behind and create the change that I’m passionate about?’

And so, Peter started working on his goal to help advisers and individuals at a mass level via Moneysoft.

“Moneysoft is a start up with a clear mission: to empower Australians to take more control of their finances, in particular their cash flow. We want to improve financial literacy levels by teaching money management, cash flow and budgeting.

And what about advisers? “Moneysoft helps them deliver enhanced services, meet regulatory compliance requirements, automate the advice process and build long-term client relationships by fostering open communication, trust and shared responsibility,” explains Peter.

Moneysoft works on a multitude of levels. By helping to improve financial literacy levels, it essentially helps to increase client engagement levels with advisers as they feel more involved with and less overwhelmed by financial decisions.

Innovation makes the old new again

Peter considers Moneysoft innovative as it has taken an age-old theory (cash flow) and developed the application of it via technology so businesses can embed it and apply the relevant methodologies when talking to clients.

“Basically, Moneysoft makes the old new and accessible. It’s educating hundreds of thousands on age old money management principles in a dynamic and tech-based manner.”

Having worked as an accountant, adviser and now in the AdviceTech space, Peter says the things he loves about technology is the ability to create and deliver change to the industry as well as improve the financial literacy of hundreds  of thousands of Australians who would otherwise be apathetic or overwhelmed when thinking about their financial future.

“Technology can not only empower advisers and investors alike but can also turn what can be a mundane topic into something more interesting.”

The challenge he says with technology is the misconception that technology is unlimited in what it can do.

“It simply cannot do everything for everyone.”

Netwealth 2017 AdviceTech Report

The report paints a picture of how technology is currently being used in the dynamic and evolving advice industry and provides insights into key areas of focus, must-have, high adoption services, and technologies that are regarded as disruptors, but are not yet being adopted.

Download AdviceTech Report

Know your purpose and mission

Peter says when advisers are looking to technology for a solution, they should ask themselves: ‘what am I trying to achieve and does technology help?’

He believes chances are, technology will not be the whole answer. “Technology is here to create, innovate and support but it can’t overcome internal issues, especially if they are process or people centric.”

With Peter’s lengthy career across the accounting, adviser and AdviceTech space, it’s safe to assume that he has seen how advisers can make the most of technology.

“It’s clear through working with advisers that the most successful ones are those who make the commitment to technology. They take the time to dismantle their current approach and look at how they can rebuild it with the inclusion of technology to create a better solution. Commitment and time are key.”

Advisers are looking for answers “AdviceTech providers are looking at the industry overall and asking how can we collectively improve efficiencies and create better business outcomes for all, dismantling the way things have traditionally been done.”

He adds: ”And as we dismantle we are then aggressing and moving forward toward greater innovation that will create a new advice landscape.”

It is this dismantling and unfolding that will then see closed companies open their borders. According to Peter, groups of AdviceTech providers will then come together to create interlinked solutions. These interlinked or integrated solutions will benefit the industry and create change on a larger scale than would be possible otherwise.

“Given the pace of change, I foresee a different advice space in 2025, one that will have more machine based processes but greater human impact where it’s needed. Advisers will be more customer focused and less product-driven as many admin or portfolio related tasks will become automated due to technology. AdviceTech providers will also work together more to deliver integrated solutions for advice businesses and acquire more market share.”