Fintech launches to aid Australia’s wealth transfer

At its launch in Sydney on Friday, fintech firm HeirWealth said it aims to help facilitate Australia’s $3.5 trillion intergenerational wealth transfer expected over the next 25 years.

The platform provides advisers and their clients with tools to monitor and manage over 40 asset classes including shares, property, digital currencies, art, jewellery, and motor vehicles, among others.

Utilising open banking integrations in Australia and the UK, HeirWealth said the platform gives advisers the ability to seamlessly synchronise financial data from across both countries.

HeirWealth also has a number of native integrations, including BGL and Xero, adding that MYOB integration is on the way, which it said would allow advisers greater flexibility to manage clients’ asset portfolios.

Founder and chief executive of HeirWealth Ray Tubman said the new platform will provide advisers with the tools to facilitate the coming wave of intergenerational wealth transfers.

“Over the next 20 years, we will see an unprecedented amount of wealth being transferred from the Baby Boomers to the Millennials,” said 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.”

Providing value beyond simply the management of wealth, Tubman said HeirWealth has integrated AI into its platform that allows clients to personalise their estate planning and supports the development of clients’ financial literacy.

“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 uploaded and expression of wish video recordings to capture a family’s legacy,” he said.

“The platform also supports improved financial literacy outcomes and engagement particularly among younger generations and women.”

Tubman said the development of HeirWealth was driven by personal experience and what he saw as a vital gap in the market.

“HeirWealth was borne from a personal need after I was executor of my father’s modest estate,” he said.

“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.”