HelloWallet is also pledging to give a free subscription to one needy family for every five of the site’s paying members. In keeping with its charter as a social mission enterprise, HelloWallet has also pledged to provide access to free financial guidance to one needy family in San Francisco for every five subscribing members. KeyCorp’s (KEY – Free Report) banking subsidiary, KeyBank National Association, has successfully completed the acquisition of HelloWallet from Morningstar, Inc. . In a press release, Morningstar, which manages more than 1 million retirement savings accounts, says it plans to fold HelloWallet’s products into its services to create a “holistic retirement savings and advice” practice. Washington D.C.-based financial advice company HelloWallet has agreed to be acquired by Chicago-based investment research firm Morningstar, the two companies announced. HelloWallet created an Internet cloud-based service to provide financial advice to users. HelloWallet, a personal financial software product, provides financial assistance and guidance to its users by looking at their financial health and giving them a score based on the same. Aon Hewitt empowers organizations and individuals to secure a better future through innovative talent, retirement and health solutions. With the completion of its acquisition, KeyBank is now in a better position to support its clients. Its members are provided with customized financial plans, 24/7 personal money management and monitoring, and an individualized bank shopper service, which looks at more than 50,000 different financial products to find better prices for its members. So that’s really what we’re about, it’s helping people change, improve the way that they’re spending their money so that they can better be able to get ahead.
“We want to help people make the best decisions with their paychecks so they can actually have money to invest for their futures,” Fellowes explained in the statement. The service is then able to make specific recommendations for the best approach to educational savings, on an individual basis. Unlike many financial management sites, HelloWallet does not allow banks to advertise or promote products, so its trusted recommendations are not influenced by any business interests. A user might input their bank information, credit cards, retirement plans and employee benefits, and the software creates budgets and recommendations. The Web application pulls information from your credit cards, bank accounts, 401ks, and even student loans. HelloWallet is an application designed to help you make smarter money decisions so you can reach your financial goals. First, it was independent, meaning it did not receive monetary incentives from financial institutions to push their products, nor did it receive payments (i.e. commissions) when individuals made buying decisions. And consumers don’t trust banks or financial institutions to fill that void, Fellowes said. Morningstar has been working with HelloWallet for the past couple of years so the acquisition was natural, according to HelloWallet founder and chief executive Matt Fellowes. Dr. Matt Fellowes, founder and CEO of HelloWallet agreed, saying that holistic advice is becoming a “must have” capability for companies. “By applying technology and data mining, it’s possible to develop an online resource that can provide a very powerful financial planning capability,” says Matt Fellowes, the founder and CEO of Hello Wallet.
HelloWallet is read-only, meaning we can not authorize any movement of money within our system. HelloWallet uses bank-level information security protection and you cannot transfer money via HelloWallet. One big feature that should be at the top of any mobile users list is security. The App combines many different accounts, so security is its top priority. As technology continues to devour the financial industry, more and more personal finance management (PFM) tools are introduced to the app store each day. 12 million dollar funding to grow its customer base and help more Americans build wealth. 3.6 million in Series A funding. 39 million to complete the transaction. 39 million for the rest of the company. However, if there are many suppliers alternative, suppliers have low bargaining power and company do not have to face high switching cost. To really penetrate that market then you need people that are friendly with those networks. If the goods and services are not up to the standard, consumers can use substitutes and alternatives that do not need any extra effort and do not make a major difference. Four major apps recently introduced include HelloWallet, Mint and Pageonce. Pageonce also has a PIN, but has had to work extra hard to reassure safety. Swearing that they’ve never been hacked, Pageonce completed an extensive compliance review to be able to offer the services they do. Luckily all four apps offer extra privacy protection when interacting with your accounts. I review a lot of apps here, and let me just say that this one is pretty awesome.