Global fintech firm InvestCloud announced on Thursday it has formed a partnership with the City of Boston and Boston Mayor, Martin J. Walsh, to launch a new family savings program, which creates savings plans for children’s education.
According to InvestCloud, the Boston Saves allows families to create long-term, goal-based savings plans for college, post-secondary and training education for their children. The firm stated it would be running the program using its very own digital platform, which will give families the ability to track their progress, earn rewards and benefit from financial savings tips. Mayor Walsh stated:
“One of the best ways to close the opportunity gap facing some of our young children is to help them save for their educational future. Children’s Savings Accounts are a tool that every family should have access to, and with InvestCloud’s financial technology support, we’re making that a reality. Even a small amount over time can make a big difference, and I am excited for our students and families who will have this new resource to begin saving now for the future.”
John Wise, co-founder and CEO of InvestCloud, then commented:
“Our program with the City of Boston demonstrates the flexibility of the InvestCloud digital platform. It supports the full spectrum of wealth management, from the complex needs of family offices and high-net-worth investors, right through to the needs of normal families. While they might not consider themselves ‘wealthy,’ they can still benefit from our platform to help them achieve their lifetime goals and family plans.”
Wise then added:
“With a greater number of people thinking about how to organize and build their savings, the notion of wealth management is changing fast. But to effectively engage with these new demographics, a simple and intuitive solution is required that can handle massive scale efficiently. The InvestCloud approach ensures all types of wealth and savings can be supported through the platform.”