WealthyPlanet, a Canada-based online financial planning company, announced on Wednesday it has formed a new partnership with Movies for Mommies (MFM), a national organization of 30,000 new parents.
According to WealthyPlanet, the partnership will enable the company to engage MFM members in a user Beta Program to fine-tune and validate its planning software prior to the commercial launch later this year. WealthyPlanet noted that the Beta Program will offer a “unique and comprehensive” personal financial picture and education for the Ontario MFM members that participate. Beta users are able to create an after-tax personal financial plan by first answering some questions regarding their current finances, including assets, investments, debt products, and insurance. WealthyPlanet explained:
“The planning software then calculates a ‘before’ and ‘after’ view of their plan over a future timeline, benefiting from advanced algorithms such as consumption smoothing. Users will get a more integrated and detailed financial picture, so they can make better decisions to optimize their financial plan and goal achievement.”
As part of this partnership, WealthyPlanet will be conducting surveys and providing education on savvy money management for MFM members.
Founded in 2018, WealthyPlant states it gives Canadians “confidence” in their financial future by offering a free online planning tool with low-fee products and non-commissioned advisors.
“WealthyPlanet is targeting an important problem for middle-income families with no access to a comprehensive financial and life plan they can set, track and manage. The company plans to address some of the biggest concerns of Canadians including carrying too much debt, saving for retirement, and accessing optimized and cost-effective mortgage, insurance and investment products.”
The partnership with MFM comes a couple of months after WealthPlanet closed a seed funding round with Mercanti Management Inc. Information on the investment round, including the amount of the investment, has not been disclosed.