How financially savvy are you? While some people live from hand-to-mouth, leaving nothing for a rainy day, others are overinsured from head to toe.
“Most of us get our information from friends, forums and the occasional banker or insurance agent,” said Calvin Yeo, Managing Director and Co-founder, DrWealth.com, a Singapore-based online financial planning platform. As a result, many people make ill-informed or misguided decisions.
Founded in October 2013, the website, which was launched last month, acts as a one-stop centre for the average man to better understand personal finances.
It has since grown to accommodate 1,000 registered users, claimed Yeo, a former investment banker. At the time of writing, the website had 4,565 likes on Facebook.
Users can sign up anonymously, input financial information such as incomes, loans, and insurance details, and track equity portfolio with real-time stock prices from exchanges in the US, Singapore and Malaysia.
The website then calculates the users’ financial health status. This author, for example, received an assessment which might worry most personal financial planners. She can take action by following the recommendation provided.
Additionally, there is an editorial page on the website with articles discussing trends and contentious topics like the recent Central Provident Fund (CPF) minimum sum hoo-ha.
Yeo told e27, “It’s like going to see a doctor — they tell you that your blood pressure is normal, your cholesterol level is normal and so on… We do the same for personal finance.”
While the startup is not affiliated to any financial institution, it generates revenue via lead generation and media sales.
For the record, the business venture was kickstarted with S$150,000 (about US$120,000) in capital from Yeo and two other Co-founders: Lim Der Shing and Ryan Ho.
Currently, the startup is looking to raise S$800,000 (US$639,000) to improve the website, build mobile apps and boost marketing efforts.
In the region, DrWealth.com faces indirect competition from Singapore-based comparison platform LoanGarage, which told e27 in February 2014 about its plans to become the next destination website, MoneySmart.sg and iMoney. However, DrWealth.com seems to be the most comprehensive and educational, since it covers a whole range of topics in the personal finance category, and is not restricted to loans, credit card and insurance.