Financial advisers in Singapore, Malaysia and Thailand who were using GoalsMapper benefited from up to a month’s free subscription on the platform in April. This initiative costs the GoalsMapper team approximately USD$70,000 in revenue.

Some financial advisors have taken a hit to their incomes, ever since stricter movement restrictions were implemented in the region. They are now turning to GoalsMapper to support them in online meetings with clients.

“During the Circuit Breaker period, financial advisers are not able to conduct face-to-face meetings with clients. The current situation has caused us to expedite the pace of using technology to explore new ways of working and connecting with clients,” said Alfred Chia, CEO of SingCapital Pte Ltd, a leading MAS-licensed Financial Advisory Firm.

GoalsMapper is currently used by more than 1,600 financial advisers in Singapore, Malaysia and Thailand from major insurers such as AIA, Prudential and AXA.

“We know that the restrictions require financial advisers to make a big shift in how they work. There has also been recent reports on people deferring their insurance premium payments due to changes in their financial situations. This is a difficult time for financial advisers and we hope to better support them in this pandemic,” said Dato’ Wayne Chen, CEO, GoalsMapper.

Bringing consultations online

Financial advisers traditionally use paper, pen or excel to help clients chart out their financial goals and needs when planning for the future. The GoalsMapper application revolutionises this process.

Financial advisers simply need to key in their client’s information such as a housing mortgage, children’s education expenses and their ideal retirement ages, and the platform will generate automated charts that enable them to visualise the cash that they require to achieve these life goals. Please refer to Annex A for more features of the platform.

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Through presenting visual charts of their clients’ financial situation, advisers are better equipped to have more in depth online consultations with clients. The platform also enables people to simultaneously plan and account for multiple financial goals and scenarios.

Revolutionising meetings for financial advisors

The software was developed based on advice and feedback from over 30 veteran financial planners across various agencies. GoalsMapper was introduced to the market in May 2018.

The founding team, comprising Chief Executive Officer, Dato’ Wayne Chen and Chief Technology Officer, Pok Siau Kua, invested their own resources of approximately S$250,000 into the development of the platform.

GoalsMapper has been awarded as InsurTech of the Year by the 4th Asia Trusted Life Agents & Advisers Awards 2019.