Latest News

The good news is that MyMoney Australia has the ideal solution to help reducing that debt for anyone who has a credit card and who also owns some type of investment portfolio – whether it’s a managed fund, superannuation, life insurance or unit trust.

How?

MyMoney Australia (www.mymoney.com.au) is a major consumer innovation that offers consumers the ability to receive cash refunds on the fees they are charged by fund managers and insurance companies on a raft of investment and insurance products. These financial products pay an ongoing commission to a financial adviser – even if the investor receives no ongoing financial advice.

Known as trailing and renewal commissions, these fees are paid to advisers for the entire duration of the investment or insurance, even if the adviser has had zero contact with the consumer except to help them sign up for the investment product. Worse, every cent of those commissions paid to the adviser comes out of the investor’s account.

The MyMoney solution enables consumers with investments or personal insurance the ability to retrieve these commissions with an absolute minimum of effort.

“Imagine if you could retrieve the commissions being paid out of your investment account or insurance to an adviser you don’t even know, and instead redirect these fees automatically to your own bank account,” the joint Sales & Marketing Director of MyMoney Australia, Graham Burnard, said.

“MyMoney makes that not just possible, we make it incredibly easy,” he added.

Burnard said that there are estimates ranging from $1.8 billion to $2.4 billion of the amount of money being paid in commissions on financial products annually.  “Where no ongoing advice is being received, wouldn’t it be better if that money could be redirected to help consumers reduce their credit card debt?”

MyMoney is completely web-based and user-friendly, and is the only service in Australia that makes monthly direct payments into clients’ bank accounts – or into their credit card accounts.

Some of the key features of MyMoney that make it so attractive are:

• No joining fee

• No minimum annual fee

• Fee automatically comes out of commission rebates

• Maximum annual fee of $240 per family account

Online registration is quick, easy and free, and MyMoney has kept to an absolute minimum the amount of paperwork investors need to complete in order to activate their account.

Once signed up, MyMoney clients get immediate 24/7 online access to their refund balance information, and receive a monthly activity statement as well as their monthly direct bank account payments.

Financial products covered by MyMoney include managed funds, super, allocated pensions and retirement income accounts, cash management trusts, margin loans and life insurance.

The service is risk and hassle-free and completely transparent.

MyMoney has been built by professionals who are leaders in the development of commission management systems and who fully understand the needs and expectations of investors and financial planners when it comes to fees and commission payments.

“We’ve designed MyMoney as a user-friendly model with the needs of investors taken into account. There is no effect on investors’ existing financial products and the direct monthly payments into our clients’ bank or credit card accounts means they have an easy incentive for saving money or reducing that credit card debt,” he said.

For further information, please contact:

Graham Burnard
Sales & Marketing Director
MyMoney Australia
P: 02 8226 1515
M: 0409 314 492
E: graham.burnard@mymoney.com.au

Paris Kritikos
Sales & Marketing Director
MyMoney Australia
T: 02 8226 1515
M: 0419 278 753
E: paris.kritikos@mymoney.com.au

Simon Lloyd
Senior Consultant
Access Public Relations
P: 02 9279 4001
M: 0424 470 923
E: simon@accesspr.com.au

About MyMoney Australia

MyMoney Australia Pty Ltd provides investors with access to commissions that are paid by financial product providers to financial advisers. The company is an authorised representative of Global Mutual Funds Pty Ltd, a privately-owned Australian Financial Services Licence holder. The principals of MyMoney have more than 40 years of combined experience in commission management services and information technology. The MyMoney service has been designed as an efficient, cost-effective and simple web-based facility from which investors can receive the commissions payable on financial products that are generally paid to financial advisers. Rebated commissions obtained by MyMoney are credited directly into clients’ nominated bank accounts on a monthly basis. MyMoney does not offer financial advice to clients.