New JV targets financial wellbeing, education

A joint venture (JV) between private equity firm, TIP Group, and investment firm, Clime Investment Management, to launch a program to improve customers’ financial wellbeing is in the works.

A Memorandum of Understanding (MoU) was signed by the two firms to launch ‘My Financial Fitness’, a program designed to provide accessible financial education and improve customers’ knowledge on important financial matters through the expertise of competent and proficient advisers.

The announcement comes as Australians struggle with inflationary pressures, rising interest rates and mounting cost of living expenses, with many anxious over financial uncertainties and instability – especially among the younger generations. An Australian Securities and Investments Commission (ASIC) estimate also found approximately 33 per cent of young Australians look to ‘finfluencers’ for financial education, who have recently come under fire in several regulatory reviews.

The program will feature an online portal available to subscribers, providing content modules, reference materials, monthly webinars hosted by professionals and real-time access to advice specialists to develop and enhance financial knowledge.

“This program will be a way of helping Australians gain access to high-quality information and hear from professional financial advisers, along with other industry experts, enabling them to make informed decisions about their future,” Annick Donat, CEO of Clime, said.

“When we first discussed this initiative with TIP Group, we saw an alignment in how we want to support Australians with financial knowledge; it made sense to pool our expertise and technology solutions to collaborate on My Financial Fitness.

“It’s easy to access information about financial markets and investments, and yet many Australians are still uncertain about their financial future.”

The program’s syllabus will take subscribers through topics including investor behaviour, investing fundamentals, asset classes, financial protection strategies, investing risks, investor biases, accumulation strategies, cashflow management, retirement options and borrowing to invest.

“The aim of My Financial Fitness will be to bring qualified, professional advisers into a forum that is more accessible for everyday Australians,” Andrew Coleman, CEO of TIP Group, said.

“Many people make financial mistakes despite the available information because it is difficult to apply to your own specific circumstances. Financial advisers fill that gap but rising costs and compliance have taken this option away from many people.

“We need new ways of educating Australians to improve their financial literacy and confidence. Helping plan for their future is too important a goal to just ignore. Our collaboration with Clime aligns with our noble purpose of transferring knowledge and wealth between generations.

“My Financial Fitness will continue this commitment, addressing a crucial need for financial literacy in Australia.”

My Financial Fitness will initially launch with introductory webinars before moving on to a more in-depth program and also providing a financial health check.