In the last year traditional financial advisors have started to be replaced by technology at a more rapid pace. At first this can seem like a scary thought – computers having the ability to give financial advice? Then when you give one of these new platforms a try you’re more than pleasantly surprised.
Financial advising has met affordability and efficiency.
I recently got the opportunity to check out another program that can help you meet your financial goals called iQuantifi.
What It Is
iQuantifi is a program that helps you build a financial plan around your specific goals. They’ve deemed themselves as a virtual financial advisor – which pretty much sums it up.
Based on a series of questions iQuantifi helps you determine what you should be working towards and what you need to do to meet your goals.
Let’s look at how it works.
Creating an Account
To get your overall financial picture iQuantifi takes you through a series of questions. For instance, you’re asked about your spouse and kids. You’re also asked for the balances you have in your current banking and investing accounts as well as your life insurance situation and investment experience.
Based on your answers iQuantifi will create a timeline for you that contains goals based on your original answers. They even calculate how much total money you need for things such as your child’s education and your retirement and break those down into monthly amounts.
For example I need to save $230/ a month for a grand total of $98,908 for my child’s college education. It also reveals exactly how much money I need to be saving each month for retirement. You’re not just limited by the goals iQuantifi chooses for you, though. You can add goals such as buying a house, rent, vacations, family expansions, plus more.
They’ll also show you your protection status in terms of life insurance, disability insurance, and cash reserves.
Taking Action on Your Goals
So let’s say that you want to save for your child’s college education but have yet to create an account. iQuantifi will walk you through this. You simply click on the goal on your child’s timeline and from there are given the opportunity to set up a 529 college savings plan.
Once you start working on your goals graphs will display showing you your progress along with the estimated future value.
What’s the Catch?
I’ve tried three different online financial advisors so far and this one really sticks out to me. The whole website is very user friendly and easy to navigate. The goals, graphs, and advice iQuantifi provides are top notch.
But there’s a catch – sort of. In order to get iQuantifi for free you have to participate in their “refer a friend” program – which is just sharing information about their company on Facebook. If you don’t want to participate in the “refer a friend” program the cost is $9.95 per month.
Getting iQuantifi for free by sharing one of their posts on social media seems like a pretty sweet deal to me. But according to their website this is a limited time offer so if you’re interested in iQuantifi I would take action sooner rather than later.
Overall I am very impressed by the financial advising services that iQuantifi offers.
Have you tried a virtual financial advisor yet? Tell us about your experiences.
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him here and here.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.