Free financial education in video form launched

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It will be up to advisers as to whether they see a new independent financial educational video-based website as detrimental or of value, said the co-founder.

George Lucas spoke to Wealth Professional about Wealth Know How, a video-driven website designed for consumers that aids them in becoming more financially savvy.

Lucas said he saw a huge need in the market to provide free guidance to the average investor.

“There’s a need in the market to aggregate good content about financial planners and their services,” he said. “As the world evolves people are going to the web to do their research, but it’s all very fragmented.

Wealth Know How presents all its information in video format, and Lucas said there is a growing trend for consuming information this way on the internet.

So far the response has been great, with 7,000 views in the first month, which has now jumped to 13,000 and growing.

The latest videos focus on issues relating to SMSF investing, which can be bewildering for many trustees who are increasingly seeking information about running their funds, he said.

“Superannuation investing post the introduction of the Superannuation Guarantee in 1992 was initially the role of professional fund managers and asset consultants who would determine the allocation of retirement funds across cash, stocks, property or bonds. The decisions on what to invest in, and when to invest, were made for consumers,” said Lucas. “But the exponential growth in SMSFs has changed this dynamic. Even if trustees decide to outsource its operations totally, they still have to sign off on any decision. This requires information and, as a result, they are looking at various informative platforms for guidance on their investment and regulatory journeys.”

Wealth Know How videos are driven by expert commentary and are the ideal platform to assist in answering SMSF queries, he said.

Advisers could either see the website as a tool they can use to further guide their clients, or they could see it as a threat.

“It depends on the adviser and the attitude of the adviser. Some will see it as being detrimental, and some as valuable,” said Lucas.

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