This Case is aboutÂ FINANCIAL MANAGEMENT
PUBLICATION DATE: February 10, 2011 PRODUCT #: F275-PDF-ENG
The case analyzes HelloWallet, the on-line, fiscal guidance service that is independent, in the context of behavioral finance theories. In addition, it looks at the unique challenges faced by on-line private financial management (PFM) systems. Additionally, the case has a comprehensive breakdown of American home finance, including data regarding Americans’ ability to conserve cash, preparation for retirement, and degree of financial literacy.
HelloWallet provides a variety of services including fiscal planning, PFM, a system to aggregate users’ fiscal accounts, and an application to help users locate financial products, which are better deals than their present ones. HelloWallet distinguished itself in three important methods while not the first to market with such a service. First, it was independent, meaning it didn’t receive pecuniary bonuses from financial institutions to push their goods, nor did it receive payments (i.e., commissions) when people made buying choices. It looked at over 130,000 financial products to help users locate the finest products for them, compared to its rivals, which sought through a substantially smaller amount of products.