Innovation Excellence winner: MyWealth

Canstar’s 2014 Innovation Excellence awards highlighted a select group of outstanding products from the banking and insurance sectors that showed true innovation in their fields. Commonwealth Bank?s MyWealth stood out in the online investment category.

What is the product?

MyWealth is a new investment platform from the Commonwealth Bank of Australia (CBA) designed to change the way investors build, manage and protect their wealth.

Structured as an easy-to-use, substantial, personalised website, MyWealth offers a platform from which customers can keep track of their investment portfolio, banking, superannuation and insurance liabilities and assets.

It?s the integration of residential property that makes MyWealth a global first – all asset classes in one portfolio under one login with what CBA describes as “a holistic ?personal balance sheet? view of assets and liabilities”.

Standout features

• Comprehensive suite of research, education and portfolio insight tools for investors gathered into one, personalised website, comprising…

• Portfolio – With one login, customers can get an overview of their total wealth.

• Invest – Opportunities for everyone, from seasoned investors to absolute beginners, to enlarge their portfolio.

• Insurance and Super – Essential Super account balances roll up into the consolidated portfolio view.

• Communities –This section is essentially a hub offering the chance to “meet” like-minded people, sharing investment strategies and insights.

• News – Investors can keep up with what?s happening in the markets through the Newsroom, which covers the major financial stories of the day and includes expert insights and strategies.

• Watchlist – A dummy portfolio giving the ability to track the performance of companies, suburbs etc. without having to invest.

• Journal – A space in which to capture investment decisions to aid future investments.

• Health Checks – Tools to check the state of the portfolio?s ?health?.

• One-off Advice – A professional investment advisor will construct a portfolio tailored to a customer?s goals and circumstances for a one-off fee.

Canstar’s verdict …

Though MyWealth is similar to other “wrap” platforms currently available, a couple of things help it stand above the others in the market.

Firstly, the integration of the residential property asset class is new. Secondly, and crucially, it?s great that the platform caters to both new and experienced investors, and the website?s ease-of-use ensures customers don?t need the assistance of an advisor in order to navigate around it. It?s a platform anyone can use, opening up control of one?s own finances to the layman.

Additionally, you don?t have to be a customer of CommBank, although if you are it does heighten the experience.

www.mywealth.com.au | 1300 897 622