Updated: Apr 8
Welcome to our blog!… a place where we’ll be serving updates on our progress, keeping you up to speed with the latest tech, and sharing useful saving tips & life hacks for your finances
We’re all incredibly excited to be a part of Bippit, and the coming weeks are going to be super-busy as we prepare for the public launch of our app. It’s a big undertaking, but anything worth doing doesn’t come easy!
But before all that, I wanted to take a moment to explain to you the reason why we founded Bippit in the first place.
If you’ve found your way here, you probably know that Bippit connects you to a dedicated expert to support your financial life, and that you can connect your existing accounts to the app to manage everything in one place.
What you might not know, is that we’re getting feedback from the FCA (the regulator of financial services in the UK) to bring even more features to the service, so you can start saving and investing journeys with guidance from your financial advisor.
This might sound ambitious, but as you’ll see, it’s incredibly important that we succeed in building a service to manage your entire financial life, that’s affordable to everyone.
So rewind to a year ago.
I was working as a Chartered Wealth Manager, when an old Uni friend, who was just starting to earn a healthy salary, got in touch with me on LinkedIn for some advice on their finances
We met for a drink, and the conversation got off to a bad start, when I had to explain that buying cryptocurrency might not be the safest way to start off on his investment journey!
As we got into the nuts and bolts of his situation, it turned out he was actually earning pretty well, but he was also spending pretty well, and his finances were a bit of a mess
For example, he had an expensive credit card balance, and he had enough stashed in his savings account to pay it off immediately… but he “never touched his savings”. (Seriously, wtf!) So I dealt with some easy wins first, like convincing him to use his savings to pay off the credit card, and then we chatted about investing, the relationship between risk & reward (in particular Bitcoin!), and tax wrappers. Eventually, I asked if he’d looked into using a Financial Planner to give him advice and a proper plan for his savings, life goals, and retirement
His reaction was one of surprise & confusion…
He’d asked me for some tips as a friend, but it had never occurred to him to talk to a professional
He thought that financial planners and advisors were for people that were retiring or had lots of savings and investments already… This is the scene that he was picturing, and for the most part he’s not far off the mark
Here was a guy, who needed some guidance for his finances, but young clients like him, without significant savings or investments, aren’t very appealing to Financial Planners.
In fact half of them turn away clients with less than £50,000
So what about the 27m of us in the UK who are yet to build any significant savings? Don’t we deserve some guidance for our finances, to help us pay off debt, build more security, and start investing for our future?
Well, at Bippit we happen to think that everyone should have access to an expert to provide them with guidance, so after a hundreds of 1 to 1 interviews, and months of research & testing, we started building an app that connects you to a finance professional for an affordable monthly fee, where you can ask any questions that you like and get some clarity for your financial life.
It’s a mobile-first service so that your financial life is with you wherever you go, and there’s no longer any need to sit around a kitchen table, or visit an old office to fill out some forms just so you can get your financial life in order
We’ll be launching soon, with plenty of cool stuff also in development, but we also wanted to take this opportunity to share our vision of what the future with Bippit will look like…
It’s a future where you can get guidance on your entire financial life, on-demand, whenever you need it… and where your pension contributions, saving, investing, ISA subscriptions, credit card payments and everything inbetween can all be optimised and carried out automatically
So we arrive at a situation where making transfers, and managing your finances, is no longer something you do…
It’s something that just happens