IBS Journal May 2016
27
THE PERSONAL FINANCE INDUSTRY IS ONLY INTERESTED IN GENERATING PROFIT
FROM CUSTOMERS WEALTHY ENOUGH TO GENERATE IT FOR THEM
yourself. I BS Journal: Tell us about
We created The Lifehouse Company to encourage young people to get the most from their lives by making personal finance accessible, affordable and engaging. Young people often feel they have no need, or can’t afford personal finance and fail to connect it with achieving what’s important in life. Being unengaged leaves them financially under-prepared and affects their happiness and well-being more than they may recognise.
Our aim is to empower young people with the “IFA in their pocket” so that they can approach their finances and reach out to further specialist services, if they need them, from a position of confidence.
IBS Journal: What’s your business model?
Ultimately we aim to offer a subscription-based service, but in the early stages, everything we offer is for free as we simply want to encourage people to take control of their own financial lives.
IBS Journal: What sets you apart?
Many things! We don’t want to simply rehash and re-present commonly available advice. We are looking for ways to unlock an often ignored or avoided subject and make it a powerful tool that people enjoy – because it can unlock a better life. We are mobile-first and beginning at the financial advice end of the spectrum – intending to prepare people for when they may need investment advice/ wealth management – think, Nutmeg.
IBS Journal: Who or what inspired you to set the company up?
Neil Darke (our CEO) was CEO of a wealth management business with £11 billion of assets under management. He realised that the personal finance industry is only interested in generating profit from customers wealthy enough to generate it for them. They have little interest in what’s important to customers on an emotional level, so rather than helping them take control of their finances, it suits them to keep things complex.
IBS journal: What has been your smartest move?
Early on, we introduced ideas from the latest in modern thinking in behavioural psychology. This engaged our early testers on a surprising level. It seems that our national mentality/ psyche although naturally reserved, responds to a level of introspection and being prepared to recognise our faults. The initial job of The Lifehouse. Co, therefore, became to help people recognise themselves and their attitudes to money and then use both their strengths and weaknesses to their advantage.
IBS Journal: What has been your biggest challenge/setback?
We are attempting to crack open a long-established and parochial industry via a disengaged audience in a time of unprecedented negativity towards future prospects.
IBS Journal: Where do you want to be in five years?
With a large and loyal user base who join up and stay with The Lifehouse. Co as their companion through life’s journey.
www.ibsintelligence.com
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