Remove ads

Introducing the LemonFools Personal Finance Calculators

AJBell Youinvest MyWealth?

Discuss Brokers, trading, fees, experiences
Jabd2001
Lemon Slice
Posts: 284
Joined: November 4th, 2016, 10:58 am
Has thanked: 62 times
Been thanked: 71 times

AJBell Youinvest MyWealth?

#161187

Postby Jabd2001 » August 22nd, 2018, 10:41 am

I logged on to my account today to find that I can now have a MyWealth ‘account’ which seems to be some sort of dashboard for collecting information on all my accounts.
Is anyone using this and can explain how it works? Does it access accounts with other brokers automatically? Can you add other people to an individual account (eg spouses accounts) or would you need formal power of attorney or 3rd party mandate?

FurtimNatura
Posts: 2
Joined: December 7th, 2016, 5:35 pm

Re: AJBell Youinvest MyWealth?

#161203

Postby FurtimNatura » August 22nd, 2018, 11:53 am


Urbandreamer
Lemon Slice
Posts: 451
Joined: December 7th, 2016, 9:09 pm
Has thanked: 20 times
Been thanked: 81 times

Re: AJBell Youinvest MyWealth?

#161204

Postby Urbandreamer » August 22nd, 2018, 11:58 am

I suspect it's to take advantage of the new open banking arrangments.

More here.
https://www.ajbell.co.uk/news/aj-bell-l ... en-banking

PeterGray
Lemon Slice
Posts: 455
Joined: November 4th, 2016, 11:18 am
Has thanked: 113 times
Been thanked: 119 times

Re: AJBell Youinvest MyWealth?

#161213

Postby PeterGray » August 22nd, 2018, 12:42 pm

I suspect it's to take advantage of the new open banking arrangments.

Yes, looks like it essentially gives access to your AJ Bell accounts, and any other bank accounts, investment accounts you want to link with a single login.

Personally, I'd rather keep them all at arms length from each other. The extra hassle of multiple logins is worth it to me for a bit of extra peace of mind.

Peter

simoan
Lemon Slice
Posts: 333
Joined: November 5th, 2016, 9:37 am
Has thanked: 25 times
Been thanked: 96 times

Re: AJBell Youinvest MyWealth?

#161247

Postby simoan » August 22nd, 2018, 4:21 pm

I don't understand. Why on earth would anyone want do this? This is a quite a blatant attempt to get you to share data about your whole financial life all in the name of "convenience". As anyone in the security business knows - convenience is the enemy of security. Don't share your data with these people as they will use it and it will weaken your overall financial security should they get hacked.

This is just MHO as an investor and data security specialist.

All the best, Si

Jabd2001
Lemon Slice
Posts: 284
Joined: November 4th, 2016, 10:58 am
Has thanked: 62 times
Been thanked: 71 times

Re: AJBell Youinvest MyWealth?

#161252

Postby Jabd2001 » August 22nd, 2018, 4:39 pm

Thanks, I had read the explanation but it wasn’t very satisfactory at explaining exactly how it worked.
My instinct is to steer clear, but I just wondered for a passing moment if it might be useful and if anyone had tried it.

Itsallaguess
Lemon Quarter
Posts: 2581
Joined: November 4th, 2016, 1:16 pm
Has thanked: 599 times
Been thanked: 1367 times

Re: AJBell Youinvest MyWealth?

#161253

Postby Itsallaguess » August 22nd, 2018, 4:46 pm

simoan wrote:
Why on earth would anyone want do this?


Currently, when we want a particular financial product or financial advice, we choose to act ourselves to find an appropriate way to achieve those goal.

Open Banking allows financial service providers to find us -

As well as convenience, customers will benefit from better product and service choices as well as pricing; previously traditional banks would only offer ‘captive' proprietary services. This will change.

TPPs (third-party-providers) will be able to offer a vast range of services such as lending platforms that use sophisticated technology to analyse customer data and make behaviour predictions that hold more competitive terms.

This is especially relevant when applied to investments and pensions; a customer could give permission to a TPP to access their data.

The TPP then makes investment suggestions based on the rich data and risk profile/retirement desires and ambitions indicated by the customer.


It's also a new potential revenue-stream for the banks, as they can take a commission from any product or service that we take on through other parties, via their Open Banking system -

The banks are moving to a place where they are no longer just focusing on selling everything to the customer themselves but instead looking to share with third parties.

As a result, an ecosystem of reliable strategic partners will evolve where banks will share revenues on the products and services that the third party partners can provide to the customer. This is a move from traditional vertically integrated banking to a far more modular and networked architecture.


It's also a way to save time and money for many providers of financial services to Open Banking users. Margins can increase where providers save this time and money by being able to quickly aggregate financial information about us, instead of having to currently waste time and money collating often paper-based information -

Permission will be granted to advisers to find out relevant information about a client's financial situation, rather than having to dig out old statements from shoeboxes in the loft or try to work out for themselves where their money is and where it goes.

We could, therefore, see a seismic shift in the ability to better understand customers by having access to ‘real' and relevant data while reducing costs-to-serve through the introduction of technological efficiencies into the data gathering process.

As a result, the adviser is able to serve more and more clients helping them to gain control of their saving and retirement goals while contributing to increased margins for the firm.


https://www.professionaladviser.com/pro ... -realities

Reading the above article, it seems that almost all the benefits to Open Banking are delivered to the financial firms that will use our data....

I expect there will be a very slow take-up of this technology, and that financial incentives of some sort or other will be offered to entice the apprehensive public into using the Open Banking services.

I also expect that it won't be too long at all before the first large-scale hack of such services is carried out, with the subsequent capture of large amounts of very sensitive financial customer information.

It's a marketing-dream, but a security nightmare, and I really can't imagine there being much take up at all of the service by a rightly-sceptical public...They seem to have just rolled out a hacker-competition under a different banner.....

Ask yourself - what financial process do you carry out regularly now, that causes difficulties and delays at a frequency that's worth giving up so much of your financial data-security to help speed up?

I can't think of a single thing, but perhaps others have more complicated things going on...

It's a technical door-to-door salesman-invite into our financial lives....

Who needs that??

Cheers,

Itsallaguess

stevensfo
Lemon Slice
Posts: 440
Joined: November 5th, 2016, 8:43 am
Has thanked: 105 times
Been thanked: 72 times

Re: AJBell Youinvest MyWealth?

#161254

Postby stevensfo » August 22nd, 2018, 4:54 pm

I logged on to my account today to find that I can now have a MyWealth ‘account’ which seems to be some sort of dashboard for collecting information on all my accounts.


Yes, I saw that as well. I'm really not sure what it offers that a simple Excel sheet can't. After the Financial crisis, Cyprus, Italy etc, I don't think anyone with more than one brain cell will be in a hurry to share this sort of information. To be honest, with all the current emphasis on security, privacy and discussion of funds being 'ring-fenced', it's rather ironic. Does anybody really think that this sort of stuff will be kept 100% secret? No doubt, anybody who does share information with AJBell will soon be receiving nicely worded emails using the same algorithms as Google/Facebook.

Steve

Urbandreamer
Lemon Slice
Posts: 451
Joined: December 7th, 2016, 9:09 pm
Has thanked: 20 times
Been thanked: 81 times

Re: AJBell Youinvest MyWealth?

#161274

Postby Urbandreamer » August 22nd, 2018, 5:36 pm

I don't think that I will be using it, however I CAN understand why some might.

I know what My Wealth is because it exists in just 5 "accounts". The bulk is in shares so a spreadsheet can get the value of that, I ignore my current account and manually have to enter the current value of my Aviva pension which I look up online.

My wife however hasn't the foggiest and it takes her at least half a day to find out because of the sheer number of accounts that she has. This means that pension planning is something that she just WON'T do. The effort involved in finding out her current stuation in order to plan the future is just too much. Oh she contributes to her pension and ISA's, but she has no idea when she could retire or what she would have to do to retire at a given age, or if she could retire today, or...

Well you get the idea.

Having an agrigator can make sense, though I fully accept the causion that many feel.

PeterGray
Lemon Slice
Posts: 455
Joined: November 4th, 2016, 11:18 am
Has thanked: 113 times
Been thanked: 119 times

Re: AJBell Youinvest MyWealth?

#161286

Postby PeterGray » August 22nd, 2018, 5:58 pm

My wife however hasn't the foggiest and it takes her at least half a day to find out because of the sheer number of accounts that she has

It would be easy to keep track of those on a spreadsheet - (and basic common sense in my view!).

I accept that there are a lot of people who can't and won't bother, but I'd advise against doing what looks easy, and taking what I think looks like an unacceptable risk. (at least until we have DNA scanners on our phones!)

Peter

gbjbaanb
Lemon Slice
Posts: 405
Joined: November 4th, 2016, 1:17 pm
Has thanked: 87 times
Been thanked: 53 times

Re: AJBell Youinvest MyWealth?

#163151

Postby gbjbaanb » August 30th, 2018, 1:00 pm

I have an aggregator - Microsoft tMoney, and I download statements and the like into it.

i can see the benefit of Open Banking, but only if its all very much read-only. It turns every financial institution into the kind of agency currently credit reference agencies are, though with the Experian data hack, that's not necessarily a good thing (though I used to work for one, and their data security was excellent)(not Experian!).

I doubt it matters what we think, the adverts will appear and people will be enticed to link all their accounts with their bank, and they will. In time. Just like they link their google or facebook logins to register with other services today.

swill453
Lemon Quarter
Posts: 1817
Joined: November 4th, 2016, 6:11 pm
Has thanked: 100 times
Been thanked: 431 times

Re: AJBell Youinvest MyWealth?

#163158

Postby swill453 » August 30th, 2018, 1:19 pm

When using a single provider's facility to aggregate information from multiple other providers, I would have thought the single most important thing that potential users would want to know (after security of course) is - Is AJBell going to use this information for its own purposes, for example to try and sell me other products?

As an AJBell customer, I'd like to think the answer to that is No, but I don't see that information prominently front and centre on the sign-up page.

There it says "Mywealth is provided for your own personal use.", which is mildly encouraging, but in the T&Cs it says "We will use the information ... to provide you with Financial Insights, Mywealth Features and Mywealth Tools." which is a little less clear.

Then later "From time to time, we may revise these Terms of Use at the request of a third party licensor in order to include additional pass-through terms with respect to any third party licensor." which sounds a bit ominous though it could well be benign.

I don't think the providers really get what users' concerns might be in this "open banking" thing.

Scott.

gbjbaanb
Lemon Slice
Posts: 405
Joined: November 4th, 2016, 1:17 pm
Has thanked: 87 times
Been thanked: 53 times

Re: AJBell Youinvest MyWealth?

#163161

Postby gbjbaanb » August 30th, 2018, 1:36 pm

I've just had a quick go at the MyWealth thing, and they don;t link your account or anything like that. It seems (currently at least) to be just a placeholder for your assets. You are responsible for updating it manually.

I suppose its like an online version of a very simple spreadsheet. I doubt they can use this info for more than simply deciding who has more money they can pester into transferring it :-)

In the future, obviously they will like to use open banking type features to offer an automatic view of your other assets, like other accounts.

swill453
Lemon Quarter
Posts: 1817
Joined: November 4th, 2016, 6:11 pm
Has thanked: 100 times
Been thanked: 431 times

Re: AJBell Youinvest MyWealth?

#163163

Postby swill453 » August 30th, 2018, 1:44 pm

gbjbaanb wrote:I doubt they can use this info for more than simply deciding who has more money they can pester into transferring it :-)

If they even hinted that it would be enough to make me close my accounts and go elsewhere.

Scott.

gbjbaanb
Lemon Slice
Posts: 405
Joined: November 4th, 2016, 1:17 pm
Has thanked: 87 times
Been thanked: 53 times

Re: AJBell Youinvest MyWealth?

#163164

Postby gbjbaanb » August 30th, 2018, 1:47 pm

swill453 wrote:
gbjbaanb wrote:I doubt they can use this info for more than simply deciding who has more money they can pester into transferring it :-)

If they even hinted that it would be enough to make me close my accounts and go elsewhere.

Scott.


What else does any company do with its customer info! Maybe "pester" was too strong a word.

swill453
Lemon Quarter
Posts: 1817
Joined: November 4th, 2016, 6:11 pm
Has thanked: 100 times
Been thanked: 431 times

Re: AJBell Youinvest MyWealth?

#163167

Postby swill453 » August 30th, 2018, 1:54 pm

gbjbaanb wrote:What else does any company do with its customer info! Maybe "pester" was too strong a word.

I would seriously expect and hope that AJBell wouldn't even be able to see my Mywealth info in the unlikely event I was ever to use it.

Scott.

gbjbaanb
Lemon Slice
Posts: 405
Joined: November 4th, 2016, 1:17 pm
Has thanked: 87 times
Been thanked: 53 times

Re: AJBell Youinvest MyWealth?

#163169

Postby gbjbaanb » August 30th, 2018, 2:00 pm

I would expect they would - currently its a simple thing that you can enter asset entries into.

In the future, I would like them to offer features, eg running the portfolo x-ray tool over my entire stocks from all providers rather than just seeing what I hold with AJBell. This is the point of open banking. If you don't want that, don't use it.

swill453
Lemon Quarter
Posts: 1817
Joined: November 4th, 2016, 6:11 pm
Has thanked: 100 times
Been thanked: 431 times

Re: AJBell Youinvest MyWealth?

#163201

Postby swill453 » August 30th, 2018, 4:28 pm

gbjbaanb wrote:I would expect they would - currently its a simple thing that you can enter asset entries into.

In the future, I would like them to offer features, eg running the portfolo x-ray tool over my entire stocks from all providers rather than just seeing what I hold with AJBell. This is the point of open banking. If you don't want that, don't use it.

Well sure. But that would be me, using tools on my data, and looking at the results myself.

What I wouldn't want would be AJBell actively looking at my assets themselves, and promoting products or services to me based on what they see.

Scott.

Steveam
Lemon Pip
Posts: 93
Joined: March 18th, 2017, 10:22 pm
Has thanked: 72 times
Been thanked: 54 times

Re: AJBell Youinvest MyWealth?

#163231

Postby Steveam » August 30th, 2018, 8:16 pm

I share the concerns expressed by other posters above and can't see that the (slight) extra convenience would be worth the security compromise.

What I fear is that we'll be gradually railroaded into it. Could one's refusal to sign-up impact on the availability of, for example, credit? I refuse to have my name on the PUBLIC Electoral Roll and have only had one (identified) circumstance when someone checked the public roll and there was a (minor) problem (easily resolved by providing utility bill copies).

Best wishes,

Steve


Return to “Brokers and Share Dealing”

Who is online

Users browsing this forum: No registered users and 1 guest