A new financial advice website, HelloWallet.com, has recently launched. The site is the brainchild of founder Matt Fellowes who came upon the HelloWallet concept while doing research for the prestigious Brookings Institution. Fellowes ascertained that average Americans lose over $100 billion each year due to a lack of financial information resulting in bad decisions when it comes to money. His research further quantified that a whopping 80% of Americans receive no objective financial advice whatsoever. Rather than just studying and lamenting about the problem, Fellowes took action by creating HelloWallet which delivers independent and personalized financial advice for a small monthly fee of just $4. The site also donates one free account to a worthy recipient for every four paid sign-ups.
HelloWallet seeks to set itself apart from other financial advice sites by not entering into partnerships with advertisers who dictate that certain offers be pushed over others. This allows HelloWallet to maintain objectivity and give the best advice for each consumer without any conflicts of interest. Furthermore, the site is fastidious about its privacy policies, and unlike other financial sites, HelloWallet will never share your personal information with financial service marketing firms or anyone else. Although it is a new site, HelloWallet recently got a big boost when the Mayor of San Francisco created a program to provide all city residents with a free HelloWallet account. With endorsements like that it is likely we’ll be hearing much more about this site in the future.