Financial services firm 10X Investments has launched a new portal that enables clients to take charge of their own retirement plans.<\/p>\n
Customer using My10X, which has been designed as mobile-first application, have access to all information about their retirement plan and investments. They can also make adjustments \u2013 such as change a beneficiary, increase a debit order, or make an additional once-off contribution \u2013 using their phone.<\/p>\n
The service was made available to clients on the weekend by way of a soft launch, 10X told BusinessTech.<\/p>\n
10X Investments founder and CEO, Steven Nathan, said My10X enables clients to plan, invest and monitor their retirement savings on their mobile phone or desktop.<\/p>\n
“It gives customers the tools to make better decisions to improve their own retirement outcomes. You can barely get an up-to-date retirement fund statement online from the incumbent companies,” he said.<\/p>\n
For 10X customers who are not on track to the retirement they desire, the platform allows them to make various adjustments \u2013 such as increasing savings or pushing back their targeted retirement date \u2013 to better align the journey with the desired destination – a comfortable retirement, the group said.<\/p>\n
The ease with which retirement savers will be able to see exactly how their retirement plan is performing and what it is costing them lays down a challenge to the rest of the industry, Nathan said.<\/p>\n
He said that traditional retirement planning companies stand accused of intentionally confusing customers with a wide and bewildering selection of options and of obscuring high fees and poor performance.<\/p>\n
“The lack of digital innovation on the client side in the investment space has exacerbated the problem,” Nathan said.<\/p>\n
By making all the available information easy to access and simple to act on, “My10X will address one of the main reasons so many South Africans are facing their own financial day zero: they do not save enough,” the chief executive said.<\/p>\n
He added that the new portal also provides tips and advice on how to save a little more every year without breaking the bank to get closer to your retirement goal.<\/p>\n
My10X enables customers to do the following:<\/p>\n