First of all, I think
that this is a great concept for an actual application and company. I think that there is a good majority of
people that would benefit from something life Lyfe Guide. There are so many people that don’t understand
that importance of investing, managing your finances, as well as other day to
day activities. I think that this app
helps people with those problems.
Out of all
the other projects I would have to say that this was one of my top favorites,
mainly because I can see the potential of the app and/or company if it was done
correctly. Even thought the concept was good, I think that there are a couple
of things that could be improved on. One
problem I could see with the app is getting the people/advisors to work for
you. For example, there are many investment advisors that make a lot more than
six figures a year; however, working at Lyfe Guide they would be making a lot
less than that, which I don’t know how many people would give up that much
income. One of the ways you could handed
this is contact advisors that already work for companies specializing in the
advice that they will be giving. So, an
investment advisor working at Raymond James could advise people on the side and
make some form of commission from every call they make. This way you could get advice from people who
still work in the field in which they are advising. It would also cut down on the amount of money
you are having to pay advisors.
On other
addition that I think would be good is to have a bunch of various finance tools
incorporated into the app. For instance, in the budgeting section if you had a
way for people to input how much they make and give recommendations on a
personal budget based on what they input.
This could also be done for many of the other sections of the app, such
as a compound interest calculator in the investment section to show the users
visually the importance of investing and making money from your money. One benefit this could have with your app is
the ability for users to get some “advice” or get help with an issue really
quick. This is good because it would be
able to help users quickly and if they still had problems they could contact an
advisor; therefore, lowering the use of the advisors, saving you money on
advising fees.
Overall, I
think this is a great service and I would love to have an application like this.
No comments:
Post a Comment