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Frequently Asked Questions

  • Getting Started
  • About Us
  • Is Plenty for Me?
  • Investment
  • Pricing
  • Security
  • Financial Roadmap
Getting Started
Below are some of the most frequently asked questions. If you have other thoughts, concerns, or questions please contact us.
Why do I need to enter my bank login details?
We collect your transaction details so our advice to you can be as relevant and timely as possible. Entering your login details allows us to import your transactions. It DOES NOT mean you, or anyone else, can perform any banking transactions inside of Plenty. We take security very seriously at Plenty - you can read more about everything we do to protect your data here.
What is the process to get started?
Getting started is easy - simply click here and sign up for an account.
I really want a financial roadmap but don't want to give you my bank details?
At this point in time we do not have the ability to manually import transactions. This is high on our to-do list so stay tuned! As an aside - we never see your banking details - they are purely used to get your transaction data; no one can ever see your login details or access your money. Read more about security here.
We are a couple - do we need separate accounts?
We generally recommend that couples sign up to Plenty as one linked account (with separate logins). This way we can look at your financial situation as an entire household.
About Us
Below are some of the most frequently asked questions. If you have other thoughts, concerns, or questions please contact us.
Why should I use Plenty?

We all have money stress but seeking expert advice to overcome that stress is not an option for most as professional advice is prohibitively expensive, difficult to find and often not in your best interest. Plenty empowers Australians to live a more plentiful life by giving them a free financial roadmap that shows exactly where they are today and what they need to do to reach their targets in life. We are like Financial GPS - taking into account every part of a person's financial life to put them on the right path.

What will I get from Plenty?

By using Plenty we hope to deliver you:

  • Lower Fees - our recommendations will lower fees across all your financial products.
  • Lower interest - we will analyse your debt and make sure you are paying the lowest interest rate possible.
  • Lower tax - Plenty hates tax as much as you - our recommendations will bring your tax to as low as (legally...) possible.
  • Smarter investment - We will invest your money in the best allocation possible given your age and risk profile.
  • Smarter planning - we will help you set goals, set a budget and then smash those goals.
  • More wealth - through a combination of the above we will improve your wealth.
Is Plenty free?

To receive your financial roadmap it won't cost you a penny. From there we charge you a fee if you would like assistance implementing the plan or to speak with an adviser. You can see our pricing here

Do you make product recommendations?

We are not afraid to admit it. Yes. Product recommendations have gotten a bad rap lately (for good reason!). Often these recommendations are driven by self-interest rather than your interest. Not at Plenty . We know that every dollar paid in fees is a dollar less in your pocket. Whether it is recommending investment products, insurance or mortgages, Plenty will always try find you the lowest cost that matches your needs.

Why do you recommend certain products over others?

We are vehemently supplier agnostic. We are not aligned to any bank, credit union, insurance company, building society or religion. Our only concern is getting you into the best financial position possible.

Do you have an app?

Not yet! But watch this space...

I want to speak to a person - not a computer!?

We get it. Some people love the personal touch. Once you receive your financial roadmap you can become a subscriber which gives you one on one access to one of our top notch financial advisers at a very low cost. Click here to see what one of those subscriptions will set you back.

Is Plenty for Me?
Below are some of the most frequently asked questions. If you have other thoughts, concerns, or questions please contact us.
I am on the cusp of retirement
Damn straight it is. Retirement should be a celebrated time in life but, unfortunately, a lot of people are left struggling to make ends meet as they have not planned it sufficiently. Plenty can assess how much you will need for retirement and what you will have to do to get there.

I have an SMSF

If you have an SMSF we do not yet (watch this space!) provide advice on the assets held in the fund. However - we can provide advice on all other aspect of your life including, but not limited to, retirement planning, budgeting, insurances, contributions/withdrawal strategies and a lot more.

I am in a lot of debt

Getting out of debt requires a plan. A plan combined with discipline. Plenty can provide both of these. One small caveat - we won't be able to help you eliminate your debt if you currently don't earn an income.

I have income but very few assets

One of our firm beliefs at Plenty is "good advice should be the right of the plenty - not of the wealthy" - that is why we deliver our financial roadmap for free. Our advice is different for each person and, if you have no assets, our advice will be specific for you.

I am a high net worth

This is a tricky one. While we pride ourselves on the quality of our advice - we built Plenty to service 95% of the population - there is a chance that if you do fall in the top 5% our advice might be too limited in scope to give you the best outcome. Given it's free to receive a plan we recommend you give it a try - you might be surprised that small changes can make a big difference.

Investment
Below are some of the most frequently asked questions. If you have other thoughts, concerns, or questions please contact us.
What is your investment philosophy?
Our philosophy at Plenty is that passive investments (indexed) provide superior after-fee returns vs. actively managed portfolios in most asset classes. We are not the first to think this - a lot of studies by people far smarter than us (like this one and this one) have shown that the experts (i.e fund managers) do not generate any excess returns for investors. In fact - these studies shows that over 80% underperform the market.
Why should Plenty manage my money?
At Plenty we invest your money in Exchange Traded Funds and Listed Investment Companies (LICs) - if you are not sure what these are click here to find out more. Effectively - ETF's are a great way for investors to get diversity in their portfolio at a very low cost. ETF's are built to replicate the returns of an index and offer investors exposure to a wide variety of securities for a very low cost.
Where does Plenty recommend to invest my money?
At Plenty we recommend you invest your money in Exchange Traded Funds and Listed Investment Companies (LICs) – if you are not sure what these are click here to find out more. Effectively – ETF’s are a great way for investors to get diversity in their portfolio at a very low cost. ETF’s are built to replicate the returns of an index and offer investors exposure to a wide variety of securities for a very low cost.
How does Plenty decide where to invest my money?
Before producing your financial plan we like to collect a lot of information about you so our advice is as relevant as possible. Part of the information we collect is around your investment preferences. Based on your situation and response to our investment profiling we will allocate your assets to our of our tailor made portfolios.
How many portfolios do you have?
We tailor your investments to meet your specific needs and goals.
What are in these portfolios?
Your portfolio will contain a combination of ETFs, LICs and cash. The weighting in each will depend on your personal situation.
Does Plenty manage my investments?
At this point in time we will make a recommendation on where you should invest your money however, we cannot implement these recommendations. Stay tuned though - this is a feature we are looking to add very soon.
How is Plenty different from fund managers?
Fund managers adopt an "active" approach where they try to beat the market by choosing stocks. In return for their self-ascribed stock picking abilities they will charge you a hefty fee - often between 1% and 3%. This is despite the fact that a number of studies have gone to show that active managers, after including fees, are not going to beat the market. At Plenty we take a passive approach - this approach delivers a diversified portfolio at cost of just 0.3% - a lot cheaper and likely to outperform most fund managers.
Pricing
Below are some of the most frequently asked questions. If you have other thoughts, concerns, or questions please contact us.
How does Plenty make money?

We give away a lot for free so it is a valid question. We are like any other financial planning business and get paid through a variety of ongoing fees. The key difference with Plenty is:

No upfront fees - We provide you with a comprehensive financial roadmap for free (see a sample here). This is an industry wide first and compares to $2,500 you are likely to pay a traditional financial adviser.

Small optional ongoing fees - Our ongoing subscription fee of just $59 per month (and 0.3% of money you decide to invest through us) is only paid if you want help implementing and discussing your plan.

We have our own licence - It is well-known that the majority of advisers are licensed by a big institution. Plenty , on the other hand, has it's own licence which means we don't answer to any bank, insurance company, credit union or religion. This means we will only recommend a product because it is your best interest - not in the interest of a faceless corporation.

We are transparent as all hell - every cent we earn (either directly from your pocket or through third party payments) will be outlined very clearly in your financial roadmap in the fees section.

What does Plenty charge?

We think our prices are very reasonable - you can see a pricing table here

How does Plenty charge it's investment fee?

Our investment fee of 0.3 % per annum will be charged monthly (0.025% per month) and is deducted from the bank account we help you set up. If the bank account is empty we will sell part of your portfolio to cover the fees - to prevent this happening we

How do Plenty fees compared to traditional advisers?

We are happy you asked - traditional advisers typically charge around $2,500 up front and either a flat fee of ~1% or an ongoing fee of $2,500 per year (this doesn't include "hidden fees" that are often charged - read more about this here) . So - depending on you ask - Plenty is anywhere from 60-90% cheaper than a traditional adviser.

Can my fees come out of super?

They sure can! Once you become a subscriber we will show you how.

Security
Below are some of the most frequently asked questions . If you have other thoughts, concerns, or questions please contact us.
Who does Plenty use for bank feeds?
Plenty's Bank Feed Service uses a data aggregation service called Proviso. We chose them because they're an Australian based company that knows the local market inside out. Proviso’s sole focus on Australia means that they collect data from the broadest range of local banks and credit unions out of any data aggregation service – it also means your data never leaves Australia.
Where are my login details stored?

Your login details are passed securely to Proviso, and not stored by Plenty. These details are used by Proviso for one sole purpose, which is to fetch your transactions direct from your banking site.

Proviso uses the same security measures as your bank - 256-bit encryption, secured by 2048-bit keys. Their service is independently tested and audited by external security experts.

Can you access my online banking?
No - providing your banking details just allows us, through Proviso, to collect your transaction history. Not us, or you, or anyone else can access your online banking through the Plenty platform.
Can you make transactions?
No - we cannot perform any transactions with the exception of investments that you have approved.
Do you sell my data?
We do not sell any of your data - you can read more about our privacy policy here.
How can I trust that my data is secure?
The security of your data is one of our top priorities at Plenty . We have bank level security of data - you can find out about all our security measures here.
If someone has stolen my Plenty login details can they access my online banking?
No - if someone manages to login to your Plenty account they will not be able to gain any of the information you provided when you first signed up. They will also not be able to perform any banking transactions from within the Plenty platform.
Financial Roadmap
Below are some of the most frequently asked questions. If you have other thoughts, concerns, or questions please contact us.
What type of recommendations will you make in my financial roadmap?

Our financial plans are comprehensive and can provide advice on goal setting, cash flow management, budgeting, superannuation, investments, retirement, insurances, debt and tax savings opportunities. You can see a sample of the financial plan that we generate here.

I thought a financial plan cost $2,500 - why is yours free?

We spend all day every day thinking of ways to bring down the cost of advice so that anyone can afford it. We have thought of three key ways

  1. No brick and mortar: we don't have a CBD office with harbour views; we keep it lean and mean which makes it cheaper for you.
  2. Data: by linking your bank account we get everything we need straight away so we can deliver great advice for a great price
  3. Efficiencies: a lot of planners have inefficient processes and systems and guess who ends up paying for those inefficiencies...
What is a financial roadmap anyway?

A (good) financial roadmap provides a snapshot of your current financial situation and lays down a roadmap to a clearer and better future for you and your money. Ultimately it should show you the best ways to manage your money to maximise its potential both now and in the future. You can see a sample here.

What if I don't like the recommendations you have given?

We try to make recommendations that will advantage you in the long term - this may mean some short term sacrifices. A lot of our recommendations are based off the goals you want to achieve - if you feel that some of our recommendations are unrealistic then you can always go adjust your goals and generate a new plan.

Can I generate a new plan

Of course! We believe that a good financial roadmap should evolve as your life evolves. The best time to get a new roadmap is when you have a major change in your life such as getting married, having kids, buying a home, entering retirements, getting a new job with new pay etc. Once you have registered a new roadmap is simply a mouse click away (and its free...).

GET TOUCH
If you have other thoughts, concerns, or questions please contact us.