A new acquisition by Miigen, the social platform for senior life living, is set to be of immediate interest to independent financial advisers, professional services providers and wealth management specialists.
Miigen allows older adults to create a digital record of their lives in their own words and in their own voice. Users can securely share this with friends, relatives and children, giving them control of their own digital legacy.
As one in four older adults is predicted to suffer from dementia, Miigen becomes a store of personalised memories that act as triggers in later life.
The rapidly-expanding UK start-up, which is now operating in 125 countries, has acquired an innovative digital inheritance package being branded as Mii-VAULT which creates a secure vault to ease the handling of a person’s estate.
Mii-VAULT is designed to help wealth managers and other professionals underpin and enhance the service they provide to clients as well as introducing a new revenue stream.
CEO Craig J Lemmon, the entrepreneur who co-founded Miigen in 2015, said: “This deal made sense to both parties because of Miigen’s global footprint, which is allowing the application to get to market much more quickly, widely and efficiently.
“It will be of especial interest to IFAs who will be able to offer it to their clients either as a free bolt-on or as an additional paid service. IFAs can effectively become joint keyholders to the digital vault as well as trusted advisers.”
The Mii-VAULT concept was born out of the realisation that increasing numbers of individuals lead complicated business and personal lives across multiple countries and in a variety of different legal jurisdictions.
Over the course of a life, an individual may have had a number of marriages, acquired properties in different parts of the globe and amassed assets including insurances and pensions. These all require accurate documentation for estate planning, management and disposal.
Mii-VAULT allows all relevant documentation to be securely stored in Miigen’s own servers, which boast 256-bit encryption, comfortably in excess of the security requirements of most major banks and financial institutions.
“The attraction of the product for IFAs and other professionals is that it has a high lifetime value,” said Lemmon. “Partner businesses will have access to comprehensive tech and marketing services which can help add value to their client offering.
“Mii-VAULT is cost-effective and scalable and can be customised to meld with existing branding. Low entry costs are attractive and the product can be rapidly rolled out to provide a 24/7 solution for partner businesses.”
The rationale for the Mii-VAULT deal was driven by the recognition of Miigen’s increasing global footprint. Just five years after launch, it has 65,000 registered users and operates in 125 countries.
