By Stuart Foxman
November 29, 2018
There’s no shortage of product information and advice online related to personal finances. But how can you tell if it’s objective and right for you? Arctic Rich removes the guesswork, offering what it calls “unbiased intelligence” to help clients save money and time, and get closer to their financial goals.
After Kaiser Islam graduated Western University’s Ivey Business School with an MBA, he landed a job in corporate banking. Every day, he’d analyze companies and markets, relying on the research available from organizations like Moody’s and Dun & Bradstreet. The information was voluminous and easy to act upon. That was his professional life. Personally, he came to realize that there was a gap when it came to useful financial knowledge.
“When I went home and tried to get information as a consumer it was harder to find,” says Islam. “I thought there was a big space that was addressed in the corporate world, but unserved in the consumer world,” he says.
Sure, you can find plenty of material and advice online related to personal finances. But how can you tell if it’s objective? Who stands to benefit? How do you filter through it all?
That’s why Islam founded Arctic Rich in 2018 (arcticrich.com). His goal is to help consumers save money (and time) by learning about and taking advantage of various financial options, around everything from insurance to credit cards to cars.
Clients pay $10 a month, and can cancel any time. They provide Arctic Rich with their financial information (as much or as little as they want), all kept secure. Arctic Rich takes a holistic approach. The more they know about a client, the better they can provide suggestions based on deep information-gathering and analytics. Clients log in to a portal to access tailored financial solutions.
Islam mentions one client who had paid for her cell phone, home phone and internet from the same provider for some time. She hadn’t shopped around for better deals. Arctic Rich noticed she was paying much higher than the going market rates.
“We presented her with the best available options available today, all compared side by side,” says Islam. “She was comfortable in making a move since she knew Arctic Rich was working only in her best interest. Now, she’s with a new provider paying less than half – with twice as many features.”
This client went through the same process with other major expense items, and now invests her newfound savings. Arctic Rich helped her find the best available investment opportunities too.
Islam figures that clients stand to save $5,000-$15,000 a year by signing up for Arctic Rich, just by organizing their personal finances in a more productive way, and making financially-savvy decisions.
While Arctic Rich is open to anyone, at any income level, Islam sees a target market as recent graduates who are open to new ideas and technology solutions.
Why should people use Arctic Rich rather than free information? Islam explains that the company streamlines information, collected from multiple sources, to offer insight into the financial world.
The company doesn’t endorse, promote, sell or distribute any financial product or services. What it does do, says Islam, is offer authentic and unbiased intelligence, geared to clients’ financial goals.
He compares Arctic Rich to other subscriber services like Spotify for music or Netflix for movies and series. Consumers pay a monthly flat fee with those too, and get value-added suggestions based on their preferences.
“That’s what we’re doing with finances,” says Islam.
Sturart Foxman writes for StartUp Here Toronto.
Photo credit Zlatko Cetinic, Images Made Real