Website has thousands of financial advisors

October 20, 2008 10:05:56 AM PDT
ln this difficult economic climate, many people wish they had a financial advisor to help them get through it. Well, there's a website that promises 100,000 financial advisors, at your service 24/7.

Wesabe.com is all about money - your money; new ways to make it, new ways to hang on to what you've got. Start with a customized budget.

CEO Marc Hedlund has been with Wesabe since it launched three years ago.

"It connects to bank and credit card numbers and we gather your data, organize it, and show it using categories that you can understand and we make tips based on your spending," said Hedlund.

You can also utilize Wesabe without giving your account passwords. Hedlund recently inputted all his financial data.

"I spend way, way, way too much money on restaurants. I go out way too much. I'm an entrepreneur so what I look at is this grocery slice is too small and the restaurant slice is too big," said Hedlund.

Wesabe also offers the wisdom of the 100,000 people around the world who belong to this free website. Some want advice after blowing a budget. Some offer advice on how not to blow your money on good restaurants, hotels, auto shops and salons.

With the economy being in such bad shape, it may come as no surprise to you that Wesabe has seen its number of subscribers grow 33 percent each month for the past three months.

One of its subscribers also happens to be a financial planner who says websites like this one are a good idea. Jerry Luff has also checked out websites such as Mint and Quicken. He says whichever you use, take that first step find a mechanism to help you trace where your money's going.

"It is going to provide a platform to take the second and third steps - which is building a budget which is appropriate, and then one of most difficult things for most people - which is taking the action to live within those budgets," said Jerry Luff, Baker Avenue Assets Management.

Hedlund's favorite Wesabe story is the young man from Philadelphia asking for help buying a wedding ring.

"He got a lot of advice from women and men, from people who were married and from people who were thinking about getting married. He said he saved about half the cost of the ring and his girlfriend and now wife is happy with the purchase," said Hedlund.

Hedlund loves happy endings, especially when they're under budget.


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