“I didn't fail 1000 times. The lightbulb was an invention with 1000 steps.” -Thomas Edison
I’m excited to share the news that we have successfully launched the beta version of MyAssets, the innovative asset management platform I have been involved with since inception. I have attached my personal thoughts / tips on using the platform in its relatively early days and how best to set up in the beginning, so to best optimize for the future.
By way of background, this platform came about as a method to look after assets that weren’t the typical financial services assets. While there are countless software solutions handling aggregated bank accounts, investment portfolios and underlying publicly quoted equities, bonds and mutual funds to varying degrees of sophistication, we identified that there was a significant gap for managing this plus everything else – until now.
Whether you’re a lifetime collector of art and wine, a sophisticated real estate investor, starting your first collection of cherished items that you’re passionate about, or simply looking to organize your belongings at home (and to make sure these are insured), MyAssets is here for you. If, like many of us, you've relied on spreadsheets, basic databases, or outdated collection apps to try and track your worldly possessions with limited levels of success, you will love what MyAssets has to offer.
My fellow founders and I envisioned a single, comprehensive platform that allows you to:
- Conduct the financial analysis that is performed through excel and typical investor tools;
- Organise documentation, storage of invoices, receipts and indexation of legal paperwork typically administered with database products;
- Manage and view all associated images in high resolution through an innovative photo gallery.
- Prepare for estate planning, tax, and financial returns. Further manage all necessary life and general insurances and look after real estate related issues.
In delivering the above, we feel that we now have a product that adds real value to all Users. Originally intended for high net worth individuals (“HNWI”), we quickly realised that there is a much wider market of passionate collectors, at all budget levels, and those that simply need help organizing their lives.
The MyAssets product breaks out into key components –
- Global Dashboard - A consolidated overview of all of the assets you have
- MyFinances - Financial services assets and liabilities (incl. Insurance)
- MyProperties - Real estate, locations and associated assets
- MyCollectables - Art, wine and spirits, watches, vintage cars and other collectables
- MyBelongings - Household items, heirlooms and anything else that falls outside the ‘Collectable’ category
- Groups - Custom grouping tools allowing you to view and manage any selection of assets in the way you want.
- Document Vault - A ‘file manager” styled system tool allowing you to easily and quickly view all asset documentation stored in the system
- Delegates - The ability to appoint one or more third-parties to view, edit, create or delete assets / records within your account
All the above functions are working in the beta release, though some categories (or silos as we refer to them internally), are more developed on release than others. I have set out below the way I would suggest “setting up” the system. That being said, from our initial test feedback, I know that many people took a different setup path to get to the configuration they were happy with. There is no right or wrong way to start, we have designed the system to cater for all User focuses and priorities. Everything you add or change in the system is recorded in a visible activity log, allowing you to always be able to go back and check what actions were performed.
Our series of initial prompts, hover tips and User guide points will help you navigate your introduction to the system. Whilst we have designed MyAssets to be intuitive to use, it is extremely comprehensive, so will always be a little more complicated to set up than a 12-column spread sheet. However, having seen how our pilot Users now love it after they have invested time importing and uploading information, we are confident that it can become an invaluable tool for you going forwards.
The system is built around a User’s “base” currency (the currency that you “think in”) and this is selected at outset. Don’t worry though, any underlying assets can be recorded in their original purchase currency and reviewed in that currency, or alternatively your base currency. We also provide you with the option to view everything in an alternate currency, should you so wish.
Whilst the system has been optimized for mobile viewing throughout, we would recommend that data entry is conducted via a pc and its larger screen size. Native iOS and android apps will follow in H1 next year once we are out of beta.
As with any software launch of a product of this complexity, no matter how much we tested things in advance, there is no substitute for being “live” and unforeseen circumstances will arise. During our beta phase we have scheduled maintenance downtime twice a week and will probably have the odd “unscheduled” downtime. Please bear with us during the early stages and we encourage you to let us know about bugs you find, functionality that irritates you, things that could be done better, or features you would like added to MyAssets. We will be rewarding all our early adopters with free premium and extended services as they roll out, to thank you for your patience and understanding as the product matures.
We have a stream of really exciting value-add features and functions to drop in over the next 18 months and will keep you updated as they expand the platforms’ capabilities.
5 Simple steps on how to setup and use MyAssets
Step 1 – Add a Property (MyProperties)
Start by adding your first “location” in the “MyProperties” silo. This would typically be the home you live in, and you can record whether you own it or rent it. You can add all the purchase/rental details and then you can configure the rooms – living room, dining room, different bedrooms and bathrooms etc. Add some key images for the visuals, add purchase agreements, title deeds, renovation contracts, original property sales brochure, or other relevant legal documents as attachments. You can also record the ownership details – personal name, joint names or corporate entity details. Built-in estate planning tools, also allow you to record beneficiary details as to whom you have left a property to (or would like to leave a property to).
Adding one or more properties or locations, is a cornerstone for later associating belongings and collectables which can be linked to a particular property / room. Its easiest to get started with one but ultimately you can repeat the process for any real estate that you rent or own. The system categorises everything from plots of land, renovation projects, residential apartments and houses through to commercial real estate. Whilst we have the option to link real estate pricing automatically through to Zillow or similar, unlike other asset areas where pricing feeds are ingested to automate pricing and valuations, we are yet to be convinced this makes sense in real estate, as the relevant value of a house down the street, or a similar apartment in the same building, is typically not exactly the same as your home. After extensive research and feedback, common consensus determined that the only valuations that really matter are what you, as the homeowner think it’s worth (based on any modifications you have made), or what a bank thinks it’s worth that may have a mortgage secured against the property. The system allows you to store and record multiple valuations as time progresses. This valuation history tool applies to all asset silos. Later, in the MyFinances silo, you can link bank accounts, or related bank financing (mortgage or loan) to a particular piece of real estate.
Property-related tools that are in the roadmap for future release include being able to manage individual income and expense transactions by property (so as to be able to accurately monitor gross and net yield), or to manage a renovation project in relation to a particular real estate holding. Further, the system has also been designed to interface with AirBnB and similar platforms via API, for those that utilize third party booking systems. Buildings and contents Insurance policies will also be linkable to one or more properties.
Step 2 – Add some household belongings (MyBelongings)
After creating a Property / Location, then go to “MyBelongings” and add a few household items. Maybe, take a few photographs from around the house and upload them, or if you have a database of sorts where you have household possessions add a few items. TV’s, furniture, household appliances, family heirlooms, bicycles, gardening equipment are all examples of what can be added here. Again, images, purchase receipts, serial numbers, instruction manuals and other supporting information can be added.
People keep lists and records for a variety of reasons. Some just like to “know where everything is”, others for insurance purposes, a relocation inventory, or for estate planning. Rest assured all personal data is encrypted, so that no one other than you, or your appointed delegates, will see the details.
Don’t add too many items if you have a lot, or are currently maintain extensive spreadsheets, we have bulk import tools being released very soon, which will allow the importing of large data sets seamlessly into the platform. Whilst excel files or .csv files are always easy to import (as only text and numeric fields are being imported), those of you with databases combining text and image files / attachments, please contact customer support and we will see where we can assist you through our concierge service. We have a dedicated, trusted team of data archivists that can assist importing or adding attachments. Whilst this is an add-on concierge service that we launch next year, we are happy to make it available free-of-charge, as part of our onboarding service as we learn with our users, which services are of most use to them.
Step 3 – Add some art or other collectables (MyCollectables)
MyAssets features a very powerful collectable silo, that has “Art” offered as the first asset class with a comprehensive range of additional tools and service pre-supplied. We have integrated with third party data and content provider “Artfacts”. Basic artist information and current exhibition information is provided as standard and extended, premium-level information including pricing / price trends / gallery ranking will become available next year.
All information that an art collector needs to record, or store, in relation to their artwork is catered for. Purchase information, multiple images, all related auction data fields, dimensions, medium, art style, art type, edition details, provenance, catalogue text, condition reports, valuation reports, valuation history, auction catalogues, sales and purchase particulars, shipping, storage location and display details can all be tracked and managed. Art under offer, sold, consigned for sale, loaned to museums or exhibitions can also be recorded and monitored.
Art and other collectables can be beautifully displayed in a digital gallery in card format, or can be managed in a more compact “list view” format. Within art, you can create your own “art types”, i.e., sculpture / painting / works on paper / photography / mixed media, or select from our pre-populated menu options.
The catch-all “Other Collectables” section is also already launched and again you can use our pre-populated “Collectable Types”, or create your own. Our Users track antiques, autographs, automobiles and automobile memorabilia, books and manuscripts, cameras, collectable cards, cigars, coins and currency, clocks and barometers, comics, film / movie memorabilia, firearms, furniture, glassware, handbags, jewelry, medals, musical instruments, pens, porcelain figures, posters, shoes, sneakers / trainers, sporting memorabilia, stamps, toys and games, vinyl, vintage clothing and many other collectable categories.
We are shortly launching other specialist collectable categories, beginning with “Wines and Spirits”, “Cars” and “Watches”, which will be integrated with third party price and content providers, allowing for automatic valuation and news updates. We will roll out other collectable categories into fully-featured, specific sectors, as we monitor where User demand arises.
Any asset(s) added across Belongings, Art and Other Collectables allows ownership and beneficiary details to be recorded, and can be added to custom Groups which can extend across multiple asset classes. Again, all collectables will shortly be capable of being bulk imported via a .csv import facility.
Step 4 – Add a bank account (MyFinances)
The "MyFinances" section is currently only included so Users can get a feel as to how the overall product will look and function. Over the next two quarters, the financial subsections of Cash and banking, traditional investments and investment vehicles, other investments, cryptocurrencies and insurances will be made available.
Users utilizing banks in the UK, EU, US and Canada, will shortly be able to automatically integrate their bank account balances, via our provider Plaid, which maintains integrations with some 12,000 financial institutions across 18 countries. Additional open banking aggregators will be added to expand our global coverage, and Users banking in other areas such as Hong Kong, Japan, Singapore, the Middle East where third-party bank integrations are less common, can already manually add and update multi-currency bank accounts and balances within the system.
Next to go live after the automated banking addition, will be the “Other Investments” section where Users can track their non-quoted investments, private company shares, syndicate holdings, family businesses and other vehicles where third party pricing is not common.
Traditional investment portfolios, wealth management accounts, or direct investments in quoted equities warrants, bonds, mutual funds and unit trusts will also be capable of being added and integrated. Automatic price updates, news and underlying financial / fund fact sheet information will also be made available.
Savings plans, insurance wrappers, school fees provision policies, retirement schemes, MPF schemes, pension policies and all forms of investment-linked insurance, life assurance and general insurance will also be trackable. Any underlying art and collectable assets, general belongings, or real estate holdings can be assigned to a particular insurance policy.
Step 5 – Using other tools, reports and system wide settings
The system has a powerful knowledge base that is constantly getting updated as we handle more and more queries. You can access support and the knowledge base directly from the platform (click on the person icon top right), or via https://myassets.com/support/ . There is also a live chat support system currently running from 9am Asian time till European time zone 6pm. This can be accessed by clicking on any support topic and scrolling to the bottom to the “Chat with Us” or “Submit a Contact Form” buttons.
A powerful feature that we have found to be extremely popular with our pilot Users is the ability to create custom “Groups” that can hold any spread of assets and liabilities that a User decides is relevant. Users have grouped assets (across real estate, financial, collectables and belongings) to be left to a particular beneficiary or charity, others have created groups of assets that need insuring, that are to be moved to a new location, or by geography. There are also additional functions - bulk addition, edit and relocation that will be added in the coming months.
Early adoption Users also receive a complimentary “Delegate” account to trial, allowing them to appoint an additional User to their account. This could be a personal assistant that adds all new collectable or household purchases, an art curator managing art, or a wine sommelier managing a wine collection. Further delegate tools, i.e. multiple delegates are already undergoing extensive testing and will again be released shortly.
The reporting and exporting tools linked to the system are currently relatively primitive. From the global dashboard you can run a macro report of everything you hold on the system and there are detailed line item reports available under Art and collectables and OtherBelongings. These can be exported in pdf or csv format. The range of reports and customisation options will improve significantly over the next few months.
These initial steps will get you started on your journey with MyAssets, one that we hope will be beneficial and lifelong. As mentioned, earlier, we actively encourage you to let us know about any bugs you find, functionality that irritates you, things that could be done better, or features you would like added to MyAssets.
Borrowing from the Japanese term “KAIZEN”, one of our central objectives is for MyAssets to deliver continuous improvement, that we hope will add constantly increasing value to our friends and partners on this journey.
Kind regards,
Tom Hall
Co-Founder, MyAssets
