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Mint.com Launches Application that Connects Advisors with Clients

By Donna Mitchell
June 5, 2009
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Mint.com, the personal finance management software, launched an application for the My Yahoo! start page that goes live today. By attaching the software to the ubiquitous and customizable website, the Mountainview, Calif.-based company hopes the new partnership will boost usage of its product. After a Mint.com user inputs financial account information—such as savings, checking, investments and loans—the program aggregates the data into one location and provides automatic updates on account transactions.

Mint.com users can list their financial advisor as a recipient of weekly summary and other email communications from Mint.com. The company is currently developing features that will allow advisors to interact more closely with their clients through their Mint.com pages, said a company spokeswoman.

“It’s a great way to prepare clients for the next meeting with their financial advisor,” said Aaron Patzer, chief executive officer and founder of Mint.com. “It can also help identify whether an individual should be working with a financial advisor.”

One million users track their finances with Mint.com, which launched in September 2007. Users can create budgets and generate detailed reports, allowing them to see how much they spend on fixed costs as well as on shopping, dining out or even dry cleaning. The site alerts users about upcoming bills, low balances and fees levied by their institutions, according to the company.

As an application on My Yahoo!, Mint.com allows users to assess their finances and monitor their net worth while checking other information feeds, such as email and news. But the feature is not meant to substitute for the advice of a financial planner, company officials say. “Because My Yahoo! is used by nearly 40 million people, it’s a great way to make sure money management is part of Americans’ everyday experience,” said Aaron Forth, vice president of product for Mint.com.

The My Yahoo! application includes educational content from Financial Fitness, a feature added in April. “The basics of financial management are simple and can be easily understood and practiced by everyone,” Patzer said in April.