WalletHub, touted by its creators as the first personal finance social network, officially launches today. The site is operated by Evolution Finance, which also runs the credit card comparison site CardHub, and it has been in beta for some time. Today is the first day it has been launched outside of the beta version.
WalletHub provides a place to review financial firms
According to the site’s founder, WalletHub is the first social network to be built specifically around personal finance. As such, it fills a void in the social networking industry. Users are able to read and write reviews on more than 1 million financial companies, professionals and products. They can also interact and share their experiences, insights, and fees and rates to help others find a financial advisor or product they need.
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The site’s creators claim that hundreds of thousands of companies which are reviewed or rated there can’t be reviewed anywhere else. As a result, they believe WalletHub will provide more transparency within the financial industry so that investors will be more aware of the track record of the advisor they are working with.
WalletHub brings investors together
The site also offers a number of social features. Users can ask questions pertaining to financial topics, either to the community or to specific users, including companies which sign up. Users can also organize groups and earn Wallet Points. The more users interact with the site, the more points they gain. The higher their point counts, the more credible and upstanding their reputation on the network becomes.
WalletNews can be customized
The social network also enables users to customize their news by following specific news websites, blogs or writers. They can customize the news they view on their WalletHub page so that they see the most current information about those specific financial topics. The site will also suggest new news sites that users enjoy based on their previous preferences.
Users may also be among the first to learn about new products, offers and rates.