DUBAI // A therapist and personal trainer has created an app to help people commit to a better quality of life.
Ian Houghton, owner of Scandinavian Health and Performance, has designed iCommit, which is now available from the iTunes store.
The free app helps people set targets such as eating more healthily, spending more time with family, or aiming for promotion at work.
The idea stemmed from a need to try to make clients more accountable for their own lives.
Initially, the app was aimed at personal trainers but the concept developed into something individuals could use to set lifestyle goals.
The social media element allows people to seek accountability or support.
"It started when I was working on a plan for a client in Norway and I needed to know if he was following his diet or not," Mr Houghton, a Norwegian, said. "I knew something like this would have to be on a mobile device to make it as convenient as possible for people to check."
He has been looking at ways to apply it to the corporate market, for example allowing human resources departments to arrange different in-house competitions or challenges, report systems and motivate employees.
Even gyms can set up internal communities to help encourage competition or act as a support network for members.
Mr Houghton specialises in naprapathy - a mix of chiropractic care and physiotherapy. He said his app could also be useful for doctors, who could use it to remind patients to take medication or get exercise.
Belen Settembri, a life coach, praised the app. She said most of her clients needed a structured approach to achieve their goals.
"For some people, this app could be very useful as a structure. Many already set appointments on their calendars. This would go a step forward on that. Also, today, people do everything with their iPhones and they have the advantage to sync with their other devices," she said.
Coaches could also set up their own commitments for clients.
"A lot of the time you or your client don't know if they're following a plan that is meeting their goals," Mr Houghton said.
Mrs Settembri said her clients used various items, such as a necklace or bracelet, to remind them of their commitments, or use phone alerts or Post-it notes.
"Having said that, without real will, there is no structure nor app that helps people to commit," she said. "As a coach, I work with my clients not setting a list of to-do as we all have enough of these but on answering the questions behind their wishes.
"I also believe that once we commit to something, it is good to involve other people, and the app has this feature. You can invite other people and also create a group.
"It is like going to a gym or arranging to run in the morning with a friend. It is not only about you any more, and it works"
Dr Justin Thomas, a psychologist and lecturer at Zayed University who is also a columnist for The National, agreed.
"Going public with your commitments is a great way to garner support from loved ones," he said. "Psychologists usually encourage clients to set goals that are specific and time-based and hard to fail.
"So rather than 'spend more time with daughter', we would suggest something like 'spend 15 minutes three times per week reading stories with my daughter' - more specific and measurable.
"If that's how iCommit works, then it sounds like a great little app to help people stay committed and connected to the things that really matter to them."
mswan@thenational.ae
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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