Frequently Asked Questions

Question 1

How is Olomon different from my bank or investment app?

Accepted Answer

Banks and investment apps only show individual accounts or portfolios. Olomon unites your disparate financial data across all institutions, providing full visibility into your complete financial picture. Unlike banking apps, Olomon includes traditional and alternative investments, real estate holdings, business entity tracking, document organization, and collaboration tools that help you build wealth strategically rather than managing accounts separately.

Question 2

Is Olomon just another budgeting app like Mint or YNAB?

Accepted Answer

Yes, Olomon is fundamentally different from budgeting apps like Mint or YNAB. Budgeting tools focus on tracking monthly income and expenses. Olomon is a wealth management platform that provides a real-time net worth statement, organizes estate planning documents, manages business entities, and enables secure collaboration with financial advisors and family members. Think budgeting tools for spending control, Olomon for comprehensive wealth organization.

Question 3

Why can't I just use a spreadsheet for financial tracking?

Accepted Answer

While spreadsheets can track basic financial information, they require manual updates, lack real-time data connections, don't provide secure collaboration features, and become increasingly complex as your wealth grows. Olomon automates data updates, provides bank-level security, enables controlled sharing with advisors and family, and scales with your financial complexity.

Question 4

What is a live Personal Financial Statement?

Accepted Answer

A live Personal Financial Statement shows your complete financial picture—assets, liabilities, and net worth—updated automatically in real-time from connected accounts. This comprehensive view enables better decision making, helps you spot wealth-building opportunities, and ensures your financial team and family always have access to accurate, current information when needed.

Question 5

How secure is Olomon?

Accepted Answer

Olomon uses bank-level encryption (256-bit SSL) for all data transmission and storage. All connections to your financial institutions are read-only, meaning Olomon cannot move money or make transactions. You control access permissions down to individual documents and can grant, modify, or revoke advisor access instantly. Your data is protected with the same security standards used by major banks and financial institutions.

Question 6

Do I need a financial advisor to use Olomon?

Accepted Answer

No, Olomon works perfectly for individuals building wealth independently. You can organize your financial data, track assets, and plan your legacy on your own. However, Olomon's collaboration features make it easy to unify your financial team by giving advisors, CPAs, attorneys, or family members secure, permission-based access to only the information relevant to their role.

Question 7

Can I transfer my Olomon account from my advisor to myself?

Accepted Answer

Yes, you can transfer ownership of an Olomon account from your advisor to yourself. We verify your identity and relationship to the account, then transfer full control to you including all data, permissions, and settings. You can choose to maintain your advisor's access, adjust their permissions, or remove them entirely. The transfer process is secure and preserves all your financial history and documents.

Question 8

Can I share my financial information with family members?

Accepted Answer

Yes, Olomon creates transparency for your entire family with customized access controls. You can share your complete financial picture with your spouse, provide specific information to adult children, or give family members clarity about legacy planning. Each person sees only what's relevant to them, and you maintain complete control over permissions and can modify access at any time.

Question 9

What types of assets can I track in Olomon?

Accepted Answer

Olomon provides visibility into both traditional and non-traditional assets including bank accounts, investment portfolios, retirement accounts, real estate holdings, business equity, alternative investments, cryptocurrency, collectibles, intellectual property, loans, and credit lines. You can also organize related documents like deeds, insurance policies, and estate planning materials for each asset.

Question 10

How does Olomon handle multiple business entities?

Accepted Answer

Olomon excels at managing complex business structures. Create separate profiles for each LLC, corporation, trust, or partnership. Track ownership percentages, link related bank accounts and assets, store governing documents and operating agreements, and view consolidated reports or entity-specific balance sheets. This makes tax preparation and business management significantly easier.

Question 11

Does Olomon help with estate planning?

Accepted Answer

Yes, Olomon provides comprehensive estate planning support by organizing all your financial documents, tracking asset ownership, enabling secure sharing with attorneys and family members, and maintaining a complete financial picture that simplifies legacy planning and ensures your wishes are clearly documented and accessible.

Question 12

How do I connect my financial accounts to Olomon?

Accepted Answer

Connect accounts through secure, encrypted, read-only integrations with over 12,000 banks, brokerages, and credit providers. Simply search for your institution, enter your login credentials (which Olomon doesn't store), and your balances update automatically. For assets like collectibles or private investments, you can add values manually with optional automated updates.

Question 13

Is Olomon available on mobile devices?

Accepted Answer

Yes, Olomon works on desktop, tablet, and smartphones. Desktop offers the most comprehensive experience for organizing and managing your finances, while mobile is great for quick access when you're on the go.

Question 14

What happens if I can't access my Olomon account?

Accepted Answer

Olomon includes Legacy Contact functionality for account recovery situations. If you can't log in or there's prolonged account inactivity, we follow a secure verification process to contact you and your designated Legacy Contacts. This ensures your critical financial information remains accessible to the right people when needed while maintaining strict security protocols.

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Frequently Asked Questions

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