Financial Planning software and data provider Defaqto has added integrated cashflow modelling to its Financial Planning software Engage.
Financial Planners using Engage can now use a cashflow modelling module embedded within their advice process without rekeying.
Defaqto says that the module is the first cashflow modelling tool of its kind to work as part of an end-to-end Financial Planning tool.
The module includes include risk profiling, taxes, retirement options modelling, and stochastic stress testing (from Hymans Robertson).
The tool includes anticipated outgoings, income, investments and assets.
Once a plan is agreed, the adviser can generate an automated report showing the forecast and selected actions.
Glenn Porter, chief commercial officer at Defaqto, said: “In the current economic climate with the ongoing cost-of-living crisis, cashflow modelling is, arguably, more fundamental than ever before. Advisers will be having important and potentially difficult conversations with clients.
“Those conversations will benefit from the support of technology that uses advanced automation, integration and a consistent methodology that not only removes complexity and creates time efficiencies but also supports smarter financial decisions.”
Defaqto claims that 30% of UK financial advisers currently use Engage.
The software provider said Engage will be given more investment and development over the next 12 months to make it more of a ‘one stop’ service.
