Any summary of cashflow tools is not complete without an honourable mention of 7IM and the amazing work they have done with 7 Imagine. It’s been more than a decade since they first launched this tool, and no one has come close to them in terms of user interfaces. Every cashflow planning tool in the world could learn the art of the possible from this- the ultimate client friendly user experience.
Additionally, Morningstar has a phenomenal range of planning tools in the US and, while to date they have not extended these to the UK, they have recently set up an international division intended to significantly enhance their propositions outside the US. It will be surprising not to see them in this market at some point especially given their acquisition of both the WealthCraft practice management system and Finametrica in recent years. Also of note are Opal Planning from Ortec Finance which is a very powerful institutional grade research engine that is available as a series of standalone tools and through integration with others.
A third interesting option comes from Aixigo, a German headquartered supplier of an Open API full end-to-end wealth management solution. Since the start of last year, they have been offering UK advisers free access to their complete cashflow planning tool as a way of experiencing their technology, hoping to attract customers for their wider proposition. Also worthy of mention are Conquest Planning, although UK adviser distribution of their service is through Fidelity Financial Solutions and advisers will need to decide if this is a benefit or a limitation for them.
In addition to the above, other organisations that offer cashflow planning options include, 3rd Eyes, Adviser Asset, Advice Front, Advice Objects, EV, FinCalc Focus Solutions, Moneyscope, Planlab, Plan Happy, Portfolio Metrics, Selectapension, Synaptic Systems and Timeline, and True Potential.
Questions to consider when exploring cashflow planning software include.
- Do any of my existing software suppliers offer a solution as a bundled or discounted option?
- How well does each system fit in with the rest of the software in my business?
- How much data can I seamlessly import to the cashflow system from my other software, and how much can I push back from the cash flow to other systems?
- Can the client access the report online and conduct their own modelling/what if scenarios?
If you are looking for training in using cashflow planning tools or to outsource the creation of these reports, it’s worth speaking to John Whitehead, at Future-insight, a third-party bureau providing both such services. Or, if you are a Voyant user, Andy Hart at TheVoyantist.com.
AdviserSoftware.com is holding an online debate on the future of cashflow planning software, what it currently offers and the features it needs for the future at noon on November 22. You can apply for tickets from this link.
Ian McKenna is the founder of AdviserSoftware.com where further information can be found on the detailed functionality of these systems.
