Novia is offering a new financial modelling tool that will analyse clients’ financial requirements to achieve future lifestyle goals.
The Lifestyle Planner includes a needs analysis tool and a shortfall calculator. Novia says it allows advisers to establish which funds are available that meet clients’ requirements.
The tool will show the wrappers in which the investments could be held and provide risk-rated growth assumptions. Any existing wrappers can be displayed with their current value, risk profile and regular contributions.
Advisers can also use the tool to calculate whether clients could face a retirement shortfall, taking into account the expected income that will be generated from state pensions and any existing pension arrangements.
Novia sales and marketing director Paul Boston says: “The tool takes into account existing savings or investments and produces clear, user-friendly reports that will greatly assist the IFA when planning their clients’ financial futures.”
Churchouse Financial Planning director Keith Churchouse says: “Modelling tools are OK and I think as a basis to consider recommendations they are useful but it is also important to apply a great deal of common sense and client-based knowledge to the results to make them more accurate.”