How many software systems does it take to service your clients? PlanHappy believe that to improve user experiences and efficiencies the answer is one.

PlanHappy software is an “End to End” fully customisable Financial Advice software solution that aims to provide everything a financial adviser would need to run their business in one integrated solution. The system contains various modules, including: Practice Management, Business Workflow & Process Automation, Advice & Planning Tools, Investment Solutions, New Business, Fees & Revenue Management and Training & Competency. These can all be accessed through any web browser and can also be downloaded from the iOS and Android stores.

The practice management module allows users to handle all client engagement from start to finish. This module is where users can store client data and documents as well as create tasks, notes and events. I particularly like that the PlanHappy calendar can be synced with Outlook, Gmail or iCloud to ensure any events and/or urgent tasks are not missed. There is the ability to create and send custom letters, emails and even SMS messages directly from the software. Advisors can be assured that any communications sent will be stored in a secure and compliant manner. The module also allows you to send automated letters of authority and gap fill requests directly to providers. The authority letters are pre-filled with information already stored, saving you the need to manually complete them. As an administrator, having to manage multiple authority and information requests can be frustrating. PlanHappy’s automated gap fill requests help you create a list of outstanding information to ensure nothing is missed and that time is not wasted asking for repeated data. Firms can also share documents directly with clients, in a secure manner, through their online dashboard, a feature I am sure has been used increasingly over the past few months.
We commonly see most practice management systems offer a workflow tool and PlanHappy is no exception. Its Business Workflow & Process Automation module gives you the ability to create workflows by building custom tasks and subtasks to help manage work as efficiently as possible. You are also able to build your own fact finds and data collection forms to ensure information being requested is consistent across the board.

Within the Advice & Planning Tools module users can generate questionnaires, such as Attitude to Investment Risk, Attitude to Transfer Risk (for defined benefit schemes) and Coaching Scans (for lifestyle financial planning sessions) all of which can be completed by clients electronically. Not only does this help to reduce posting expenses but also increases efficiencies, with the need for clients to manually complete and return questionnaires removed. On top of this, firms can integrate centralised investment propositions and automatically map clients risk scores to asset allocations.

Having worked at various adviser firms all of whom used different practice management systems, it was always a learning curve to get up to speed on how the systems operated and worked. To combat this, PlanHappy have created a Training & Competency module. Firms can create process modules, including videos and text guides, for all areas of the software. As well as these training aids, firms can assign assessments that employees need to complete. This ensures that all staff, whether new or existing, understand how best to use the system. Although PlanHappy offer an all in one solution for adviser firms, my only concern would be around established firms adopting the software. For example, firms who have been using a certain cashflow modeller for many years might be put off adopting the software given that they would need to revisit all their clients risk profiles should they start using a new risk modeller. Something PlanHappy may want to consider is the ability to integrate with other software suppliers so that firms can continue using elements they have already been employing for many years.
Adam Says
“PlanHappy is a great alternative to the well-established Practice Management Systems already in the market. We are aware that PlanHappy have a long list of new functionality they wish to introduce and so I am keen to see how the system progresses over the next year”.
Our Thoughts
Good Features:

  • Being able to link external calendars to the PlanHappy system.
Great Features:

  • Being able to set-up automated letters of authority and gap fill requests can be extremely helpful when sending multiple requests to varying providers.
  • The Training & Competency module

  • It would be great to see virtual meeting and screen sharing software included.
  • The addition of cashflow modelling software as part of the overall suite so that information added to the practice management system could be fed directly into the modeller.
  • Users are currently unable to produce Management Information (MI) reports. Again, this would be a very useful addition.