now:plan is part of a suite of solutions provided by Focus Solutions. The tool is a detailed cash modelling tool which includes a specialised retirement modeller tool that allows information to pass between the two systems seamlessly.
Integration with now:advice, reduces the need for advisers to re-key information and pre-populate client details, plan details, values and underlying asset allocation.
The system also has an integration with Moody’s wealth scenario generator which pulls through growth rates and takes into account the underlying asset allocation of investments.
The tool provides extensive opportunities for the analysis of assets, liabilities, gross income, expenditure, tax that are presented in a number of different ways via interactive graphs, timelines and charts. Users have the ability to model any number of what if scenarios within the same plan using drag and drop functionality, and can include additional contributions, spending, selling, withdrawing, annuitisation or encashment.
The retirement modeller enables users to view the likely income and sustainability of income if annuitisation, drawdown or a mixture of both is selected. User can edit each scenario according to specific goals in order to ascertain the likelihood of achieving that goal.
“now:plan is extremely easy to use; provides a great user experience and provides effective cash flow planning.”
- The seamless integration throughout the Focus Solutions suite is good and reduces the need to re-key information.
- The ability to analyse a number of different variables is a good feature.
- Great that they offer different options such as an “out-of-the-box” solution, allow company branding and asset allocation and/ or allow firms to embed the solution within their own web application.
- The ability to differentiate between employed income and self employed income as well as state pension and the implication the types of income will have on tax is great.
- Users are also able to split income and expenditure into essential and non essential.
- Integrate with more Practise management systems
- Link with Personal Finance Management tools to provide a more accurate view of customer spending.