How FLM are using tech to plan better for our clients
At FLM, our focus is on making lives better. We try to build that into not just our internal culture, but also the way we approach planning. Because lifestyle financial planning is focused on helping clients achieve their goals and live the life they want, there can be many factors involved.
Knowing this, we have embraced innovative technology that lets us plan better for you.
Our advisers are advocates of using technology that can more accurately reflect and visualise both the market and trends that your portfolio is likely to follow. While there are some events that even the best software can’t predict, having access to the algorithms that technology can provide does give us better insight into how the market is likely to respond to these events.
The two most commonly used pieces of software by our advisers are Timeline and Voyant. With these programs, we can both plan more effectively and help our clients better understand their situation.
Timeline is a program dedicated to helping clients understand their retirement strategies. Using the dashboards and assessments within the software, advisers create long-term, robust plans for future withdrawal potential as well as current spending.
This app takes pride in clearly illustrating a client’s situation in a visually appealing, easy-to-understand and in-depth story.
Timeline also continually evaluates a client’s portfolio for sustainable withdrawal, success rate and suitability. It also offers alerts to your adviser should anything seem out of place.
Voyant gives clients a reactive, real-time understanding of how sudden changes can impact long term strategies with visual ‘what if’ scenarios. Basically, it shows our clients where they are right now and then simulates what could happen under certain circumstances.
Using Voyant’s interactive tools, clients can test multiple possibilities and see the effects of key decisions throughout their lives - from buying a home to getting married or retiring early.
With the help of Voyant, your adviser can become one of your go-to people to help you make important choices in life. You and your financial planner can use this tool to get a better understanding of where you want to go and how you can get there.
What this means for you
These programs both use real data and complex algorithms to ensure that you and your adviser have as much information and understanding of your financial situation as possible.
While many advisers plan with your future goals in mind, at FLM we take significant steps to make sure that what we are suggesting is truly possible.
We also operate with the value of clarity underpinning everything we do. This means that you should be able to understand and visualise both your current financial situation and where our efforts are aiming to guide you.
By embracing technology as part of our planning process, we hope to deliver financial planning that feels both achievable and understandable.