New calculator guides planning conversations

on 15 February 2017
Created: 15 February 2017

The new feature, known as DISCOVERY, will become available in three weeks and include straight-through processing, allowing strategy papers and statements of advice (SOA) to be easily produced. GPS Wealth general manager of practice development and coaching Paul Pavlic told financialobserver the new calculator was designed to allow advisers to take clients through wealth accumulation, pre-retirement and pension-phase modelling over a five to 30-year time frame. “The DISCOVERY calculator was designed for pre-retiree clients, high net worth individuals, self-managed super funds clients, small business entity, small medium enterprise and fully retired clients,” Pavlic said. The calculator’s name formed an acronym of the relevant financial topics that could be explored, including “deciding on your retirement income”, “insurance and investment structures”, “smart super strategies”, “CARE investment philosophy”, “ongoing reviews and support team”, “vacation plans and cash reserves”, “estate planning”, “real estate” and “your exit strategies and succession plan”, he said. He also noted the MoneyBowl software had “attracted advisers through its client engagement modelling capability, where we can show clients outcomes-based advice and effectively show them their future being built in real time in front of their eyes via our engagement and modelling tools”. “Advisers can 100 per cent clearly articulate in the pathway to wealth calculator how much wealth they will help the client achieve, in what time frame and how much it will cost the client in fees,” he said. “Best interest duty papers are also available in the MoneyBowl for advisers to show how they are helping their clients.” The software, which was designed by IT consultant YTML, has continued to evolve since its inception in 2016, and now includes eight different calculators to engage clients over different stages of life. “You launch the relevant MoneyBowl calculator and as the adviser or accountant engages their client(s) they are able to collect important client information – which it then uses to produce a strategy paper and SOA, as well as all the application forms for a range of client services and products,” Pavlic said. GPS Wealth added a MoneyBowl app to help engage with millennials and gen Y clients was under development. 

 

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