Neil Homer, independent financial adviser Stafford explains why Lonsdale Wealth Management financial planning teams recently upgraded to using Voyant software for cash flow planning.
For many years cash flow planning has been a central part of the financial planning work undertaken by the Lonsdale Wealth Management financial consultants, and you can review more about our lifetime financial planning service on our website.
’We offer Lifetime Financial Planning to clients when we first engage with them and during regular reviews to visualise a client’s wealth and achieve their financial priorities. It helps us explain pension planning to clients because it is important that we take account of all the pension changes when we offer pension advice as planning for your retirement is becoming more complicated. We also need to consider the various options available and the risks associated with them. As cash flow analysis is tailored to our client’s life any meetings are centred on their needs. Cash flow analysis enables clients to understand how their current and future income and expenditure, life events and other decisions impact their future. As we focus on a client’s assets, liabilities and their expected income and expenditure the process encourages them to think about their spending in a different way and it enables us to have a much more detailed and thorough discussion about their financial priorities.’
In May 2018 Lonsdale started using Voyant software to manage clients’ cash flow planning following a review of the providers marketplace. Voyant is a market leader in cash flow planning and provides enhancements to our previous software including live interactive cash flow planning with clients during meetings. Voyant also integrates with the systems used by our Lonsdale financial planning teams.
‘We believe Voyant will enable us to provide even more sophisticated and detailed analysis of our clients’ current and future financial position; whilst also allowing us to easily stress test different scenarios. Voyant is particularly flexible so making changes is really easy. For individual clients considering pre and post-retirement there is a time line and ‘drag and drop’ features in Voyant so we can produce ‘what if?’ scenarios, and amend assumptions. This provides an interactive experience for clients, and they can graphically view different choices.’
Please note: The value of investments can fall as well as rise. You may not get back what you invest. The Financial Conduct Authority does not regulate cash flow modelling.