In the next instalment of our next gen tech deep dive, Annetts & Orchard financial planner Tom Orchard explains the two reasons he likes Dynamic Planner, his two platform preferences and more.
We have used Intelligent Office since 2015. I do not think a perfect solution exists at the moment as every firm will want something different from a back office/customer relationship manager.
Intelligent Office was the biggest provider and therefore more likely to have the better integrations. With the recent release of its app store and also the excellent general data protection regulation (GDPR) content it has made available, I’m pretty happy with our choice.
We are still a bit old school here and have not moved beyond paper factfinds yet. It is an area I am always reviewing though and have been watching Advicefront and Precise FP closely.
Our cashflow journey started with Cash Calc. The attraction was the cost effectiveness while we got to grips with the shift from advice to planning. And the suite of tools it comes with are really handy. I still recommend Cash Calc to those I think it suits.
We switched to Voyant towards the end of last year. The key attractions were the built-in tax tables and calculations, plus some of the excellent simulation functions. Once we trialled it, we had to have it.
Attitude to risk
We use Dynamic Planner. This was the best fit for us because it came with the iPad app that enabled us to complete the questionnaire and generate the risk score in real time with the client, and because it had profiled a huge amount of funds and model portfolios. This meant we could be confident in matching an agreed risk profile with an appropriate investment solution.
All our investment management is outsourced, either to multi-asset funds, MPS solutions or, if appropriate, bespoke discretionary fund manager. We do not have much need for anything fancy to build and maintain portfolios, we do subscribe to FE Analytics to review new client’s existing portfolios though.
Our current proposition includes two platforms: Zurich and Aviva. Aviva is used for the smaller portfolios or those that don’t need much interaction. It’s cheap and, current issues aside, does the job well.
Zurich is used for larger portfolios or where interaction is more frequent, the prefunding of investment and withdrawals being a big advantage.
We use Intelliflo’s Personal Finance Portal, which has improved quite a lot recently. The use is very limited at the moment because, to be honest, client’s don’t seem that interested. However GDPR will likely see this change.
Other significant technology
I canot talk adviser tech at the moment without singing the praises of the Timeline App. We only recently signed up after I read Abraham Okusanya’s excellent book Beyond the 4% rule, but it’s quickly become an essential tool in creating withdrawal strategies for our drawdown clients. I have spoken with Abraham recently and it sounds like their working on some exciting updates too. Timeline and Voyant would be my two favourite pieces of tech, they just add so much value to our proposition and our clients.