The tool will enable Financial Planners to look at cashflow and retirement goals and offers various solutions to help clients achieve their financial goals.

FinCalc said the tool would provide better outcomes for clients as well as adding value to advisers' services.

Using the tool, Financial Planners can input their clients’ cashflow goals and instantly see if they are achievable. The tool builds a visual representation of whether clients can meet their objectives.

The tool takes into account the financial data and goals set in the cashflow modeller.

The retirement goals tool also enables planners to visually demonstrate the effect of changes, including change in retirement age, change in investment growth rates and the effect of taking a lump sum at retirement.

Financial Planners can find the new tool in the results screen of any cashflow model within FinCalc, in the charts and data section.

Advisers can choose to show or remove the goals section in the client report.

Gavin Shears, senior product consultant at FinCalc said: “Goals in Cashflow is a game-changer for financial advisers and their clients. It simplifies the process of Financial Planning, offers valuable insights into achieving cashflow and retirement goals and provides practical solutions to make those goals a reality.

"This innovative tool is set to streamline Financial Planning and help clients make informed decisions about their financial future.”

FinCalc provides Financial Planning tools, including cashflow modelling and DB transfer analysis software, to UK financial advisers. It was created by O&M Pension Solutions.