The company says the solution uses extensive information on a client’s financial life, which it overlays with advanced assumptions mapping the UK’s legal and tax structure and projected inflation rates, interest rates and investment returns. This helps its advisers to create “a comprehensive whole-of-life financial plan” and advances the process of identifying and managing potential income shortfalls.
Ascot Lloyd is using a white labelled version of Voyant. Previously, only a few advisers from across the business used cash-flow modelling but the company has now decided that all advisers will use it and is now rolling the software out across all of its advisers.
The financial assumptions underpinning Ascot Lloyd’s analysis will be reviewed on a quarterly basis by the firm’s Advice Policy Committee, a panel of senior management personnel and financial advisers. The system will enable advisers to conduct a wide range of ‘What-If’ scenario testing options.
Jade Connolly, head of advice at Ascot Lloyd, says: “Cashflow modelling will bolster our advisers’ arsenal with powerful analytics tools that enhance the Financial Planning journey. This technology will make it easier for our advisers to complete comprehensive assessments of their clients’ financial lives, with greater capacity for refining the analysis they conduct across a range of variables to improve outcomes.
“Our Advice Policy Committee will review the assumptions underlying the technology on a regular basis to ensure they are relevant, accurate and current. Some of our advisers already use cashflow modelling to great effect, but rolling it out across the business will make it easier for them to tap into our collective expertise to the benefit of clients.”
Ascot Lloyd is a national IFA firm specialising in Financial Planning, wealth management and corporate benefit solutions. It merged with Bellpenny in July 2017 to create one of the UK’s largest independently-owned wealth management businesses. The combined business employs more than 100 advisers looking after £6bn in funds under management for more than 40,000 fee-paying clients.