Financial Planning software provider Prestwood has launched a portal which it says will allow Financial Planners to capture the data needed to produce a detailed lifelong cashflow model for their clients.

The new cashflow fact find portal will be available to users of the firm’s Truth cashflow planning tools.

The firm said the portal will encourage clients to develop an understanding of how their spending will change over their lifetime and share the data with their Planner.  

Ritchie Walton, managing director of Truth Software, said: “When clients engage with the planning process on a deeper level, this helps nurture a long-term relationship between client and Planner.”

He said the FCA’s thematic review of Retirement Income Advice highlighted how firms fail accurately to plan for future expenditure changes. 

Mr Walton said: “While other tools offer onboarding portals and affordability checks, our ethos has always been that you cannot do proper lifelong Financial Planning without in-depth cashflow modelling.”   

The firm said the new portal will make it easier for Planners to ensure client data is correct and understand clients’ future plans, goals, and objectives. That will help Planners accurately model clients’ future spending plans and plan for the impact of death or disability.

Planners will be able to white label their portal, create bespoke invites for clients, and customise the content of the portal for each individual client.   

Meanwhile, the data-entry burden is passed on to the client leaving Planners to focus on planning for and with their clients, Prestwood said.

Clients will be able to create a secure account with two-factor authentication and then tell their Planner not just about their current assets, income, and expenditure, but also their future plans, goals and objectives, and the lifestyle they want to achieve. 

The new cashflow fact find portal is available exclusively to users of the Truth software.