Best cashflow tool 2024
Momoneymoproblems
Member
Has anyone got any thoughts about anything better that integrates with IO other than Voyant? Is anyone using Truth, Evalue or Conquest for example? Is the support any good as Voyant are very quick to resolve queries?
Past due diligence has shown Cashcalc and Timeline have less sophisticated actuarial modelling than some of the more expensive tools so not interested in these.
Comments
Integration is a 'nice to have' that shouldn't determine choice of tool.
In my experience nothing comes close to Voyant across multiple categories and I can live with a less than great integration. I actually tell planners I work with that integration is bad, because if there's an error in the data on the back office system then it gets pulled into the cashflow by default. Having a manual rekeying process provides a built in opportunity to validate input.
Agreed and also what is on the factfind may not be what is needed as we compare scenarios and "what ifs" or use future assumptions on income and spending. However, sadly I am not a decision-maker on this ultimately.
Hi,
We have started using Intelliflo Planning - obviously it's fully integrated with iO with information coming through from the main database - the argument above about the database being corrupt / using different values etc. is a valid one (albeit looks like you need admin to sort out your data...!), but by default all plans and values are initially excluded from the cash flow, so they can be sense checked and amended before they are 'switched on' an included in the model.
If there are errors on the data, a number of areas (house value as an example) can be saved back into the database - useful if advisers are using it face to face with a client to immediately update their FacftFind...
I would argue that it is better than CashCalc, but less complex than Voyant (a good thing IMO - Voyant scares me and seems to be a bit of a beast from what I have seen - way too granular!). Never used Timeline, so no opinion for that one.
I believe iO Planning is also now FREE if you have iO licences (have a word with your iO rep)....It used to be branded as i4c as a stand alone bit of kit and cost a fair bit of cash!
Whatever system you use - my mantra is 'keep it simple'!
No point going too granular.
Whatever you produce is going to be out of date tomorrow anyway, so you may as well be roughly right, than precisely wrong!
Hello,
Does anyone have a structured method of conducting due diligence on the cashflow tool market? I noticed in the TR24/1 paper that it was something that firms are expected to do, however since adopting Voyant many years ago, we haven't really reviewed anything else, as we are happy with Voyant. That said, there have been new entrants and disruptors to the market since then, and I wonder if a review would be useful.
Does anyone have any suggestions on the type of criteria I should be looking at as part of this research?
Hi @Gustavo_Fring
The TR said that:
Firms are required to establish and maintain such systems and controls as are appropriate to their business. Where firms use CFM tools, they should ensure these are appropriate and reviewed regularly.
And also, in the poor practice section:
Another firm could not show how they had decided which CFM tool to use. There was no evidence of any research and the firm did not show it understood what standard assumptions were used in the modelling.
I didn't see any specific requirement to complete due diligence on the market as such?
I expect the firm they're using as the example simply heard about a product and bought it, then used it without understanding how it worked. In other words, they had zero evidence to demonstrate why they chose and they'd used it incorrectly on a case.
Criteria will be very personal to the firm. Off the top of my head: