Technology firm EV has launched what it describes as a “game-changing” Financial Planning tool.
The tool helps Financial Planners deliver a “complete advice journey” to their clients.
The EVPro tool is made up of fiver integrated modules which allow Financial Planners to assess, build, stress-test, review and solve their clients’ financial plans within one solution.
The three core modules are ‘Goal’, ‘Invest’ and ‘Risk’. The two bolt-on modules are ‘Solver’ and ‘Review’.
‘Risk’ addresses the client’s attitude to risk for income and growth, as well as appetite for ESG.
‘Goal’ approaches cashflow planning, including capability for loss.
‘Invest’ tackles portfolio risk assessment, switching and replacement business.
‘Review’ carries out a bulk analysis of client planner. It is available as a bolt-on to the EVPro Goal module and allows Financial Planners to analyse, amend and communicate client plans as well as helping them to understand the robustness of their overall advice business.
‘Solver’ is EVPro’s automated functionality to “solve client problems more efficiently”. It is available as a bolt-on to both the Invest and Goal modules. EV said the combination allows advisers to stress test client plans against a range of scenarios and ensure they are robust.
They can also act as stand-alone tools to complement an adviser’s existing advice process.
{loadposition hidden2}
EV said the bolt-on ‘Solver’ and ‘Review’ modules are the ones which received the most attention and stood out to advisers in beta testing.
James Newton, financial adviser at Yorkshire Wealth Management, said EVPro has helped the firm bring client financial plans to life.
He said: “EVPro benefits so many areas of my business – from compliance, investment committee, oversight to most importantly the experience of our clients and advisers.
“The combination of asset allocations, efficient frontier and flame graphs provide a trio of outputs that are truly market-leading and technologically superior to any competitor I’ve seen. Crucially those three simple visual outputs provide a contracted aspiration clearly setting out with our clients exactly what is expected of us and brings their financial plan to life.”
Ann-Marie McElhinney, head of adviser channel at EV, said the Solver and Review modules are “real game-changers” for the advice market.
She said: “The FCA’s Consumer Duty is causing firms to fear the Financial Ombudsman will regulate with hindsight.
“With EVPro Review advisers and firms have the evidence at their fingertips to demonstrate that they have done everything in their means to ensure their clients are on track. And with EVPro Solver we’ve automated Financial Planning with the click of a button.
“Our stress tests can enable advisers to have the right conversation with their clients there and then. These two modules combined with the power of the three core EVPro modules takes advice journey support to another level.”
{loadmoduleid 444}
Leave a Reply