The introduction of the latest cash flow modelling software into the Irish market in the last year has, in our opinion, changed the financial planning landscape in this country for a long time to come.
Financial advisers can now draw an incredibly accurate ‘Lifetime Cash Flow Forecast’ for their clients in a matter of minutes. This means before any advice is ever offered to a client we will know:
• exactly how much disposable income they have
• what they will need at retirement to sustain their current lifestyle
• how much they can expect to have at retirement, based on their current circumstances
Anyone who has ever made a plan knows that you need to start with the end in mind and The Metis LifePlan, enabled by our cash flow modelling software, allows us to do just this. So often in the past, financial advisers would recommend that a client set up a pension without even asking what the client’s needs would be in retirement. If they don’t have this information, how can they give them good advice on how much to contribute, what size fund they will need or, what level of income they might need at retirement?
The Metis LifePlan can now give us answers to these questions in a matter of minutes, allowing us to draw up a ‘Fluid Lifetime Plan’ for our clients. As their circumstances change, we can update their plan and let them know if they need to make any financial changes.
Cash flow modelling allows us to ask “What if?” questions such as “What if I wanted to buy a second house or take a round the world trip in 3 years?” We can show clearly in a matter of seconds if you have the cash flow to allow this or, if you don’t, what changes you would need to make to your finances so that we can make these dreams a reality for you.
The next time someone talks to you about financial advice or giving you a financial plan, ask them can they give you a lifetime cash flow forecast. If they can’t, then ask them how accurate their advice can be without the help of cash flow modelling software?
Metis Ireland Ltd t/a Metis Ireland is regulated by the Central Bank of Ireland. All content provided in these blog posts is intended for information purposes only and should not be interpreted as financial advice. You should always engage the services of a fully qualified independent financial adviser before entering any financial contract. Metis Ireland Ltd t/a Metis Ireland will not be held responsible for any actions taken as a result of reading these blog posts.