How we do things differently by using technology

 

The financial services industry is often criticised for being complicated, jargon-filled and inaccessible. We can see why. For far too long, advisers prioritised tradition over technology, often at the expense of their clients’ needs. 

Here at Bow FS, we want to do things differently.

Over the last few years, we’ve been embracing technology to make financial planning more engaging, inspiring and accessible. 

In some ways, the pandemic has made this easier. Both businesses and individuals are more willing to embrace remote communication than they were before for example. Just a few years ago, it was the norm to meet people like us – advisers, mortgage brokers and accountants - in person on a regular basis. 

This might mean you spending hours in traffic just to get to a meeting. It’s funny when you think that we used to think nothing of this!

Now we have more of a ‘remote-first’ approach, but we also make sure this improves your experience of how we do things too.

Let’s take a look at how the way we embrace technology can make managing your finances that little bit easier.

Cashflow modelling software

Cashflow modelling might sound like yet another financial buzzword, but it’s essentially the process of looking in detail at your current financial situation so you can visualise your finances and plan for the future.

Whether you’re looking to retire early, go on the holiday of a lifetime or buy a house in the countryside, cashflow planning helps you see the financial impact of all these options hypothetically, before making any actual decisions.

Based on your individual goals and using prudent assumptions, cashflow modelling shows you in real time how your future might look, and how it could change if something unexpected happened.

Think of it like your sat nav in the car. It knows where you are. You tell it where you want to go. It’ll use the information it has on you such as your age, circumstances, and finances to highlight a number of possible routes and help you get to your destination. 

It’ll even consider potential roadblocks along the way. For example, how could redundancy, bereavement or illness affect your plans? These aren’t nice things to think about, but when putting together a robust financial plan, it’s smart to prepare for the worst.

You’ll be able to see how your bank accounts and investment portfolios are progressing and experiment with various scenarios to find out how certain life changes could affect you. 

Investment calculator and planning tools

Worried you don’t have enough money saved for the future? Concerned about your retirement date? Wondering whether to prioritise your pension, ISA or other investments? 

We use industry-leading software, CashCalc, to further bring your financial situation to life. With the help of a number of calculators and planning tools, it can answer all your money questions and put your mind at ease.

So no matter what stage of your financial journey you’re at, you can work towards your goals.

Here are just a few of the calculators we use to plan our clients’ future:

  • Early retirement calculator

  • Pension drawdown calculator

  • Mortgage & equity release calculator

  • Inheritance tax planner

  • Capital gains tax calculator

  • Stamp duty calculator

  • School fees calculator

We also use CashCalc in order to securely gather your current financial details when we meet you for the first time. By sending you a link, you’re able to gather the details we need – policy numbers, household bills etc – in the comfort of your own home, rather than with us in a meeting with a clipboard.

This also gives us more time in the meeting itself for us to talk about you – which is how it should be!

Secure client portal

Back in the day, financial advisers and insurance salesmen would carry ledgers around in a briefcase and document everything on paper. As you can probably imagine, this carried its fair share of hazards, but it was the best option available at the time. 

Thankfully, we’ve come a long way since then!

We use a secure online portal which allows you to work with us remotely, without putting your assets or personal details in harm’s way.

Keeping digital records also protects us from data loss, while online transactions reduce the likelihood of human error. 

By signing documents remotely and allowing you to see your portfolio and progress from your iPhone or tablet, we can, again, focus on other things when it comes to meeting in person. 

Although we’re embracing technology, we’re open to doing things the old-fashioned way too. Whether you want to communicate in person or over the phone, we’re flexible and accommodating. And if you need certain documents printed and posted to you, that can be arranged too! 

It’s our hope that by thinking more long-term, and being digital where we can, we can provide a more efficient and rewarding experience throughout our relationship with you.

 

 

 
Sam Rainbow