Chartered Financial Planner Julie Lord CFPTM Chartered FCSI told Financial Planning Today that the use of the lifetime cashflow model in Financial Planning businesses seemed “to be in the balance”.
Ms Lord, who was an IFP Board member for 15 years, said it was still not widely used, with some planners believing it to be “unnecessarily complex and time consuming”.
Writing exclusively in the new Financial Planning Today magazine, Ms Lord explained she had been using cashflow modelling in business for over 20 years. See below for how to access the new magazine and read Julie Lord’s column in full.
Ms Lord, who became a director of Financial Planning software firm Prestwood last year, said: “If potential new clients don't see the value in the modelling I tell them to go down the street to a different adviser and carry on guessing about whether they will ever have enough money to do what they want!”
Chartered Wealth Manager Ms Lord, who works as a planner for Accredited Financial Planning Firm Broadway FP, said: “We don't use it (cashflow modelling) as an add on service but as the foundation on which we base all advice. All clients have a cashflow model, which is updated every year.
“I suspect that those who have found it too complicated, have not taken the necessary time to set up a simple template system that works for their business. It now takes us less than an hour to create an initial model and less than 15 minutes to update it each year.”
For the full article, see the new digital Financial Planning Today magazine.
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