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Transact backs planner’s ‘simplified’ cashflow tool

Transact backs planner’s ‘simplified’ cashflow tool

Transact has sealed a deal with a software provider to integrate a cashflow tool into its platform.

Designed by Ray Adams, the director of Niche Chartered Financial Planners in 2014, the new tool - called CashCalc - rivals other cashflow management offerings like Truth and Voyant.

Matt Wiltshire, general manager and in-house IFA at CashCalc, said the tool will compete with existing propositions in the market by being more “cost-effective” in terms of price and simplifying the cashflow planning process.

He said CashCalc, which currently has 3,000 advisers on board, was created to try to be different to the likes of Truth and Voyant, adding: “There has clearly been a barrier to entry into cashflow planning over the past 10 years.”

“There is a definite benefit to using cashflow planning tools, but people are either put-off by complexity or cost, so it was designed to be much more intuitive and with the end user in mind,” stated Mr Wiltshire.

“We are financial advisers, so we built it for ourselves as much as anyone else.”

The integration with Transact is designed to streamline the cashflow process through automation, such as removing the need to double-up when it comes to data entry.

Mr Wiltshire said Transact is “fairly agnostic” in terms of tools, but that a large proportion of CashCalc’s users were also Transact users as well.

“It’s not a crystal ball, but it helps articulate what financial advisers are doing with clients’ cash, such as showing how pension contributions might impact your income exposure over time.”

The basic deal - which includes two tools - is free to use, while the premium package costs £30 a month plus VAT.

Any extra licences cost £12 a licence, and the service is free for paraplanners.

katherine.denham@ft.com

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