CompaniesMay 2 2023

CashCalc founder exits the business

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CashCalc founder exits the business
Ray Adams, founder of CashCalc

CashCalc founder Ray Adams has announced he is stepping away from the business, almost exactly two years after its acquisition by FE FundInfo.

Adams said after nearly a decade since he founded the cash flow modelling company, his journey with CashCalc has come to an end. 

In a tweet on Friday afternoon (April 28), he said: "Back in 2014, as an IFA in south Wales, I wanted to produce something which engaged the client rather than cause their eyes to glaze over when I talked through an illustration.

"Fast forward nine years and CashCalc is the market leader, with approximately 30,000 cash flows for 10,000 clients being produced every month. I find that astounding - that 10,000 advisers are sat with clients every month hopefully making some life-changing decisions.

"Of course two years ago we joined the FE FundInfo family and I've spent the last two years helping them to integrate CashCalc and the onboarding into their suite of tools.

“I'm incredibly proud of what we were able to build and achieve during that time, and I'd like to thank everyone who has played a part in making it happen.”

CashCalc was founded by Adams in 2014 and quickly established itself as one of the main planning and forecasting tools for IFAs in the UK.

Adams, who is a chartered financial planner, is also the founder of Newport-based financial planning firm Niche IFA though he is no longer directly involved in that business.

He said that following his departure from CashCalc he would either be going skiing or spending some time on the beach.

FE FundInfo bought the business in mid-May 2021.

CashCalc has continued to be offered as a stand-alone product, though FE FundInfo said it would invest significantly in the integration of the provider’s platform and back-office services.

At the time of the announcement, advisers cautiously welcomed the acquisition, warning that success depends on whether the tool will continue to be developed.

However, last year in January, Adams said the company's client base was “about to change”, as it looked to work with more large advice firms.

The software has traditionally been most popular amongst one- and two-person outfits but was gearing up for a wave of  consolidation among larger advice firms.

Last September, CashCalc and new platform entrant Fundment said they were determined to address what they have coined the “elephant in the room” - that is, the need for the industry to put products together for IFAs.

At the time, the two announced a “first of its kind” partnership which they said would allow advisers using CashCalc to link their existing clients to, or export new clients into, Fundment.

In October 2020, CashCalc had a 45 per cent marketshare among advisers using cashflow modelling tools, according to data from Nextwealth.

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