CashCalc’s founder, Ray Adams, said the company's client base was “about to change”, as it looked to work with more large advice firms.
Around 20,000 users are registered, but this includes members of the public who don’t work with an adviser.
‘My brain still thinks like an adviser’
One thing Adams said the advice profession needed more of is software providers which think about the start of the customer journey, and not the end.
He said he felt as though advised platforms focus on the end of a client journey - ie when they’re ready to invest - and not on the help advisers need at the start.
“My brain still thinks like an adviser,” said Adams, also noting his various other hats - including those of a technology founder and an advised client.
Having launched a digital onboarding service a few years ago to build on its suite of adviser tools, CashCalc’s latest addition was an extension of its original cashflow modeller.
Initially resistant to developing a gross cashflow modeller alongside its net cashflow option for fear it would give “the allusion of accuracy”, Adams caved after finding one or two in 10 cases saw a client need for the tool as the software firm grew.
Some 10 per cent of the provider’s client base use this tool now. It takes 25 as opposed to 20 minutes to complete, but the fintech founder was adamant it was no more complex.
“Our customer service levels haven’t changed at all,” he said. “We’re getting the same number of calls, which says to me that we’ve delivered a tool which is just as easy to use.”
Adams had plenty planned for the future of CashCalc, though he was wary the software provider could not do it all.
This is why he was looking to embed an attitude-to-risk questionnaire, rather than task his team with building one.
“There’s already some good tools out there, so it makes sense to integrate with them,” he explained. “We don’t want to build everything. Initially, we said we’d do everything in-house. But that would stifle competition. You have to allow the ecosystem to bring new entrants onboard.”
The provider is also working on ESG-related features, as the once optional conversation topic fast becomes a necessary point of discussion for advisers and their clients.
Adams is also exploring how CashCalc will link to advised investment platforms.
“I want an ‘invest now’ button in CashCalc so advisers can go straight to an investment platform to make or modify an investment,” he explained.