CashCalc & Fundment on taking adviser tech to 'next level'

“Less than 10 per cent of advisers were doing cashflow planning when we started,” said Adams. “Now it’s pretty much mainstream in the UK, and new players have come in.”

The CashCalc-Fundment tie-up, Adams said, can be likened to how shoppers use portals today.

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“When I use eBay, I go into a portal and pay using PayPal. Normal members of the public are already using portals everyday. To me, portals are essential for advisers to collaborate.”

Still limits to overcome

There are currently limits, however, to what disruptive providers such as CashCalc and Fundment can do.

“We can’t be all things to all men,” said Adams.

Open banking, for example, has not yet come far enough for it to be useful to advisers, Adams explained.

“If you go to Sainsbury’s and buy groceries for £68, put £70 of fuel in - both come up as Sainsbury’s. Open banking aggregators are struggling to categorise them.”

CashCalc previously built an open banking link for advisers, but found it was causing more distress than helping them.

“The prepopulated factfind was saying things like Netflix was fuel, or that BT telephone was motoring expenses,” said Adams.

“Clients were spending longer recategorising than it took to type it in themselves. Open banking is going to be massive, but providers have to get better at categorising.”