Time was the greatest barrier for those advisers who did not use the service often or at all, with 25 per cent reporting that they did not have the time to input the data.
The findings also showed many advisers were missing out on using cashflow modelling at vital moments. A third of those polled used cashflow planning less than once a year, and just 39 per cent used it at crucial milestones.
Almost a quarter (23 per cent) of advisers were not using their cashflow tool live with clients and therefore missing out on the opportunity to engage clients in the advisory process, Intelliflo said.
Gareth Kerr, head of sales proposition at Intelliflo, said there was “still some way to go” before cashflow modelling was adopted widely and used to its full potential.
He added: “We’ve found that financial advisers getting the most from cashflow modelling are using it live with clients whenever there is a shift in long-term plans to monitor and plan for what lies ahead.”
Alistair Fullerton, director at Lathe and Co, said: "Cash flow modelling importance has increased since the pension freedoms. Nowadays a lot more individuals need to consider it as part of their retirement plan instead of buying an annuity.
"It can however be over-relied on and should be used in conjunction with a more fluid review and adaptation process to make sure it continues to match real life evolution."
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