Fintech start-up Moneysoft has launhced a new benchmarking and reporting tool, allowing advisers to track the financial behaviour of their clients.
Both advisers and their clients will be able to compare their financial behaviour against their peers; an exercise Moneysoft managing director Peter Malekas said is extremely motivating.
"This tool gives them insight into the financial behaviour of other singles, couples or families, and further strengthens the advice conversation around cash flow and budgeting," he said.
The tool - which was developed in collaboration with Experience Wealth and Your Spending Coach - also allows advisers to generate personalised reports for clients based "spend analytics" and "budget versus actual".
"People should know and be encouraged if they're doing relatively well when it comes to their money management goals," Mr Malekas said.
Experience Wealth director Steve Crawford said: "The biggest value of having a peer group to compare your results, is that it gives your clients a perspective outside their own world, that is taken from other people just like them."
"This perspective is especially valuable to clients when it comes to making big decisions like changing and needing to reduce lifestyle spending to increase savings so they can achieve a goal, for example a new property or to accommodate for maternity leave," Mr Crawford said.
Moneysoft said the benchmarking tool will be integrated into its cash flow, budgeting and savings management platform.