New tool to help advisers take up goals-based advice

New tool to help advisers take up goals-based advice

Two financial advisers have developed new technology that can help advisers adopt a goals-based approach to advice.

FinCoach is a new budget and cash flow tool created by Shaun Frost and Paul Hartley and designed to help advisers build financial plans for ‘accumulator’ clients.

The tool uses clients’ goals for debt reduction, wealth creation and retirement to build the plans. It also tracks results on a monthly basis to promote financial discipline.

“There are a number of cash flow and budget tools on the market, but there's only one or two that actually take it a step further and build a plan and track that plan,” Mr Frost, a certified financial planner, told ifa.

Not enough is being done when it comes to providing quality financial advice to everyday Australians, he added.

“It’s the mums and dads, the Gen Ys and Millennials who arguably, in the whole financial planning space, receive the least amount of service – even though they require it the most – because most advisers’ perception is they can’t get paid well enough to actively service that part of the market,” he said.

“FinCoach helps clients with debt reduction, wealth creation and retirement planning, but importantly, it ensures the adviser can charge reasonable fees to start offering services in this space.

"It really creates the financial coaching that ‘accumulator’ clients need, and I think if we can get enough traction in the adviser market on this I think we could make a huge impact on the debt situation in Australia, as not enough work is being done," Mr Frost said.

 

New tool to help advisers take up goals-based advice
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