Available now! Truth users can create their own brandable Truth About Money® portals and start onboarding clients straight away…
Some of the benefits of Truth About Money® (TAM) for financial planners: –
- Truth® users will be able to link their website to the free consumer website.
- Planners will be able to use their own corporate branding and market as they wish.
- Give more access to those that need financial help.
- Prospect for new clients 24/7
- Onboard clients easier and quicker by importing TAM fact find details straight into the comprehensive version of Truth®
- Valuable MI provided on the TAM visitors from the planner’s website. Know the stats on who’s looking at your services.
Why have we produced a free version for the public?
We want to help fill the advice gap by enabling and encouraging consumers to discuss and understand their finances. We want to help them see what their future looks like and if there’s a problem, do something about it now while there is still time.
What’s the difference between Truth® and Truth About Money®?
truthaboutmoney.co.uk will ask the consumer about what they earn, spend, save, own & owe. We just want values, not details. We make all the assumptions for them. For example, we don’t ask for start/end dates, or rates of increase or interest or even how they intend to crystallise any pensions. We use government statistical rates and keep it generic. We don’t want to scare them away with too much to look up or input. However, when they get to see their cashflow chart, they do get to play with a handful of assumptions, like spending less per month or earning more and show the impact on the chart. There is no automated advice or calculators to solve a cashflow.
Truth® is for qualified professionals, where all the assumptions can be bespoked for the client. It is not simply a cashflow modelling tool. It is a comprehensive financial planning tool. Individual products and transactions can be emulated with detailed tax breakdowns. There are many tools to calculate and demonstrate what needs to happen to solve a problem cashflow chart with automatic notifications of potential breaches (such as breaching the Lifetime Allowance). It can simulate just about any scenario including the financial impact of a disability or death. It also allows you to stress test the model with market crash simulations or stochastic analysis of transactions. It is extremely powerful in the right hands – a qualified planner.
If consumers can do this free for themselves will fewer people need financial planners?
Quite the opposite. There will be consumers that want to help themselves or are unable to afford professional advice, which we hope will benefit from this. However, if more people are discussing finances, then more will seek a professional planner. Soon, we’ll be allowing Truth® users to direct their own website visitors to a planner branded version of Truth About Money®. It’s a way for planners to show part of what they do and give a flavour of cashflow modelling to their potential customers. With the consumer’s permission, the planners can import the data to full blown Truth®.
Will you be working on a browser-based version of Truth®?
We already are! Behind the scenes of Truth About Money® is our powerful next-generation Truth® API Calculation Engine. Built from the ground up, we’ve considered lots of customer (and our own) ‘wishes’. Truth® is evolving into something capable of so much more. It’s faster, simpler and elegant with no trade-offs in sophistication. We simply haven’t made the new features available to the Truth About Money® interface. This is stuff for the professionals.