EVPro: a continuous evolution in financial planning tech for advisers
Oct 20, 2022 9:22:58 AM
Since the launch of EVPro in February 2022, our end-to-end financial planning tool for Advisers, there have been several significant improvements over the last few months.
Let’s look at what they were in more detail.
Regular Investment Solverwas introduced for firms that had taken the Goal module. It was designed to calculate the additional contributions required for clients to meet their life plan with their target likelihood. This reduced the time it would take for an adviser to work this out manually.
Additional Stress testswere added to test the robustness of a client’s cash flow plan in the event of several potential issues. The additional tests were:
An Immediate Market drop which reduced all asset values by 10%
A defined benefit scheme entering the Pension Protection fund.
Expense Inflation, where all expenses had CPI added to simulate increased inflation
Simulating losing a year’s income immediately due to ill health
An expense of £30,000 was added to the plan last year for long-term care costs.
This now means nine stress tests are quick and easy to run.
Investing for Income - The Income attitude to risk questionnaire was added to our Risk module, enabling advisers to choose between a growth or income risk questionnaire, depending on the client’s objective. In our Invest module, the ability to see funds risk rated on an income basis was added, along with two other measures allowing you to understand how efficient your portfolio is in delivering a sustainable income.
We added functionality that enabled EVPro to be managed by Networks or firms. This included the ability for Networks to address both the Modules and Settings access for each of the firms collaborating with them. They could decide what Settings they wanted each firm to have access to so that anything that should not be overridden could be ‘switched off.’
FNZ Platform integration (Tapico). This enables firms and users to be automatically set up, be switched on for and start to migrate clients, plan, and fund data over from FNZ to EVPro.
Ability to createcustom questionnaires within the Risk Profiling section of EVPro. This meant that Networks/Firms that preferred to use their Knowledge & Experience, Sustainability or Capacity for loss questionnaires could create and use these. This also gives Firms and Networks the flexibility to include additional questionnaires if required.