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LifeCash Pro: How others use it
Financial Planning Tool for Financial Advisers
14 Jul 2014
Last week, Panacea announced their partnership with LifeCash Pro, an iPad app that can delivery fast, effective and easy-to-use cash-flow modelling.
Below is the first in a series of case studies which demonstrates how this has been used.
John and Jane Smith are both employed professionals in their mid 30's working in the private sector for a large multi-national. Following the company's recent pensions initiative as part of their auto-enrolment obligations, they began to ask what sort of retirement income they would need to sustain their current lifestyle.
John and Jane have joint earnings of £72,080 gross. They are paying £1440 net pa in to their DC pensions. The question they had for their financial adviser was 'how much do we need to save, to achieve the lifestyle we have now in retirement, when the mortgage is repaid?'
Steve, their IFA, went to work and quickly inputed the numbers from his fact-find into the LifeCash Pro App. He established that if John added another £416.66 net pm to his pension (being a higher rate tax payer) and they both save £100pm into their equity ISA's they would be on target. Having agreed the assumptions based on their attitude to risk, then seen their numbers come to life in front of them, John and Jane agreed to Steve's recommendation.
Steve produced his suitability letter, added the reports from LifeCash Pro to his SL and fact-find and completed the case.
At the end of that week, Steve reviewed his case with John and Jane. Steve charges an ongoing advice fee of 1% of funds under advice for his services. His case with John and Jane, although starting small, was going to build into funds under advice of just over £1.1m when they reach State retirement age in 33 years time. Adding significant value to his practice with the added advantage of being able to manage their funds in drawdown through the decumulation phase too.
Panacea have negotiated a special deal to ensure you can get the app for a discounted rate on what is already a very competitively priced planning tool.
Rather than £20 per month if you download via iTunes, you can get a Panacea branded version for just £15 per month.
Alternatively, we have also arranged that if you prefer, you can have your own company logo uploaded instead for just £17.50 per month.
Email firstname.lastname@example.org requesting a password to the Panacea version or for details on how to get your own branded version and for the specially negotiated terms.
For more information visit www.panaceaadviser.com/lifecashpro
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