By Staff Writer
Denver Courtier (not his real name) is a typical young South African, who claims he is too young to worry about retirement right now. While many people on low incomes believe they do not have enough to save, since their income barely covers the essentials.
Looking at your financials today and seeing yourself as you will in the year 2065 is frightening.
But finally help is here.
The Goal Gauge app is an online application that enables financial advisors and their customers to more accurately and efficiently determine and plan their retirement goals and objectives.
It is a new application within the Figlo Platform, the integrated holistic planning solution that helps the customer to determine whether their retirement goal is achievable, what asset allocation is required to optimise it and how to align and update current and new investments to achieve these goals.
“Knowledge is power when it comes to retirement planning, setting retirement goals and actions is one of the best ways to kick-start and best manage retirement planning,” says Yellowtail’s Maarten Boddeus, principal consultant and Figlo Specialist.
“Our clients are looking to improve the quality of advice they give their customers; Goal Gauge is a nifty tool that it enables this. Now financial advisers are more easily able to provide accurate and targeted advice, delivering a plan that is tailored to the customer’s life goals.”
Goal Gauge was developed to enable financial services organisations to improve the quality of retirement planning advice they offer through a process defined as ‘direct insight’.
By inputting data into the application, financial advisors are able to assess whether their customer will achieve their investment objectives. For instance they are able to assess whether the savings and investment products remain relevant to the profile and what effect depositing cash or changing the risk appetite will have.
The program utilises simple graphs and diagrams, making the information easier to understand.