Financial Needs Analysis Software That Builds the First Draft for You

A thorough needs analysis is the backbone of good advice. It's also one of the most time-consuming parts of taking on a new client.

Retirement, education, emergency savings, debt, dread disease, life cover, income protection, wills: the same foundations need to be covered for every client, and setting them up from scratch eats into time you'd rather spend advising.

Wealthstack produces the first draft automatically from the client's onboarding answers, and leaves the professional judgement with you.

What does the automatic needs analysis include?

Goals are created in two groups, wealth creation and wealth protection, based on what the client tells us during onboarding.

Always created:

• A retirement plan
• An emergency fund goal
• Wills and power of attorney for each spouse

Created where the client's situation calls for it:

• An education goal for families with children
• A home deposit goal if the client doesn't own a home
• Debt goals such as a bond, using the amounts captured at onboarding
• Critical illness (dread disease) goals for each spouse under 75
• Life cover goals for each spouse where there are dependents
• Income protection goals for anyone under 65 and still working

You can open each goal to see the calculation behind the target amount.

Seeing the gaps straight away

A new dashboard shows each goal's target, with progress at zero until you allocate policies or investments to it. Once the client's portfolios come through, you link them to the relevant goals.

The shortfalls become obvious, and the client can see them too. That turns the needs analysis into something the client understands, not just a report they sign.

Adding goals of your own

Beyond the automatic set, you can add goals from the goals tab, such as a home deposit or an investment goal for anything else the family is saving towards. Set the target amount and date, and Wealthstack calculates the savings needed to get there.

Keeping control of the numbers

Every advisor has their own view on assumptions. If you disagree with Wealthstack's calculation on any goal, you can replace it with a custom calculation, enter your own amount, add notes, and attach your supporting spreadsheet or Word document.

That applies to protection goals too, so your recommendations on life cover, dread disease or income protection can reflect your own analysis.

Planning for both spouses

Goals created for one spouse can be shared so the other can see them on their own dashboard. Both partners see the same plan, and every goal contributes to the family's WealthScore.