Independent financial services technology company, MoneySoft, has brought a new product to market which it claims will give financial advisers the ability to more closely examine client spending habits and compare their financial behaviour.
The product, a new benchmarking and reporting tool, has been integrated into the company's cashflow, budgeting, and savings management platform Moneysoft and will be made available free to Moneysoft business account holders.
Commenting on the tool, Moneysoft managing director, Peter Malekas said that by enabling advisers to show people exactly what their peers were doing with their money was an extremely powerful and motivating tool.
"While everyone is running their own race, the fact is many people are concerned about ‘keeping up with the Joneses' and it's human nature to be curious about what others are earning, saving and doing with their money," he said.
"Equally, people should know and be encouraged if they're doing relatively well when it comes to their money management goals. This tool gives them insight into the financial behaviour of other singles, couples or families, and further strengthens the advice conversation around cashflow and budgeting."
The new service, which was developed in collaboration with Steve Crawford, of Experience Wealth and Your Spending Coach.