New financial calculator for holistic planning
Researchers funded by the Centre for International Finance and Regulation (CIFR) are developing a prototype of a web-based financial planning calculator to help addresses the functionality and accuracy limits of similar existing services.
Associate Professor Anthony Asher from The University of New South Wales (UNSW), said that the development of a calculator for holistic advice was vital, and that the prototype displayed allowances for childcare, housing and school fees to offer an all-round look at finance.
"Most calculators available online today are limited in scope and there's a risk that the resulting recommendations are actually inappropriate," he said.
"Financial planning calculators can help consumers to make better decisions about how much to save and to spend, and also where to invest."
The calculator prototype would anticipate personal income patterns and provide savings and life insurance recommendations, taking into account school fees, housing, extracurricular spending and data demographics.
CIFR-funded research will continue the development of the prototype with the aim of engaging users fully into the system.
Recommended for you
With HNW investors representing the largest market for alternative assets, Praemium and CoreData research underscores why this presents a compelling opportunity for advisers.
Having completed the successful integration of Diverger, Count has upgraded its forecast for expected synergy benefits achieved by the acquisition by a third.
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.