Asked on 04 May 2020
Got approached by a financial consultant to try out this dashboard called GoalsMapper but not sure if it’s worth my time or knowledge.
I have tried it and it's extremely flexible but most importantly, fast. I do my planning with good old pen and paper, with excel thrown into the mix, and basically GoalsMapper is able to provide calculations in a second, whereas I'd have to play around with my spreadsheets for a minute or so. This can really save time.
However, the limitations of goalsmapper are that it is quite defined, so I am not able to easily map out scenarios such as the CPF SA shielding trick inside it, there's just no way to. Worth a shot for a good overview of your situation, but it won't be able to go too deep in terms of details and the finer aspects of planning.
I was wondering if there's a platform that's similar to the ones that financial consultants use.
I googled and found one that's called Up, a platform by local FinTech co. Better Trade Off. I finished the onboarding. Looks pretty interesting and comprehensive.
Disclaimer for the link: Min. 2 referrals for me to qualify a $5 foodpanda voucher... Seems quite hard? Anyway, I just give it a try. Never try, never know. :p You can, of course, go directly to upplan.sg, if you feel more comfortable that way.
I use a platform called WealthFolio (wealthfolio.co) instead. It is much less complex with a great user interface for sharing with clients. The real benefit though is that clients can login in to their own account, view and update their own information. This alone saves hours in fact-find data entry!
Also, great if your clients don't want to meet you in person due to the current situation.
I have tried it, and it's very very powerful and can do many many different things, including mapping out a whole ton of different scenarios as granular as how much you are going to spend on renovation for your new house in 10 years time.
Could be abit of an overkill though.
It is a pretty good tool. It maps out your financial goals and objectives.
Although personally I have felt that even as an adviser, going through the process requires handholding to distill the complexity of future liquidity needs.
I prefer a simpler version of guidelines from a fundamental question:
How much do you earn?
This would solve most questions as income can be used to scale the budgets and insurance requirements.
^An example of a calculator I created. But this is not an exhaustive guideline.
Hi Anon, I'm not a user of GoalsMapper personally but have seen its uses and the reports it provides.
I think it's a nifty tool for FAs to help you show different scenarios and inputting different strategies to illustrate how your finances will look like throughout your life.
It's quite comprehensive I would say.
But I don't personally use it because I still prefer most of my work to be done on pen and paper, and I do have a separate software that I can use if I want a more in depth look.
So if your FA is suggesting you try it out with them, I would suggest you too have a look, it may provide you with some insights you may have thought otherwise regarding your money and future plans.