News

“Calc Engine”: web-enable your own calculators and ATR profilers

 

Online financial calculators are increasingly being used to streamline the corporate advice process, particularly when an adviser is visiting high volumes of employees. If an employee can pre-load their information and see some relevant and useful calculations in advance of their adviser’s visit, then the actual 1-to-1 meeting can be far more productive, concentrating their time on what’s important to the employee.

But until now, the available calculators and risk profilers are either off-the-shelf (and therefore not reflective of the advisor firm’s style and narrative) or they are bespoke calculators which traditionally are extremely expensive to develop for the web environment, particularly when intricate configuration or variations are required.

The alternative is to use actuarial Excel calculators when sitting with the clients, which can be quite intimidating and bamboozling for the lay person, and moreover can’t be previewed in advance by the employee.


So, how can advisers help an employee to really understand their financial options without confusing them with financial terminology and maths, in an affordable, relevant and engaging way?


Enter the latest optional module in MyWorkPalCalc Engine.

Calc Engine provides the advisory firm with the tools to create their own calculators, using the inputs, logic and output results that they want, without the need for any new software development. 

The only technical knowledge needed is to break down the maths into logical steps ready for configuring on the calc engine. A lot of the logic is similar to Excel formulas and functions, but we’ll help with to get you started. Thereafter, more calculators can built, then saved and duplicated to tweak different flavours of the same base for varying audiences.

Example: In December 2015 we set up a single calculator for one corporate advice firm. At the time of writing, they have now created 14 more calculators on their own, and are adding them to their corporate clients’ employee benefit portals.

Calc Engine works in simple steps:

  1. Give the calculator a name and other details
  2. Set out the sections needed for different question types
  3. Write your questions and give the answer formats that are expected
  4. Transpose the logic/algorithms/maths into the system
  5. Build your output pages in text or graphics, all viewable on mobile/tablet/PC.

 

Check out this example “Annuity or Drawdown” calculator that our MD configured in just a few hours:

Example financial calculator Annuity or Drwdown

You can see that it gathers questions, does the maths, then shows a result. This could be for suggesting model portfolios, retirement options, homebuying processes, or anything else that you may currently do that follows a logical process.

You can print the results to PDF, including the calculations, so that there is a clear record of the client’s choices that support any advice given.

Furthermore, any employee data already on MyWorkPal, such as Salary, Date or birth etc can pre-populate any questions for them, so that they key in only the information that you don’t yet have.

 

When you combine Calc Engine with our Fact Find builder on MyWorkPal, you suddenly have a very powerful online prospecting tool which is relevant, meaningful and easy-to-use for employees. All that's needed is your preferred call to action to complete the engagement process

 

Find out more by calling us on 01483 812268.