Voyant Product Simulation Bolt-Ons
Voyant now offers Product Simulation Bolt-Ons that integrate third-party financial products into the Voyant financial planning platform for in-context simulation, discussion and recommendation.
Voyant’s extensible financial planning solution gives product manufacturers a powerful opportunity to address one of the biggest disconnects in the financial services industry – the inability to illustrate actual branded products during the creation and review of an individual’s financial plan – and to provide new levels of service to financial advisers and consumers.
Financial products are a critical element of any client-adviser planning discussion. Whether advising on income, capital appreciation, protection, or other topics, the purchase of products such as pensions, investments, life assurance, annuities, and guaranteed products is ultimately required to effectively put a plan in motion.
Unfortunately, there has always been a chasm between what is discussed or simulated in an individual’s financial plan and which products are ultimately recommended or illustrated. Some planning solutions ignore third-party products altogether, while others provide only limited ability to simulate products on a non-configurable and overly generic basis. These shortcomings inhibit plan accuracy and clarity, preventing advisers from illustrating a product’s impact on the larger context of a client’s financial future.
Voyant Adviser’s release greatly improved the control available, allowing knowledgeable users to control dozens of settings in simulating financial products. Products are simulated in context with the rest of the financial plan. Users can visualize the affects of a product on attaining financial goals and refine the products settings to better achieve success. While this new level of control provides a new level of clarity and accuracy, it requires the users to have a strong working knowledge of financial products and their specific attributes in order to simulate them correctly.
Voyant’s Product Simulation Bolt-Ons further streamline the product recommendation process, allowing financial advisers and consumers to simulate commercially available products in context with their financial plan, without the need to enter product specific attributes.
Simulations
Voyant’s state-of-the-art financial planning platform can simulate any commercially available product in context with an individual’s financial plan. In lieu of having to research the attributes of specific product offerings, users can simply select from a list of financial products to simulate which solutions best help them achieve their goals.
Product simulations can include, but are not limited to:
- Annuities
- Guaranteed Products
- Income Protection
- Life Protection
- Long Term Care Protection
- Lifestyle Funds
- Model Portfolios
- Mortgages
- Onshore / Offshore Investments
- Pensions
Adviser Benefits
With Voyant’s Product Simulation Bolt-Ons, seamless product simulation eliminates the disconnect between commercially available products that are simulated and discussed during planning, and products that are recommended for purchase. Advisers are able to offer guidance on commercially available products and their specific effects on a client’s overall financial plan. The need for time consuming and accurate data entry is removed, providing more time for advisers to simulate different products and better service clients. The result is better planning. In addition, Voyant’s ”Let’s See” functionality helps users compare and contrast the impact of different product decisions, enabling advisers to provide greater transparency and education in the purchasing process.
Consumer Benefits
With Voyant’s Product Simulation Bolt-Ons, consumers gain new levels of accuracy and control over their financial future. Seeing actual products in-context with their overall plan helps individuals compare and contrast alternatives, and make more informed purchasing decisions. This leads to better outcomes for the consumer, resulting in greater financial security and customer satisfaction.
Manufacturer Benefits
With Voyant’s Product Simulation Bolt-Ons, the illustration of a manufacturer’s products in the Voyant platform gives that provider a strategic advantage over other competitive products. Advisers and consumers gain familiarity with the benefits of specific brands and features, understanding how those products impact the larger planning process, and increasing the likelihood of a positive purchase decision.
Bottom line: With Voyant’s Product Simulation Bolt-Ons, products are sold to the right person for the right reasons.
