Financial Planning fintech EV Financial Solutions has upgraded its digital financial guidance tool EVDirect to make it more engaging, it said.
The firm said the tool has been rebuilt on cloud-native, API-first architecture and mobile-first technology.
EVDirect allows users to visualise their financial path through real-time what-if scenario modelling. The company said that highlights how actions will impact future wealth, increasing user’s engagement with investment and pension products.
The tool also aligns with the Pensions and Lifetime Savings Association (PLSA) Retirement Living Standards, to give a more accurate assessment of a pension pot's potential purchasing power.
EV said that helps people throughout their retirement journey, from understanding the long-term impact of contributions during accumulation, to exploring options for wealth near retirement, and maintaining a desired lifestyle in decumulation.
It said the tool integrates with EVDigital, its hybrid digital advice technology, and EVPro, its Financial Planning tool for traditional advice. It said the integrated approach ensures data and assumptions are shared, providing consistent recommendations across all channels.
EV said that allows smooth transitions between self-service guidance, hybrid advice, and traditional advice, and back again, as needs evolve. Simultaneously, it saves advisers time on fact-finds and data entry, the firm added.
Ashley Staples, product director at EV said: “Engaging, personalised guidance can enhance an individual’s financial security, informing and educating them about their options, and driving greater engagement. Our upgraded EVDirect is designed to help firms meet evolving regulatory expectations."
He added: “Our technology allows financial organisations to offer standalone guidance, cost effective and scalable hybrid digital advice, traditional advice models, or deliver a seamless multichannel approach.”
Newbury-based EV works with a wide range of partners, from large financial institutions to independent providers.
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