Engaging your clients in a digital world
Midwinter’s client engagement approach
Technology is changing the way that individuals engage with their finances. As your clients move further into a digitally operating world, Midwinter has ensured through our range of online client engagement tools that you can interact with your clients using the latest technologies available. Our client engagement tools are designed to enhance an adviser’s value proposition in a post FOFA world.
The AdviceOS Client Portal
The AdviceOS online client portal allows your clients to log in remotely to their own private account and access a range of features –
- secure client access to a number of of engagement calculators (calculator activity is logged on a per client bases within AdviceOS)
- adviser customisation and contact details
- access to client documents
- client report generation
- general settings and assumptions page that can be set by the adviser or the client
The Client Portal is supported on all modern mobile devices and tablets.
Client Engagement Calculators
All client inputs into the online engagement calculators can be viewed by their adviser at any stage. Once viewed, the adviser can then “accept” or “reject” the client inputs. Once “accepted” the adviser can use this information within the other modelling modules within AdviceOS. This gives advisers using AdviceOS a powerful advantage when it comes to ensuring that the client is engaged within the advice process in a post FOFA world.
See our list of calculators available within the Client Portal below –
This calculator can be used by a client to see if they have any surplus income that can be used to obtain insurance cover or contribute to super. The calculator will allow a client to analyse where their money is being spent and identify areas where savings could be made. Outputs include the impact of income tax, super contributions, Medicare levies, Centrelink benefits and general expenses on a client’s disposable income.
The loan calculator allows clients to compare the time it takes to pay down a loan by varying the repayment amount and timing of repayments. The client can also alter the loan amount, term, interest rate, repayment amounts and the frequency of repayment.
This calculator is for clients that have student loans provided by the Australian Government. This calculator can help clients determine how the repayment of their HELP debt will impact their future disposable income. The repayments are based on compulsory Government thresholds. The rate of repayment on HELP debts is determined by your taxable income plus any total net investment loss (which includes net rental losses), total reportable fringe benefits amounts, reportable super contributions and exempt foreign employment income.
A client can use this calculator to determine the total cost of educating their children. It will allow parents to model the expected future cost of their children’s education. This could be a call to action for a client to start a savings plan. The calculator has the functionality to model multiple children over their primary, secondary and tertiary educations. The calculator can model the effect of inflation and indexation on fees and an expected return on capital for a savings plan.
The insurance needs calculator can help a client determine how much cover or additional cover they require for death, total & permanent disability (TPD), critical illness (trauma) and salary continuance insurance. The calculator will also help a client determine the level of insurance they may require based on their financial situation. If an insurance gap is uncovered, the calculated results can demonstrate the need for further advice.
The risk profile calculator will help a client understand what sort of investor they are in terms of risk and return. In addition, it will help them understand what sort of investments are right for them given their risk profile. Educating your clients on their tolerance for risk can help them understand why you have selected one investment product over another.
This calculator will allow a client to input their superannuation balances to determine the effect of fees over time. These results can be compared to an alternative platform. Over 1,000 platforms can be compared using this calculator.
This calculator provides a tool to determine the best way to contribute to super based on a client's financial situation. Clients can contribute to super using pre-tax money or post tax money. Our ‘Salary sacrifice calculator’ helps your clients compare the impact on their take home pay and super balances of different contribution types.
A client can use this calculator to determine the impact on their retirement income and net income from making extra contributions to a define benefit product. Typically a defined benefit account gives you a package of benefits based on a formula of a multiple times your salary. The more you pay towards a defined benefit scheme, the faster your multiple grows.
This calculator will help a client work out how long their pension will last for by drawing down different amounts. This can act as call to action for contribution advice if the client determines that they will not meet their retirement income expectations.
This calculator will help a client determine if they are eligible for Centrelink benefits. This calculator will determine their likely entitlements – especially for those that are on a part pension. They can then engage their adviser to arrange advice on obtaining the maximum payments for which they are entitled.
This calculator shows a client at what age they can retire and on how much income. It produces your Retirement Comfort Index (RCI) which tracks their progress each year. The calculator optimises their superannuation balance in retirement based on how much they (and their partner) can afford to contribute to super while maintaining a certain level of disposable net income. The calculator will help them understand how contribution strategies (including transition to retirement) can help them achieve their retirement goals. The calculator will also work out how long their desired income can be maintained in retirement (including aged pension payments). The calculator is flexible enough to optimise their desired pension draw down in order to achieve a desired level of combined net income in retirement while optimising Centrelink payments between couples.
Digital AdviceMidwinter is in the process of developing automated algorithm based applications for advisers, allowing you to provide a service to your clients where they will be able to undertake simplistic strategies using their digital device of choice. As architects of award winning financial planning software – AdviceOS, Midwinter is excited about offering a new means of financial advice delivery that will expand your service offering. Naturally, our stand alone Digital Advice Solution will be completely compatible with our existing software- sharing a database, modelling tools and client portal with AdviceOS.
For more information on our Digital Advice Solution, please click HERE