The Challenge
Financial planning is the most important aspect to achieve financial freedom. Typical users are not great at planning their finances comprehensively due to the distributed network of financial institutions. Even before they take any action, they have a lot of questions such as Age to Start investing? How to retire early? What if the market tanks again? Many users can’t seem to find answers to such questions. Thus, the client came up with the idea of developing a unified portal where finance experts can mitigate such queries of their clients and effectively manage their finances too.
The Solution
While having discussions and documenting the development requirements, we noticed that clients want to build the app using only JavaScript and HTML. However, we convinced the client to go for Angular 10 thanks to its wonderful benefits such as easy scalability and maintainability. Apart from that, we also used Firebase, Bootstrap, Node.Js, and TypeScript. Further, we integrated Stripe subscription port, SendGrid email services, and ngx admin theme for more efficiency.
- Advisors/Co-advisors can invite clients via emails on the web app, set up their profile, and work with them live.
- Client profiles are divided into six main parts: 1) Basic Info, 2) Investment Info, 3)Income, 4) Social Security, 5) Budget Planner, 6) Big Purchases.
- After setting up the profile, the app dashboard will show the financial details of clients.
- Advisors can easily switch between their clients and even invite new ones using switch client buttons.
- Screen Sharing functionality for clients and Advisors to see the changes they each make in the profile.
- Scenario updates, Client Profiles, Tax Strategies, Spending Rules, and others immediately reflect on the client’s profile.
- Out of multiple subscription plans, Advisor has to choose the most suitable one on a monthly or yearly basis at the time of sign up and change at a later stage.
- Advisors can test multiple scenarios to see how they affect the client’s financial portfolio and longevity.
- Show clients historical data for a better understanding of market conditions.
- Tax Strategies allow Advisors & their clients to easily compare the different ways to withdraw money and analyze the effect and likelihood of success and account values.
- Generate reports to show clients a summary of their financial plan, tax strategy, spending plan, and how their plan would hold up to 30+ scenarios in a simulated and historical environment.