Winnipeg-based IG Wealth Management has introduced a new online tool designed to give users a snapshot of their financial well-being in less than 15 minutes, the firm said in a release on Tuesday.
The IG Living Plan Snapshot uses a combination of advanced artificial intelligence and data algorithms to assess individuals on five criteria related to their household’s financial life and assign them a score of 0-100.
According to the release, users are evaluated on:
- managing cash flow and daily spending;
- planning for major expenditures such as real estate;
- preparing for the unexpected with insurance and emergency funds;
- optimizing retirement savings; and
- sharing one’s wealth through a charitable giving strategy and estate planning.
“Financial well-being is about more than just investing and returns,” Jeff Carney, president and CEO of IG Wealth Management, said in a statement. “What makes the IG Living Plan Snapshot truly unique is that it provides a holistic and comprehensive measurement of all aspects of a household’s ability to realize its financial goals.”
In September, MoneyGaps — an online tool that allows independent financial advisors to offer prospective clients a “lighter financial planning experience” — was launched by wealth management consultant Preet Banerjee.
The IG Living Plan Snapshot is intended for users who do not yet have a comprehensive financial plan or don’t think their current plan encompasses all aspects of their financial life.