The lang cat's Mark Polson wonders whether Moneyscope has reached the holy grail for investment tools: ultimate simplicity.
Hello, and thanks for coming back. This is my third review for this column, and some of you have been nice enough to contact me to say you have enjoyed things so far. Only some of you have then asked to borrow money, so I’m counting that as a win.
I’m still keen, though, to make sure I’m covering the stuff you want to see, so if you have anything you’d like reviewed or you think I’m full of it (or something that rhymes with that), then please get in touch (see details at the end).
Anyway, our subject this week is Moneyscope, a web service created by an entrepreneurial paraplanner by the name of Richard Allum who owns, amongst other things, the ParaPlanPlus service. Moneyscope was reviewed in these pages by Mark Loosmore back in April last year – just search and ye shall find. So I won’t cover the same ground he did.
Mark Polson wonders if Moneyscope has reached the holy grail for investment tools
Instead, the point of this review is to look at some of the enhancements the Moneyscope team has put in its latest release, ‘Moneyscope Too’. But before we do, let’s have a brief recap of what it is and what it does.
Moneyscope is a cashflow modelling and forecasting tool, in the style of Truth or Voyant. But where those systems offer extensive functionality across forecasting and other areas, Moneyscope aims to do just one thing very simply and very well. Specifically it requires a fraction of the inputs the other systems do to start providing forecasts. I decided to time myself and from logging in I was happily forecasting within four minutes.
If anyone else is, like me, the sort of person who thinks reading the instructions is a sign of a serious character deficiency, being able to get your hands dirty without training that quickly is great. I know some advisers and planners also value the ability to create forecasts – often in front of the client – quickly and easily.
It’s worth mentioning pricing here – whereas Voyant’s rack rate is £150 per month for the first license in each practice, Moneyscope charges £25pm for a user or £45pm for a firm. This is smart pricing; making it clear that the Moneyscope tool is fulfilling a different need to the full-on propositions.
And if you approach Moneyscope with that mindset, one of the things you’ll notice is that everything is carefully designed and calibrated to create just that kind of feel.
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