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An introduction to iff

This guide provides an overview of IFF, an advanced financial planning tool. It explains how IFF works, the areas of advice it covers, and the benefits it offers to licensees, practices, advisers, and end-clients.

👤 Who 

This guide is relevant to all users new to iff who want to familiarise themselves with what iff can do.

📌 What is iff?

iff is an innovative financial planning tool that revolutionises financial advice. It features a robust calculation engine that integrates Stochastic Modelling and Monte Carlo simulations. This engine assists advisers in data collection and strategy analysis, running over 200 simulations to develop the best strategies for clients. For any user completing advice and/or modelling through iff, we strongly recommend to view the following two guides:

ℹ️ How does iff work?

  1. Within the iff portal, the user starts at the Current Position, which includes a streamlined data entry process capturing personal and financial details, goals, and risk profiles.
    Optional - The user can choose to invite their client to complete a Client Journey, efficiently providing you with client information directly to the iff Fact Find. 
  2. Within the Advice module, the Strategy Builder engine then runs hundreds of simulations, scoring strategies based on their effectiveness. Advisers can create multiple scenarios, compare them, and select the best one to recommend.
  3. Users can then combine data from the Fact Find, scenarios from Strategy Builder and product recommendations to generate an advice document.

💡 Benefits

To the Licensee: Assurance of tailored strategies, improved time efficiency, and enhanced compliance.

To the Practice: Streamlined advice process, increased quality of advice, reduced compliance breaches, and faster document production.

To the Adviser: Efficient advice process, higher quality advice, reduced compliance breaches, and better user experience.

To the End-Client: Customised, high-quality advice and potential for lower fees.

✅ Areas of advice covered

  • Cashflow Management
  • Debt Management
  • Risk Management
  • Superannuation
  • Retirement
  • Investment
  • Social Security / Aged Care
  • Estate Planning

❌ Areas not covered

  • Multi-entity advice (businesses, trusts, SMSFs)
  • Centrelink (Aged Care, Family Tax Benefit, Job Seeker)

ℹ️ Noting that Product advice (Investment, Superannuation, Insurance) will be completed via our integration partners (Omnium, ProductRex or Iress). 

 

 

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