Questions and answers

Setting up and managing your account

Do I have to install any software?

No. Moneyscope is online software which can be accessed from any computer with an internet connection. It is designed to work with all the main internet browsers including Internet Explorer, Firefox, Google Chrome and Safari.

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Is it only available in the UK?

Although we are based in the UK, the software will work for advisers and planners anywhere in the world. At this time we only support English as a language and the three main currency symbols. If you wish to use Moneyscope and your currency is not supported, please contact us.

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Who is Moneyscope for?

Moneyscope is for financial planners and advisers and is not currently available to the general public.

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Which account should I go for?

If you are the only person using the account then a Solo Plan is the one to go for. If you want more than one person to use the account, the Small Firm Plan will be suitable. If you want something else, a Group Plan may be the one for you and we'd be happy to discuss bespoke terms with you - just get in contact.

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Can I upgrade my account?

Yes, you can upgrade or downgrade your account at any time by going to the Account section and selecting either upgrade or downgrade.

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How will new users know about their account?

All new users are sent an email to let them know their account is up and running.

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What should I do as soon as I've set up an account?

If you are the account owner or an admin user you should go to the Account Management area and click 'Edit Account'. You can then set up the regulation statement for your company. This will probably be the same as the one showing on any other client or marketing material produced by your company and will show on the reports produced for your clients. All users should ensure that their profile is correct.

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What's the difference between the types of user?

Account owner: The person who sets up the account is the account owner. He or she has full control over the account, can see and edit all users. They can also see all clients of all users. The account owner is also the only person who can access the payment options and details. Account owners can add or remove users and set permissions. 

Account admin: An account admin can do and see the same things as an account owner apart from the payment options and details. 

Planner: A planner can only see his or her own clients.

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How do I cancel my account?

The account owner is the only person who can cancel the account. Simply go to the account management area and cancel the account. 

Moneyscope is a month-to-month, pay-as-go service so we don't provide refunds. You are billed every 30 days for the service. You can cancel the service at any time and you won't be charged again, but you are responsible for any charges already incurred.

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What are the default assumptions?

There are three assumptions which can be changed for each plan: 

  1. The end age of the forecast is automatically set to the clients current age plus 20 years. This can be increased to a maximum of age 99.
  2. The net investment return is set to 5% per year by default but can be moved between 0% and 10% per year.
  3. The inflation rate is set at 3% per year but this can also be moved between 0% and 10% per year.

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How do I upgrade the plan that I'm on with Moneyscope?

This is the kind of question we like. Take a look at this video where we explain the steps or, when logged in, visit the 'Account' area of Moneyscope. You'll see a link that takes you to the upgrade screen. On this screen, you'll see the options available to you. Select the one you want. We'll ask you if you're sure and you just need to confim. 

It's as simple as that.

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How do I turn my free trial into a paid account?

Now we're talking. Here's a very short video but if you want to convert to a paid for account within your thirty-day free trial period, visit the 'Account' page of Moneyscope when logged in. You'll a see a link there that offers you the option to activate your account. On clicking this you'll then be taken to the page that asks you which plan you'd like to take. Further details of Moneyscope payment plans can be found here.

Once you've selected the plan, you're taken to the payment screen where you can enter the payment details. We accept any Visa or Mastercard - debit or credit cards. If there's another payment option that you'd like to use, drop us a line and we'll see what we can do.

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My free trial expired a while ago, but I'd like to set up a Moneyscope account.

Well, hello. It's lovely to see you again. Here's a very short video to re-activating your account. It's easy really. Enter your email address and password for Moneyscope on the login page. Once you've done this, you'll be directed to a page which allows you to activate your free-trial account which has been dormant since you left.  On clicking this you'll then be taken to the page that asks you which plan you'd like to take. Further details of Moneyscope payment plans can be found here.

Once you've selected the plan, you're taken to the payment screen where you can enter the payment details. We accept any Visa or Mastercard - debit or credit cards. If there's another payment option that you'd like to use, drop us a line and we'll see what we can do.

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Where is my data held and how secure is Moneyscope?

Moneyscope data is held on a secure server located in Docklands and backed up daily to a separate location in the UK. The website is security protected and has an international security certificate which protects the data you enter. We also deliberately set up Moneyscope to require minimal client information so you only need to enter names and ages. The payment system is also PCI compliant and complies with international standards for online card payments.

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Creating a cashflow forecast

What should I enter as the client name?

There is only one box to enter the client name. The client name can be in any form you like; here are some examples:

  • John Brown
  • John and June Brown
  • The John Brown Trust
  • John Brown's Offshore Bond

You have to enter an age for the client although you can choose whichever you feel is most appropriate if there is more than one client included in the plan.

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How do I save the information I add?

You don't have to. The information is automatically saved as you enter it.

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Is there a limit to the the amount of information I can add?

No. You can enter as much or as little information as you like. We prefer to keep things simple and are not big fans of huge income and expense questionnaires and would suggest that, where relevant, you include:

  • Net income before and after retirement
  • Ongoing and one-off expenses before and after retirement.

For joint clients, you can enter the above for each as separate items.

There is no minimum value for any entry.

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What should I enter for current savings and investments?

The total value of the client's liquid or realisable assets such as bank accounts, investments and other savings. Do not enter property (apart from any equity released) or pension funds - pension income should be entered with the other income items.

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How does inflation work in Moneyscope?

Here's a short explanation about how Moneyscope deals with inflation.

What value to use when calculating results?

If an entry is due to start in the future, select 'The value of money today' - this will ensure that the 'real value' will be maintained. For example, if a client is due to get a State Pension at 65 of £5,000 in today's terms, selecting 'The value of money today' will ensure that the real value is maintained and so £5,000 will be shown at age 65.  This is because the income will increase in line with inflation each year so the buying power will be the same in the future as it is today.

Alternatively, if you select 'The value of money in the future', the amount in the forecast will be reduced by the selected rate of inflation. For example, if your client has an interest only mortgage of £100,000 today which is due to be repaid in 20 years, inflation will reduce the real value over time. In this case, you should select 'The value of money in the future'. If inflation is 3% per year the real value of the mortgage repayment in 20 years will show as £55,368 in Moneyscope (i.e. £100,000 in 20 years is only worth £55,368 in today's values). 

For ongoing items

Selecting 'Increase with inflation' means that an ongoing money coming in or money going out will increase each year with inflation once it starts. For example, if your client will receive a State Pension of £5,000 per year at 65, you should tick this box as it will increase each year once it starts to be received. The forecast will then show a real value of £5,000 each year. 

Alternatively, if your client intends to buy a level annuity at 65 of £5,000 per year with no increases, do not select this option. The real value will then reduce with inflation each year once it starts to be received.

You can either use the default rate which is set in step 1, or you can apply an individual rate of inflation to items. If you don't choose to apply an individual rate, the default rate will automatically be applied. 

An entry can be adjusted for inflation and increase with inflation - the best example is the State Pension.

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How is the 'real rate of return' calculated?

The real rate of return is the net investment return less the rate of inflation.

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How can I change assumptions to see different results?

Simply move the sliders on the screen and watch the results change.

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What does 'in today's terms' mean?

This shows the real value of money. A value of £1,000 shown in the future represents the purchasing power of that money; in other words, it will buy the same as £1,000 wil buy today. Where a value in the future of £1,000 is not shown in today's terms, it will not buy the same as £1,000 today.

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How do I interpret the chart?

The chart shows the projected value in today's terms of the clients' savings and investments, having taken into account the items of income and expenditure.

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Why does the net investment return range between 0 and 10%?

We tested Moneyscope with advisers when we were building it. Many of those we spoke to said that a range of 0 to 10% for the net investment return would cover the majority of cases they deal with. When we asked them about the minority of cases, they weren't able to think of specific examples. So in order to keep Moneyscope as simple as possible we decided to limit the net investment return.

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Cashflow forecast report

What format is the report produced in?

The report is in PDF format which can be opened on any computer. You can download an example here.

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How do I print the report?

The report will be opened in your PDF reader (normally Adobe Reader) and you can print the report as you would any other document.

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Can I save the report for later?

Yes, simply save the report to your hard drive.

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Whose details are shown on the report?

The report is "white labelled" and will show your name and your company name. Your company's regulation statement will also be shown. There is no mention of Moneyscope on the reports.

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How do I add a logo to my report?

Adding a logo is easy. Go to the Account area of Moneyscope and click on 'Edit Account'. It's in this area that you can add a logo, or change the logo if you've already added one to your account. 

Click on 'Change logo' and this will ask you to load the logo you want. Moneyscope will re-size the logo for you so that it will fit nicely in the final report. Don't forget to click 'Update' once you've finished.

Here's a short demonstration video showing you how to add a logo to reports.

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How do I add a summary to the report?

With Moneyscope you can add a summary specific to each scenario. This could be extra notes for the client to read, that you want to add.   Doing this is simple. After completing the forecast for your client, click 'Print report'. A pop-up box will appear, asking if you would like to add a summary for this scenario. You can add anything in this box and it will appear on the report for that scenario. Once you've added your wording press 'Print report' and the report will download.

If you don't want to add a summary, leave the box empty and press 'Print report' and no summary will be added.

Take a look at this short demonstration to how you add a summary and your company's logo to reports.

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Free trial and payment

How does the free trial work?

We don't like software where you have to commit to long-term licenses or notice periods. More importantly, we hate having to give our credit card details to access a free trial.

Moneyscope does not have any of these restrictions. You can set up a free trial on a Solo or Small Firm plan and you’ll have full and free access for 30 days. At the end of this period, if you want to keep on using the software, if you decide to continue you can pay by credit or debit card or set up a direct debit. If not, your account will no longer be usable and you won’t have to pay a penny.

If you do become a paying user and want to stop your account you can do so at anytime and will not be charged again.

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When and how do I pay?

If you are happy with Moneyscope after the first 30 days we will ask you to enter your credit or debit card details in the secure area of our site and make a payment in arrears. Alternatively, if you want to pay by direct debit, just contact us. Payment will then be taken every 30 days in arrears. We will send you an email before the first 30 days are up to inform you of this.

If you are not happy with Moneyscope you simply don't provide your credit or debit card details and don't make a payment; you are not obliged to pay at the end of the first 30 days unless you wish to continue using Moneyscope.

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Is VAT included?

Yes, all prices quoted include UK VAT.

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How does meet-a-goal work?

We've pulled together a couple of videos to help answer this question. For a short overview, take a look at Step 4 on the 'Tour' page. This demonstrates the potential of the meet-a-goal feature in Moneyscope. If you're looking for something a bit more detailed, watch this guide which takes you through the meet-a-goal feature, step-by-step, and in less than 4 minutes.

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