7IM marks 5 years of the 7IMagine app
12 March 2018
Jamie Evans, Business Development Manager, Seven Investment Management celebrates the launch of the 7IMagine app, factfind, cashflow tool, risk discussion tool – free to download and use with clients.
A long time ago in a galaxy far far away…Okay, so it was only five years ago – although it feels a lot further in the past than that – and our office was actually just around the corner on Old Broad Street. But the world in which our app, 7IMagine, was launched certainly feels to me now as if we were living in a different galaxy.
It was another world on so many levels. The smart phone was five years old, the iPad was about to turn three and, while apps were readily available, the options to do anything work-wise other than tap out a few emails and browse the web were still limited. We were still dealing with the impact of the global financial crisis on MiFID (I) – the first views on the shape of MiFID II regulations would only first be published in June 2014 – the Federal Reserve were still in the midst of their Quantitative Easing programme, and Xi Jinping was only just emerging onto the global stage.
Meanwhile, here at Seven Investment Management, we were working with a client of ours who had recently sold his gaming business and had plans to bring the same intuitive technology that gave us Donkey Kong to Planet Finance.
Initially launched to help people interact with their portfolios on a real time basis, 7IMagine also allowed investors to benchmark performance over a variable timeline against different indices and adjust for inflation.
The opportunities to extend the app, however, soon became apparent and, three years later, we rolled out a capability for cashflow modelling which we called My Future.
For us, it is the ultimate support for financial planning firms. Advisers are able to show to their clients their current financial situation versus their vision for their future finances and whether they will stand a chance at achieving their goals and aspirations. It’s also the pre-curser to any conversations about investment risk – after all how can you determine their capacity for loss if you have no sense of the timeline that they have in mind? It also makes the client fact finding process much more interactive.
Richard Allum, CEO of The Paraplanners, was there when we went live. Here’s what he said about it: “I remember sitting in a London hotel in 2013 waiting to see what a Nintendo developer could possibly do with a financial planning tool. I was pleasantly surprised. 7IM had clearly given the developers a blank sheet of paper and it showed. It was like nothing else I’d seen before and still is. The app has been developed since then and still gives you a clear picture of your money. But with My Future, it does so much more. This is a cash flow tool that clients will enjoy using with you. I have used all the financial planning tools and 7IMagine has the best user interface by a mile. It really is a joy to use and does enough to give you a good idea of a client’s financial future. However, it also doesn’t overwhelm with too many options. It does link to a client’s 7IM portfolio but, and hats off to 7IM, anyone can download it to their mobile device even if they are not a client.”
Today, the app remains free to download, will remain so and will continue to evolve – especially when we see demand from financial planners. And it’s communities such as the paraplanners where we see future demand for the app, given your embrace of technology – we hope you’ll enjoy being able to use it with clients in the not-too-distant future.
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