MAC Group, a leading corporate independent financial adviser (IFA) and professional insurance broker, has announced the launch of what it claims is the island’s first retirement planning mobile app.
The new app will help people to plan their finances with the aim of improving income in retirement.
Jon McGowan, managing director of the MAC Group, said: ‘When we sat down earlier last year to assess how we have improved communications with the thousands of members in our local corporate pension plans it became apparent that we could do more through the use of modern technology.
‘We discussed the need for something that reflects our own brand identity that is easy to use.’
Jon added: ‘While we cannot provide financial advice through an app, we felt that the ability to use a generic calculator to help people assess their financial situation was important.
‘We have noticed a developing theme where people rely less and less upon paper and more on electronic access that is available both 24-7 and when they are on the move. The development of the MAC Group Pension Calculator is an ideal way for us to deliver this.’
For months, MAC has worked closely with Gryphon Digital, an Isle of Man based app developer, in the planning, design and delivery of the product.
Jon said: ‘The team at Gryphon were excellent and really added value through the process.
‘They continually sought to not only deliver exactly what we needed but also reduce what can be very complicated and somewhat daunting pension related information into an intuitive and slick app.
‘The end result is a user friendly tool that graphically allows a person to play around with various options and to work out both what they are likely to receive from their pension plan and also how much more it might cost them to reach the income levels they desire.’
Ed Walter, one of MAC’s team of corporate independent financial advisers was closely involved in the development and testing of the app.
‘We launched a test version with a large local client and it was well received. We took feedback and tweaked certain aspects, but the core app features were spot on and it is great to be able to use it either in a one to one meeting or for the client to download it and use it in their own time.’
Nigel Gregg, a Director at MAC Group, said: ‘We continually strive to be at the forefront of what we do.
‘Now, more than ever, a person’s future financial security is under pressure.
‘People need to be given tools, not barriers, to enable them to understand what they have, what they might need one day and how much it will cost them to achieve this.
‘We are very grateful for the hard work Gryphon put into this project and we look forward to helping many on their road to achieving financial security.’
The app can be downloaded for free on your smartphone by visiting the App Store and searching for MAC Group Pencalc.