Financial Planning Software

[DHK]

For IARs, there is this website called "Your Silver Bullet" that helps you to determine which technology "plays nicely" with others.

The logos are gone, but I think the information may still be accurate:

Your Silver Bullet - Software member Companies

 

[walthamny]

I use RightCapital and it works fine for me. I sometimes have to supplement it with Excel. I never show it though like here is where you are, here is where you will go if you will follow my recommendations. My presentation is like here is where you are, here is how we can do better my doing x,y and z, either allocate risk differently or add cash value life insurance to tax diversify and add overall flexibility to the plan.

I don't like to show income stream because I dont think most clients will follow it. Life will get in the way. It also moves to client to think in rate of return mode, then they start comparing cash value life insurance to other forms.

I am RIA so I have to show it is in their best interest to have cash value life insurance as a part of their portfolio of assets. I have not found why showing an income stream is always in their best interest. I understand old school life insurance companies like to show it as if it is a pension. It sells better. But realistically speaking that's not what will happen in their lives.

 

[soulchild]

I used NaviPlan years ago. I was not a fan of it then.

A new thing with MoneyGuidePro to address the new DOL Regulations, is an added platform (integrates into MGP) called "Best Interest Scout". It creates a workflow and report to prove recommendations are in the clients best interest per DOL BICE guidelines.

Also, MoneyGuidePro includes tools to analyze SS options, future Healthcare costs, risk/return scenarios, and it is super easy to play with the numbers to show various options and scenarios for your recommendation.

If you are an IAR (series 65), MoneyGuidePro, & eMoney seamlessly integrate with LOTS of RIA asset management platforms. Others do too, but it would make little sense to get one that does not imo. Those two also have plugins for a lot of other 3rd party programs such as CRMs or cloud accounts.

Thanks for info. I am setting up another trial today to play around with again. It was a few years ago since I tried so it sounds like it has improved.

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I use RightCapital and it works fine for me. I sometimes have to supplement it with Excel. I never show it though like here is where you are, here is where you will go if you will follow my recommendations. My presentation is like here is where you are, here is how we can do better my doing x,y and z, either allocate risk differently or add cash value life insurance to tax diversify and add overall flexibility to the plan.

I don't like to show income stream because I dont think most clients will follow it. Life will get in the way. It also moves to client to think in rate of return mode, then they start comparing cash value life insurance to other forms.

I am RIA so I have to show it is in their best interest to have cash value life insurance as a part of their portfolio of assets. I have not found why showing an income stream is always in their best interest. I understand old school life insurance companies like to show it as if it is a pension. It sells better. But realistically speaking that's not what will happen in their lives.

I have tried doing it that way and it works for some but some people don't understand the "conceptual" and want to see how this will work out for them with numbers.

Right capital is very user friendly and easy to spit out a plan so that's the best solution I've seen but I am going to try MGP again at the recommenation from this post.

 

[pfg1]

MoneyGuidePro is by far the best value on the market. Its around $100 per month.

eMoneyAdvisor is the cream of the crop.

MoneyGuide does pretty much anything you could ever need and it has top notch design/security/user friendliness. eMoney gives all of that plus a client side and full account aggregation thats updated daily.


Lots of other options out there. Each person just needs to find what fits their preferences & needs best.

Good info SC. Are you using this software currently?

 

[THolder007]

truthconcepts.com

 

[DHK]

Truth Concepts is pretty neat. Lots of specialized calculator modules you can use. Price is decent as well. I might get that as a supplement to the RetirementView software I already use.

I follow the Partners 4 Prosperity 'movement' and Kim D.H. Roberts on both Facebook and LinkedIn. Very good stuff there.

 

[pfg1]

I am trying to see what financial planning software you guys are using for your clients? I have a RIA but focus a lot on using CV life insurance for income streams in retirement.

I have tried all of the big ones, Moneyguide, Emoney, Instream, RetireUp, Rightcapital, etc. and in my opinion they all suck for showing a client before you arrived how their situation would be and after implementing your recommendation, how their situation would look in a good printable plan.

The best I have seen for the insurance focused advisor is the At Retirement Foundations that New York life uses but I think it is a proprietary software because I have not found anything that is like it.

Do any of you guys have any recommendations of good software that you are using successfully?

Thanks

Did you ever end up finding what you were looking for? I am looking for something similar right now. Something that would take all the traditional planning info (that most softwares show) and incorporate showing what using CV life ins and also annuities into the plan could look like for the client. I don't want to have several systems if I can avoid it.

 

[jenepas]

Not so simple things

 

[jboussea]

MoneyGuidePro is by far the best value on the market. Its around $100 per month.

eMoneyAdvisor is the cream of the crop.

MoneyGuide does pretty much anything you could ever need and it has top notch design/security/user friendliness. eMoney gives all of that plus a client side and full account aggregation thats updated daily.


Lots of other options out there. Each person just needs to find what fits their preferences & needs best.

Are those good for Cash Value.. they seem to be catered for investment products... do you have to customize them to make it CV LI friendly?

 

[ktmorgan]

I'm in a similar situation, S65 but do a lot of Insurance for building Estate's, Accumulation, College Edu, Prem Financing, etc. I use MoneyGuidePro since it's integrated into our suite. It's thorough, but way overkill for many clients.

But IMO, for clients who need CVLife and/or FIA solution there's nothing better on the market than https://www.insmark.com/ The traditional packages don't know how to accurately portray the true, full value of CVL.

I am trying to see what financial planning software you guys are using for your clients? I have a RIA but focus a lot on using CV life insurance for income streams in retirement.

I have tried all of the big ones, Moneyguide, Emoney, Instream, RetireUp, Rightcapital, etc. and in my opinion they all suck for showing a client before you arrived how their situation would be and after implementing your recommendation, how their situation would look in a good printable plan.

The best I have seen for the insurance focused advisor is the At Retirement Foundations that New York life uses but I think it is a proprietary software because I have not found anything that is like it.

Do any of you guys have any recommendations of good software that you are using successfully?

Thanks