Financial Planning Software

[DRJCBPA]

Yes, it is me again.... So, which one or all do you suggest for a good financial plan. Back in the 80's I shelled out thousands for Leonard and it was blue chip. Now I'm hearing about eMoney, Financial Profiles, and LEAP. What think thee o experts in the field with greater experience than I a mere nave..

 

[Death Cab For Tootie]

I like a pad and pen.

 

[scagnt83]

Emoney rocks but is expensive.
The ongoing services it offers the client allows you to charge a small quarterly fee (some advisors and banks are charging a very large fee) which can very easily put you in the black for the software for the year.
Clients absolutely love it.


Other than that, NaviPlan is the cream of the crop in my opinion.


How extensive of a planning process are you looking to take your clients through?

I would suggest Circle of Wealth before I would LEAP.
It uses very similar concepts, but consolidates them to a more efficient, usable, and understandable process.
ON & Mass support Circle of Wealth and I think that Guardian might as well.


But if your looking to take your clients through a comprehensive process with software that will analyze and present in a manner sufficient for fee based planning; then go with Emoney or NaviPlan.

 

[DRJCBPA]

A comprehensive plan suits my style of practice best, so eMoney seems best?

 

[DHK]

eMoney has "account aggregation" technology (which is circumvented by the fact that online banks are harder to access via 3rd party software).

LEAP (I think) has WAY too much on the screen. Technically, it's not LEAP but "Wealth In Motion". It's pretty cool, but I think it's a better technical tool for an advisor to evaluate someone's strategies instead of a presentation tool.

Note: LEAP is great, but it isn't considered a "financial planning tool" that would pass for investment allocation strategies.

Financial Profiles would help you create an 80-page booklet for your prospects eyes to gloss over and later tell you they want to "think about it".

I happen to like tools that are "quick and dirty". It's also the cheapest to obtain and maintain. Fast and easy to learn. Easy to communicate. Easy to get people to open up their true financial situation to you.
Professional Financial Planning Software for Financial Advisors

However, if you're affiliated with a broker/dealer, you had better check with them for any software you are allowed to use by the "powers that be". Otherwise, you'd be creating sales literature without prior approval.

 

[DRJCBPA]

Thanks will check out the aforementioned.

 

[BNTRS]

eMoney is pricey, and they have several different versions floating about. Guardian bought them a little more than a year ago, and they are the one developing their platform Living Balance Sheet. eMoney is also developing platforms for Massmutual, and has a platform that LPL uses.

 

[maksim]

I like NaviPlan.

 

[scagnt83]

eMoney has "account aggregation" technology (which is circumvented by the fact that online banks are harder to access via 3rd party software).

This is true (or was), and eMoney at one time had thought they would have to drop the "account aggregation" aspect of the system (there where security questions as well).

But from what Im told now, all the kinks are worked out and its good to go.

Our firm is looking to roll out eMoney first of next year hopefully..

 

[Freddie]

Emoney rocks but is expensive.
The ongoing services it offers the client allows you to charge a small quarterly fee (some advisors and banks are charging a very large fee) which can very easily put you in the black for the software for the year.
Clients absolutely love it.


Other than that, NaviPlan is the cream of the crop in my opinion.


How extensive of a planning process are you looking to take your clients through?

I would suggest Circle of Wealth before I would LEAP.
It uses very similar concepts, but consolidates them to a more efficient, usable, and understandable process.
ON & Mass support Circle of Wealth and I think that Guardian might as well.


But if your looking to take your clients through a comprehensive process with software that will analyze and present in a manner sufficient for fee based planning; then go with Emoney or NaviPlan.

Sorry to butt in and not trying to thread jack - I have a possible client. He has real estate that is cash flow positive and probably most is paid off. A real shirt sleeves kind of guy who is solid. He is looking to lower capital gains for a possible sale but he is young enough to want to keep running them.

I was trying to find some analysis software or something that might add value for him. The only thing I can think of is re-fi, pull out some cash and invest it into a ROTH or annuities with an income rider to build up his retirement plan. He gets a tax deduction and diversifies his holdings. The problem is it is hard to find a good alternative when someone is a savvy real estate investor.