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In the previous article, I described a number of financial planning tools. This time, I want to write about more options for financial planning. My list is based on the T3/Inside Information survey published early this year.

The pandemic has caused a global economic recession. As a result, millions of people feel uncertain about their future and need help to handle lifestyle changes and return to normal. Financial advisors should consider using financial planning tools from this list to guide financial planning conversations with their clients.

NaviPlan by Advicent

Advicent Profiles

Profiles is a tool for advisors to provide flexible analysis that justifies financial recommendations. This software helps advisors recommend insurance products, annuities, investment strategies, and much more.

Profiles is built for flexible analysis and quick assessments that will fit into advisor’s workflow. It helps advisors show their clients their potential financial future through holistic financial analysis, FINRA-compliant reporting, and high data security.

Profiles includes the following modules:

  • Profiles LEADS, an interactive online retirement assessment that does the prospecting for advisors.
  • Financial Analysis provides flexibility in business planning, life insurance, long-term care insurance, disability insurance, asset allocation, estate planning, Monte Carlo analysis, and retirement income strategies.
  • Profiles Presentation Module guides clients and prospects through their financial picture and demonstrates the value of advisors’ recommendations through engaging visuals.

Advicent Profiles

Advicent Profiles

Advicent Profiles is backed by integrations with leading technology providers, such as Albridge, Redtail, SmartOffice, Schwab, and TD Ameritrade.

Pricing is provided via a custom quote only.

Wealthcare

Wealthcare GDX

Wealthcare provides a GDX360 goals-based wealth management platform that synchronizes financial planning, investment strategies, goals-driven advice, operations, and regulatory compliance. It’s a seamless, dynamic experience that can help grow and scale an advisor’s business.

The GDX360 platform contains the following key components:

  • GDX360 Process connects planning with investments to help advisors put their clients’ best interests first.
  • Comfort Zone is a virtual display of clients’ progress toward their life goals.
  • Investment Policy to strengthen compliance and promote fiduciary responsibility.
  • Choosing a Goals-Based Investment Strategy to align clients’ goals through a professionally managed, multi-strategy investment program.
  • Generating Advisor Alpha with investment policy tools that strengthen compliance and promote fiduciary responsibility.
  • Household-Level Rebalancing to look across a client’s entire household to determine a cost-effective way to rebalance while reducing the number of trades needed.
  • Tax Alpha Investing to cut trading costs, fees, and taxes using asset location and other smart tax strategies, along with household-level portfolio management.

Wealthcare

Pricing is provided via a custom quote only.

Advyzon

Advyzon

Advyzon is an intuitive, cloud-based platform for investment advisors. By providing most, if not all, of the technology necessary to streamline operations, the company helps advisors focus on growing their businesses.

The list of features includes the following:

  • Customizable performance reporting
  • Flexible billing
  • Client relationship management (CRM)
  • Configurable client portals
  • Document storage
  • Business intelligence

Advvyzon

Advvyzon

Advyzon is backed by integrations with Schwab, TD Ameritrade, Riskalyze, Quovo, and Kwanti.

Pricing is provided via a custom quote only. In response to the Covid-19 pandemic, Advyzon has announced free database migrations, as well as payment flexibility, to new customers on its platform through June 2020.

fiserv

Fiserv

Powerful financial planning tools from Fiserv are designed specifically for financial advisors working directly with clients in real-world, detailed planning scenarios.

Financial advice management solutions from Fiserv include the following:

  • Goals-based and comprehensive plans, including retirement, education, and accumulation.
  • Integrated proposal generation with digital delivery.
  • Seamless account opening, portfolio construction, and asset allocation
  • Investor needs analysis.
  • Real-time collaborative planning with interactive data entry and numerous what-if scenarios.

Fiserv

Pricing is provided via a custom quote only.

ESPlanner

ESPlanner

ESPlanner leverages its patented algorithms to do lifetime budgeting, calculating how much to spend, save, and insure each year to maintain a client’s living standard. ESPlanner also helps you find safe ways to raise your living standard, often dramatically. And it shows you the living standard risks and rewards of aggressive investing and how to build a floor to your living standard.

The ESPlanner approach is based on the following:

  • Lifetime Budgeting – ESPlanner finds annual spending targets and suggests what you can spend each year without running out of money and having your living standard fall.
  • Integrated Planning – ESPlanner fully integrates retirement, tax, college, insurance, housing, Social Security, investment, career, relocation, divorce, and other types of financial planning and decisions.
  • Economics Approach – ESPlanner calculates sustainable living standard; incorporates all resources and “off-the-top” expenditures; makes highly detailed annual tax and Social Security benefit calculations; shows impacts of early retirement and other lifestyle decisions; and provides annual saving, spending, and insurance recommendations.
  • Comprehensive Analysis – ESPlanner incorporates all the inputs and taxes and helps find safe ways to raise a client’s lifetime living standard or understand the living standard impact of lifestyle decisions.

ESPlanner

ESPlanner

Pricing starts at $149/month.

ExecPlan

ExecPlan

ExecPlan offers a tremendous range of pertinent client information and computations. It can produce over 125 different types of reports, utilizing statements, text, and graphics to illustrate the various aspects of a financial plan. It can accommodate profiles from the very simple to the most complex with relative ease.

ExecPlan offers unlimited “what if” flexibility, with full dynamic integration to analyze the effects of each possibility, while also providing the built-in versatility of the following:

  • Automatic cash management
  • Capital needs analysis
  • Education funding
  • Retirement planning
  • Estate planning
  • Qualified business income
  • Pass-through deductions analysis
  • Charitable contribution and other gifts
  • Estate analysis

ExecPlan

ExecPlan

Pricing starts at $995 for one user license with 12 months of maintenance and support.

Cheshire Wealth Manager

Cheshire Wealth Manager

Cheshire Wealth Manager includes Monte Carlo probability analysis using goal or cash-flow based planning. With this software, advisors have the tools they need to engage new clients and strengthen existing client relationships by creating detailed, easy to understand retirement and lifetime income plans.

Pricing starts at $1,450 annually for five to nine cloud licenses.

Bottom line

As the pandemic provokes an economic crisis, people feel their financial state is uncertain. At this time, financial advisors may help their clients articulate their fears and hopes and prepare a detailed financial plan to get through the crisis. Financial planning software provides advisors with comprehensive algorithms, in-depth analysis, and customizable reporting to enable them to better help their clients.

 

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