Financial Planning Software
I’m looking for financial planning software. Can someone give me some recommendations?
If you’re a broker, take a look at MoneyGuide Pro and Naviplan. There are a lot of compliance issues with financial planning under Finra, so you should check with your compliance department on their approval process and what software they’ve got existing approvals for.
I’d like to do retirment planning, estate planning, monte carlo, net worth, goal scenarios etc. I am a broker and I might have to do it as an outside business but then I get to keep the whole kitty. How much does Naviplan cost?J&L Software looks pretty good.
We use SunGard and it is pretty good. Customizable and scalable. You can buy some or all of the modules. We import all of our holdings and client details from our internal portfolio and CRM system as well.
Consider whether or not you'd like your software to be "outward facing". Would you like the client to be able to use the software independent of you? In combination with aggregating tools like CashEdge, this can be a powerful idea that gives you competitive advantages over others.The only way you can plan, is to know the data. They only way you can project is to aggregate.
Careful about aggregation systems. They can easily screw up and / or get data wrong. They need to be used in conjunction with statements. Also - only the most sophisticated clients won’t get frustrated with trying to add accounts. I have my assistant walk each client through adding accounts - preferably in person. You don’t want the first impression of you to be a real pain in the ass. Especially if your subsequent recommendation is an annuity or three American Funds.
My experience with CashEdge has been quite positive, however. They’ve done a really good job building their connections. Terrible customer service, but it works.
I think they’re available through moneyguide and they’re a part of allbridge and black diamond, but there’s also a direct platform. The big issue with CashEdge is that they can provide transactional data - all the other systems can’t. So, consequently, it’s a pretty good tool for looking at outside and competitor accounts (“Hey Mr. Client, it’s me SFB at Stool Securities. Let me do a bond swap for that crappy bond you just bought from that creepy pedophile you use at Merrill Lynch. I can increase the yield by 50 bps because I don’t mark up bonds outrageously…”) and it provides the hope of getting performance data on 401(k) and discount brokerage accounts for an RIA or Planner type.
Check with compliance to see what you’re options are.