Financial Planning software
I currently use Naviplan Central Extended as my financial planning software. I am in the process of doing a review of the other financial planning software program. Does any one here use either Money Guide Pro or eMoney Advisors in their practice?
It's pretty good. We don't have the full suite, but the only additional module I wish we had was Monte Carlo. They are evaluating it, but have concerns about the message it sends to clients.
I have not used other programs, so it's tough for me to compare.
Monte Carlo is great. You just have to make sure that the clients understand the output.
I have used Navi Plan years ago. I am sure they have upgraded since then. I am currently using E money, through LPL Wealth vision I am very pleased with it. $300 am month no limit of plans.
$300 a month? Wow that's expensive. We try to keep it simple. Retirement planner from Torrid Tech.
I'm curious, what kinds of modules in the above named programs seem to generate the best bang for the buck? In my case, I generally work with folks that are already retired, and have never felt the need for some of this kind of stuff. A previous firm got all excited about Naviplan, but I hated the idea of being forced into creating financial plans for folks that really weren't interested in anything other than a properly diversified portfolio that generated tax efficient income. On my own, I've created all sorts of goal setting, suitability, profiling, account review, and reporting stuff provided by Streetscape, morningstar workstation, and our BD's proprietary stuff. I'm not too old to try new things!
I also about 12 yrs ago created a super custom version of Act!. It was very efficient and completely custom to being an Investment Consultant. Furthermore, it integrated directly with Microsoft Office, and I found it easy to copy all new account ppwk from the firm, so as to populate darn near everything I was required to fill out. As a traveling rep, I could meet a client for about 45 minutes, take information for 5, then instantly print out every doc I needed from a local printer. I effectively turned a 2 appt deal into just one meeting. I became the top rep at the bank in my first year mostly due to this. A year or two later, some guy created Act! for advisors, sold it for like 6 million. That program was a POS compared to what I'd created. Unfortunately, now that Sage owns Act!, I find the program to be pretty bug riddled, not nearly as good as some of the older versions that Symantec had created.
BFP, like you, most of my clients are retired, or quickly approaching (over 50/55). I find a one-time retirement income analysis is sufficient for "planning". Other than that, maintaining up to date personal net worth and BASIC income statements is all you need ongoing. This helps with those periodic financial decisions (lease or buy, can I buy the cottege, can I get a pool installed, can I afford to support my ill father/mother, etc.) without having to ask everytime "hey, HOW much is your mortgage?, HOW much social security are you getting?, etc.".
But overall, I find most people over age 50 don't need a full-blown "financial plan".
I currently use Money Guide Pro and am very satisfied with this program, even if the price is a little high at $ 1,300. I manage to my online trading depot. For one-time payment a cool program. Another forex software would not come into question for me.