Financial Planning Software

Nov 6, 2016

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  1. soulchild
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    soulchild Expert

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    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
     
  2. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    You just might like RetirementView. While it is not specific to life insurance, you can model just about anything in it.

    You can download a nearly full-functioning trial version here: http://tinyurl.com/DHKRetirementView

    I do not own the company, but I am a very satisfied user. The link is to my affiliate program where I earn a discount on my software renewals for each person who buys a subscription.

    If you sign up for the trial through the link, I'll be notified with your email address and I'll send you some YouTube training videos on how other advisors best optimize the software in their practices.
     
    DHK, Nov 6, 2016
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  3. rcduggan
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    rcduggan Super Genius

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    DHK, taking a look now. thanks for sharing. is there a difference between the personal and advisor editions?
     
  4. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    There are three editions:

    Personal (for 1 person)
    Couples (for 2 people)
    Advisor for using the software in a commercial context and to create unlimited plans. There are some additional tools that it has, such as a life insurance needs calculator built-in, customizing your disclosures, and some other functionality.

    The demo has full functionality aside from changing rates of return. That unlocks when you purchase a subscription. Otherwise, everything else works.
     
    DHK, Nov 6, 2016
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  5. rcduggan
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    rcduggan Super Genius

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    DHK, the software itself is robust and appears to give a lot of functionality for analyzing retirement (with the 5 minutes i spent with demo). however, it's visually painful, old and written in visual basic without any consideration to security.
     
  6. scagnt83
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    scagnt83 Worldwide Expert of Everything

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    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.
     
    Last edited: Nov 6, 2016
  7. rcduggan
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    rcduggan Super Genius

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    now we're talking! that moneyguidepro looks really good. the other may be over the top for me. thanks again for the shares, gentlemen!
     
  8. soulchild
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    soulchild Expert

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    Thanks a lot for the info. I will relook at MoneyGuidePro. DHK does look very robust but for putting together a plan for a client and printing, it looks pretty dated from what I see.

    Have any of you ever used Naviplan?
     
  9. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    Just to address a couple of points on RetirementView:

    Security is as good as your encryption on your laptop and your online storage services. You don't have to worry about hacking because it's all on your computer, versus the cloud. You also don't have to worry about having an internet connection to use it.

    As for the dated interface, sure, I can understand that. My perspective is that I'd rather communicate effectively than give a dazzling light show that *may* confuse someone from making a decision.

    That's simply my perspective and it's okay if you don't agree.
     
    Last edited: Nov 6, 2016
    DHK, Nov 6, 2016
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  10. scagnt83
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    scagnt83 Worldwide Expert of Everything

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    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.
     
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