The importance of tax, modelling accuracy.
There are many high-end, advisor-focused software packages on the market. But how many manage to produce accurately, over time, the many subtle shifts and changes that occur in the Canadian financial rules?
FP Solutions, a high-end software solution from Wolters Kluwer, has carved out a reputation on the accuracy of its tax modeling.
The deep functionality of the program can be attributed to the history of the program, which goes back years. "In the early-to-mid '90s these programs were pretty weak," says Karim Rashwan, a product manager with Wolters Kluwer. The programs on the market then existed as simple 'projection' software. "The programs were basic. You could do basic modeling. 'If you save this, and you have a tax rate of so much, this is what you'll have at retirement,' that kind of thing," says Rashwan.
From the beginning FP Solutions has been developed in Canada. As a result the program mirrors the reality of the Canadian financial planning situation. The program was first developed in Excel, "This is reliable and proven code," says Rashwan. And it continues to evolve. Today, Wolters Kluwer is developing the program to take advantage of the possibilities offered by the internet. These web-based possibilities will make it easier to make the updates that have been the key to the wide acceptance of FP Solutions among advisors.
As any advisor knows, each year tax laws change. Indexed tax brackets shift. Provincial governments manipulate income brackets. As a world leader in providing tax information to professionals Wolters Kluwer has the ability to track and analyze these changes and incorporate them into the software. "These things don't change randomly. But there are enough changes that keeping current requires the kind of dedicated effort that Wolters Kluwer can provide," says Rashwan. The ability to accurately model taxes is one of the most important attributes of FP Solutions. "That this program accurately models taxes is what builds credibility. The functionally and flexibility, the ability to customize changes, deal with certain taxes, that's the real benefit to FP Solutions.
Wolters Kluwer does two updates a year, in the spring and falls. The latest version of FP Solutions was released October 13th.
"It's very flexible. You can model anything. I have yet to come across anything that can't be modelled. Wolters Kluwer is the only financial planning software provider that is constantly updating tax information and incorporating it into the software. In that sense we're unique," says Rashwan. "This is high-end software. It's comprehensive and robust. Advisors who use our program know that it is all about the plan...and that at the end of the day, that's what this program delivers. It creates a solid plan."
FP Solutions, a high-end software solution from Wolters Kluwer, has carved out a reputation on the accuracy of its tax modeling.
The deep functionality of the program can be attributed to the history of the program, which goes back years. "In the early-to-mid '90s these programs were pretty weak," says Karim Rashwan, a product manager with Wolters Kluwer. The programs on the market then existed as simple 'projection' software. "The programs were basic. You could do basic modeling. 'If you save this, and you have a tax rate of so much, this is what you'll have at retirement,' that kind of thing," says Rashwan.
From the beginning FP Solutions has been developed in Canada. As a result the program mirrors the reality of the Canadian financial planning situation. The program was first developed in Excel, "This is reliable and proven code," says Rashwan. And it continues to evolve. Today, Wolters Kluwer is developing the program to take advantage of the possibilities offered by the internet. These web-based possibilities will make it easier to make the updates that have been the key to the wide acceptance of FP Solutions among advisors.
As any advisor knows, each year tax laws change. Indexed tax brackets shift. Provincial governments manipulate income brackets. As a world leader in providing tax information to professionals Wolters Kluwer has the ability to track and analyze these changes and incorporate them into the software. "These things don't change randomly. But there are enough changes that keeping current requires the kind of dedicated effort that Wolters Kluwer can provide," says Rashwan. The ability to accurately model taxes is one of the most important attributes of FP Solutions. "That this program accurately models taxes is what builds credibility. The functionally and flexibility, the ability to customize changes, deal with certain taxes, that's the real benefit to FP Solutions.
Wolters Kluwer does two updates a year, in the spring and falls. The latest version of FP Solutions was released October 13th.
"It's very flexible. You can model anything. I have yet to come across anything that can't be modelled. Wolters Kluwer is the only financial planning software provider that is constantly updating tax information and incorporating it into the software. In that sense we're unique," says Rashwan. "This is high-end software. It's comprehensive and robust. Advisors who use our program know that it is all about the plan...and that at the end of the day, that's what this program delivers. It creates a solid plan."
