The final product—the report.
The functionality of modern advisor-level software is remarkable. In the case of FP Solutions, users have the ability to import data from mutual fund tracking software into the program, creating a database of investments, which they can then use to build detailed client portfolios. When calculating estate planning forecasts, the software considers legacy planning and charitable giving scenarios, second properties and insurance needs. The software also performs T1 tax calculations for each year of the financial plan, taking into account varying tax rates and current and future rules that will affect the plan's outcome. At the Business level of the software, taxes are also accurately calculated on dividend income paid from a business to the clients.
Also included in FP Solutions is a pre-interview questionnaire for initial face-to-face client interviews. The information in the booklet is collected and entered into the program, which prepares the net worth and cash flow. Better yet, the "fact finder" function lets clients input their own data before a meeting with the advisor, so that when the client arrives for the in-person meeting the models are ready. Based on these statements the program can identify insurance opportunities.
Of course, there are some things that have to be manually updated. “Maybe there's been an inheritance, or the client starts travelling more, maybe the business is doing better or worse....these are the things the advisor has to keep up on,” says Rashwan. He jokes, “Some advisors expect there to be artificial intelligence behind these programs…Will it know, for example, how many children the client has? No, there are some things the advisor has to do. “At the end of the day this is about modeling strategies. If say, a client wants to wind down their business by age 70....you can do a model for that.”
The plan, of course, is the main product an advisor produces. The options FP Solutions offers for presenting all this data are impressive. Changes made to the data entered into the program are updated in all appropriate documents in real-time. “The integration between the documentation and the data entry is a key feature in the program and helps to differentiate us from some other planning software in the market,” says Rashwan. The modular design of the program allows advisors to customize and personalize plans. When the report is done it can be printed out on one page, or it can be printed out on 100 pages. “Most people will print out a five page report. But some advisors want a bound book of fifty to sixty pages that they can hand over to clients. Some do want to see it all,” says Rashwan. “Some engineering industry clients want to see all the details. So there is a market for the 100-page report. Most just want to see the cash flow, net worth and investment balances. For a certain type of client, you might just print out one page. It depends on what the client wants.” Reports can also be exported to PDF or MS Excel formats.
FP Solutions offers four levels of planning sophistication to meet the needs of any practice. Each level builds on the previous one to give you access to more in-depth planning tools.
The cost of the program ranges from $389 to $1,663, depending on the level, for a 1-year subscription. This includes planner license and up to three additional installations.
Also included in FP Solutions is a pre-interview questionnaire for initial face-to-face client interviews. The information in the booklet is collected and entered into the program, which prepares the net worth and cash flow. Better yet, the "fact finder" function lets clients input their own data before a meeting with the advisor, so that when the client arrives for the in-person meeting the models are ready. Based on these statements the program can identify insurance opportunities.
Of course, there are some things that have to be manually updated. “Maybe there's been an inheritance, or the client starts travelling more, maybe the business is doing better or worse....these are the things the advisor has to keep up on,” says Rashwan. He jokes, “Some advisors expect there to be artificial intelligence behind these programs…Will it know, for example, how many children the client has? No, there are some things the advisor has to do. “At the end of the day this is about modeling strategies. If say, a client wants to wind down their business by age 70....you can do a model for that.”
The plan, of course, is the main product an advisor produces. The options FP Solutions offers for presenting all this data are impressive. Changes made to the data entered into the program are updated in all appropriate documents in real-time. “The integration between the documentation and the data entry is a key feature in the program and helps to differentiate us from some other planning software in the market,” says Rashwan. The modular design of the program allows advisors to customize and personalize plans. When the report is done it can be printed out on one page, or it can be printed out on 100 pages. “Most people will print out a five page report. But some advisors want a bound book of fifty to sixty pages that they can hand over to clients. Some do want to see it all,” says Rashwan. “Some engineering industry clients want to see all the details. So there is a market for the 100-page report. Most just want to see the cash flow, net worth and investment balances. For a certain type of client, you might just print out one page. It depends on what the client wants.” Reports can also be exported to PDF or MS Excel formats.
FP Solutions offers four levels of planning sophistication to meet the needs of any practice. Each level builds on the previous one to give you access to more in-depth planning tools.
The cost of the program ranges from $389 to $1,663, depending on the level, for a 1-year subscription. This includes planner license and up to three additional installations.
