What is Financial Planning Software?
Financial Planning Software is a comprehensive package that covers right from simple planning concepts to in-depth financial plans for all the wealth management requirements. It consists of advanced tools specifically developed for financial professionals dealing advice-based client relationships.
With it, you can easily record, analyze, and provide all aspects of your clients current and proposed financial situation. It helps you to build a strategical and analytical, step-by-step process to assess the wealth of your client, keep track of the same, and other money related aspects such as, your clients’ loans, spending, tax lapses and many more.
Some of its integral features are:
Financial Assessment
Asset allocation
Insurance analysis
Business valuation
Real estate analysis
Net worth and Cash flow management
Investment modeling
Data import capabilities
Tax planning
Some of the other features of Financial planning software are, it can provide audit trail; which will give you easy assessment of the assets and liabilities to taxes, income net worth, etc, each under different relevant subcategories. It can also provide you a statement of financial condition.
If you are a financial adviser, the Financial planning software imparts you the flexibility to work either on an individual project such as a
mortgage or refinance. Or you can choose to work on an entire personal financial plan for the client.
Financial Planning software is simply an option to simplify your clients’ financial life. With a detailed program entailing all the aspects of wealth management, right from refinancing an existing home loan, to purchasing a new home or to budget management of everything, this software would do all the simplifying magics for you.
Below are some of the listed benefits of using Financial Planning software :
Debt Management : With a debt management module incorporated within the software, you become flexible enough to restructure/remodel the debt payments mode, with an objective to boost your client;s cash flow.
Home Mortgages : Financial Planning software can easily analyze various mortgage options available, and based on the incorporated algorithms, it can devise mathematical models for the same. You avail the best of advices for the best possible scenario. You make it simpler, not just for yourself but for the clients as well.
Investment Management : Right from devising some simple savings accounts to building a powerful stock portfolio, the Financial Planning software can do it for you. The software gives you the best available calculations and projections taking account of other investment options.
Budget Analysis and Planning : Using an integrated approach, Financial Planning software easily generates full featured budget analysis and planning module. You can also develop a Budget report with inclusions of percentage breakdowns in the budgets.
Retirement Planning: Financial Planning software provides a platform for easy modeling of the Retirement needs analysis. It can generate retirement summary report and other retirement needs analysis reports, and along these lines you can come up with the best retirement proposition for your clients.
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Help answer the question about financial plan
Opposition by Thomas Jefferson and James Madison to the financial plan of Alexander Hamilton resulted in?A.) the formation of permanent political parties
B.) Hamilton's dismissal from the cabinet by George Washington
C.) politics drifting too far out of kilter with the wishes of the people
D.) the rejection of Hamilton's plan by Washington
E.) their dismissal from the cabinet of George Washington
July 9th, 2009 at 2:21 pm
I set up his budget form (modified to our specific bills) on Excel. Now that was about 4 years ago.
Now he has software (about $25) available on his website or subscribe to My Total MOney Makeover section of his website and you can do the budget there (link below). Or Crown Financial (originally started by the late Larry Burkett who Dave gives a lot of credit to) has budgeting forms and online software. (Link below) Crown also has software (last link)
Both would be the best way to stay completely in line with Dave's principles. Both of the on-line subscriptions have free trial periods.
July 9th, 2009 at 3:27 pm
Hi,
I can recomend you a piece of software I have been using lately and am quite happy with – Personal Finance Associate by Parcus Group.
Simple to use software with features incl. budgeting, financial planning templates, shares valuation, real estate investments analysis, life insurance, taxation calculator etc.
Definitely check it out at:
http://www.parcusgroup.com/
Great value for money for US$24 or AU$29 for a single user license.
July 9th, 2009 at 8:13 pm
Do you mean a budget? If so, I use an Excel spreadsheet I created. If you'd like a copy, just email me! I'm more than happy to share it.
July 10th, 2009 at 7:37 pm
I don't believe you'll find software that gives you investment advice, if you want to track your finances you can buy quicken or microsoft money, or use the free site for Mint:
http://www.mint.com/
You need to do your own research to determine your risk tolerance, etc, and at least list a set of savings goals you have. Whether it's short term savings, retirement, etc.
July 11th, 2009 at 3:28 am
Either of the programs you listed are more than adequate to track existing accounts.
July 11th, 2009 at 7:53 am
You can do modular planning using web sites from Vanguard (vanguard.com), T Rowe Price or fidelity (fidelity.com). They all have retirement planners that are decent.
There is no nonprofessional ("inexpensive") softwares that do it all. I have been a Certified Financial Planner for 25 yrs. and you do not need a big, integrated package. What you need is:
1. A budget, which can be found online or using an Excel spreadsheet you create.
2. A tax planner, which can be Turbotax or TaxCut.
3. Retirement planner, which can be as above.
4. Life insurance planning. here you can get tricky and look for online planning software but you will probably get agents with self-interest. Or you can do "quick and dirty" planning: what lumpsum would you need to provide your family with enough income to live on if you die? Divide your annual living expenses, less other income (working wife), by 0.04 or 0.05. That assumes you can get 4 or 5% longterm, which is rational in today's economy. That's how much life insurance you need. It will probably be a big number, but that's OK. Every breadwinner should have $500,000-$1 million of term life insurance, level 20-year is OK for most. You should need it till you are 65 (retired) or have money, whichever comes first. Insure both husband and wife if both work. Should be personally-owned, not from work, because you will need it regardless of where you work.
5. Estate planning: If you own less than $2 million between you and your wife, you don't need to worry about estate taxes. (This is VERY simplified.) You need a will, financial power of attorney, health care power of attorney and living will.
Well, that's 25 years of experience in a nutshell. The important thing is to get started now, now to agonize over what software you're using. Try 2 retirement planners listed above; if the numbers are close, you're on track. By the way, for people under 45, I ignored Social Security retirement benefits period. I found they need to save so much money anyway that SS didn't make much difference one way or the other. Good luck!
July 11th, 2009 at 10:13 am
Right now, "How to survive the Great Depression"
July 11th, 2009 at 11:10 pm
July 12th, 2009 at 9:43 pm