Figlo offers probability analysis, but it does not offer the type of some of the sophisticated features of more established contenders. For example, it does not offer something like MoneyGuidePro's SuperSolve, which weights the relative importance of multiple goals when optimizing a plan; nor does it offer asset allocation tools from Ibbotson as does NaviPlan Select. At this point, it lacks sophisticated Roth scenario planning, sophisticated Social Security planning and many other higher end features, but these calculations are more straightforward, so one assumes they will be programmed in soon.
I ran into a few minor issues with the client setup wizard. For example, I could not leave the term insurance page without entering a dollar amount for term life. I suspect this may be due to the fact that I did not have access to the Manager Tools, which govern program assumptions and defaults, but in any event I'm sure the problem is easily remedied.
In time, Figlo will integrate with account aggregation providers, CRM packages, portfolio management packages, custodians and broker-dealers. Vassa says he is already in talks with a number of firms, and the platform's architecture should allow for rapid integration, but it does not yet exist today. As these integrations come online, Figlo will become even more attractive than it is today.
A Game Changer?
Figlo is probably not quite ready to compete with the MoneyGuidePros and the NaviPlans of the world for high-end planners, but it could already be very appealing to those targeting the mass affluent and the do-it-yourself market. In time, as Figlo builds out the platform I suspect it will compete at the higher end as well. Figlo has done a good job of building the underlying architecture; they now need to understand exactly what types of scenarios and calculations more sophisticated planners desire.
Although it has probably sold only a handful of U.S. licenses so far, Figlo is already having an impact on the thinking of software developers. At a recent trade show, the Figlo booth was jam-packed full of advisors, software developers and consultants. The excitement Figlo's interface generated among those who saw it indicates that there is a thirst for improved interfaces and a superior client experience. Whether Figlo can leverage their interface know-how into software sales remains to be seen, but at this point, I wouldn't bet against them.