Raymond James advisors now have new software that makes it easier for them to develop in-depth financial plans for clients.
The software, Goal Planning & Monitoring, is "so much more flexible and agile than anything I've used in the past. You can accomplish a basic, simple plan very quickly but then you can also dive very, very deep," said Kevin Sletten of Peoria, Ill., a Raymond James advisor and GPM pilot participant. "It not only has the depth, it has the ability to change assumptions so quickly and so easily in the program and is able to redisplay the results to the client."
Powered by PIEtech's MoneyGuidePro:G3 software, GPM is the latest improvement to Advisor Access, the technology platform introduced to Raymond James advisors earlier this year. GPM enables advisors to customize the planning they do for each client. A retirement analysis can be created quickly with minimal data input because GPM is integrated with Raymond James client information system.
The software also automatically plugs in some numbers, such as income needed in retirement based on current income and taxes and estimated Social Security payments based on full retirement age. By moving sliders on the screen, advisors can show how changes in retirement age and income will affect the client's goals. For business-owner and executive clients, stock options can be incorporated into the plan.
Patrick O'Connor, senior vice president of Wealth Management Solutions, said GPM allows advisors "to revise a plan with up-to-date holdings and values, making it more efficient to use in ongoing client review meetings." Plan results can be shown on an iPad, a monitor in the advisor's office, the firm's Investor Access client site or print outs.
Interactive tools such as PlayZone and the new "What Are You Afraid Of" section allow advisors to address client fears such as inflation, changes in Social Security benefits and health-care costs. Once a plan is adopted, GPM lets advisors track their clients' progress toward attaining their goals.
"This new GPM functionality, integrated with Advisor Access, is the next piece of that plan and takes our advisors one step closer to having one of the strongest technology platforms in the industry," said Vin Campagnoli, senior vice president of Private Client Group Technology Strategy and Development.
-Kathy Lynch