A Virginia-based wealth manager has launched a firm offering financial planning software now being tested by 80 advisors.
Alex Murguia, principal at McLean Asset Management in McLean, Va., has launched InStream Solutions (www.instreamwealth.com). InStream's new software allows financial advisors to more easily stay on top of whether financial plans continue to meet client goals. That's because, unlike what's offered by competitors, the software obtains data from portfolio management programs and updates Monte Carlo projections on the odds of a plan's success. Alerts are generated whenever a plan falls outside of present parameters.
The software also contains more than 30 calculators that are pre-populated with client data so that an advisor can quickly answer questions from clients that might include: "Should I buy or lease?" "Should I refinance?" "Should I convert my IRA into a Roth?" InStream also is trying to piece together a network of third-party providers so that advisors can get the most advantageous mortgage rates, insurance quotes, etc. from within the site as alerts are triggers.
In another innovation, InStream is working on technology that will allow the software to push data into a custom mindmap it has designed. This mindmap can then be used to graphically illustrate concepts to a client using an iPad, for example.
Finally, InStream will collect data and use crowd sourcing to help advisors create better plans. For example, if 60% of advisors have recommended an ESOP for a client, an advisor who faces a similar client scenario would receive a suggestion to consider one for his client. InStream will also help an advisor view data from within his or her own firm. For example, Instream could tell the advisor that 89% of the firm's clients have stayed within their plan targets over time, which is great information to share with prospects.
-Joel Bruckenstein