Leigh Fleming, director of financial planning at Fort Pitt Capital Group in Pittsburgh, uses NaviPlan from Advicent Solutions. “We like this software because it allows us to customize our commentary on a prospective or current client’s portfolio as well as make specific recommendations for each account in their portfolio using our own language,” she says. “This helps us to explain why we think that particular investment strategy will work for them and explain our investment process and philosophies.”
NaviPlan was easy to grasp and to begin using, Fleming says. “Learning how the software calculated retirement cash flow projections took some time in the beginning, but internally we developed ways to double-check our inputs and the accuracy of the data that we are providing to clients. We use in-depth itemized cash flow projections that break down each input as discussed with the client.”
While Fort Pitt advisors didn’t have extensive training when they began using the software, Fleming says NaviPlan tech support “is always available to answer questions.” For example, the support person will organize a Webex teleconference “on the spot, which will allow them to see exactly what your question or problem is on a particular plan. This allows them to more easily diagnose the issue and help with a resolution.”
Most of the advisors we talked to at random, however (though this was not a scientific survey), preferred eMoney. While it seems to take longer to master than the other programs, it’s more dynamic and versatile, users say.
“I really appreciate that it can be used for both simple and highly complex client situations,” says Marc Russell, principal and co-founder of AdvicePeriod, a national wealth management firm based in Los Angeles.
“The software can handle multigenerational planning with many family entities, which is what we typically experience with our client base,” he says. The software’s Decision Center “makes it possible to create and modify a plan in real time with the client during a meeting. In addition, it provides valuable insight as to which variables will have the largest impact on whether the client is successful in meeting key objectives or not.”
Russell says “it takes time to learn how to use all of the bells and whistles within the system, but it is easy to quickly start using most of the functionality. The training can either be informal or through eMoney’s frequent training sessions and events.”
Stephanie McElheny, president of wealth planning at Aspen Wealth Strategies in Arvada, Colo., agrees that it “can take years to be able to master the software,” but a new user should be able to “hit the ground running” after about a week of training. “eMoney is just incredibly detailed and sophisticated in the amount of adjustments you can make,” she says. “I’ve been using this software for years and I’m still coming across things that you can do. The customizability and the depths that you can dig into with detail and analysis and how many adjustments you can make for different strategies is just incredible.”
McElheny is such a big fan that “when I was moving and looking for a firm to work for out here in Colorado, I knew I wasn’t going to work for somebody that didn’t use eMoney. That’s how strongly I feel about it. From my perspective as a CFP professional and a fiduciary, I have to do what’s in the best interests of my clients. I think eMoney gives me the best tools to be able to do that.”
eMoney provides a broader sense of where assets can be coming from—not just what the firm manages but all of the client’s assets—and what the total withdrawal rate is. You can also set it up to withdraw money from qualified or nonqualified accounts or from the most tax-efficient assets first and see what the impact is.