| Fully-Integrated Financial Planning Software (IFP) |
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Prices and ordering information are at the bottom This Financial Plan Software Fully-integrates the Stand-alone Modules, just like our Main Competitors The IFP is for control freaks that want and need the power, functionality, and flexibility to predict their clients financial futures (or your own) better than anything else can. Now there is no reason to spend a fortune on other financial planning software that has only a tiny fraction of this kind of forecasting ability. The IFP allows the creation of full-blown professional financial plans with integration, transparency, control over most every dollar in every year, no duplication of input, and complete control of printed reports. With the IFP, you can maximize your income by giving clients substantial value for thousands in annual fees. There are a total of forty assets, so you can use all of the usual asset allocation strategies via the "bucket approach." This is where you set up accounts to either deplete before using other ones (tapping non-qualified accounts before qualified) and/or using each asset to represent a single asset class (so you can forecast and control future rates of return much better than anything else). It allows complete evaluation of any scenario, you can use Excel's built-in Goal Seek function to perform all and any "What If?" scenarios, it has a superior methodology of performing Monte Carlo simulations, you can have as many versions as you want, and it allows you to see two scenarios at once (current vs. proposed). You can also ignore the details to make quickie plans, or spend hours creating valuable masterpieces. The following modules are hard-wired together to give complete and automatic integration (where all of the data between the modules are shared):
Dual Real World Retirement Software To keep this page simple, you can read the details by clicking a module link above. Some of the functionality had to be limited because of the hard-wiring, but not much. So it still does way more critical tasks, and shows way more important information than any other financial planner, no contest. The long version of how it works is in the directions. Here's the short version: The heart of the integrated planner is the Dual RWR retirement planner (Financial Planner.xlsx). Most of the generic input is done on the Master Input sheet, and flows throughout the other modules, so you'll never have to input anything twice. You can run Monte Carlo simulations on Current and Proposed versions separately, for a more thorough retirement analysis, while cutting the wait time down by half. Asset information is input into the Net Worth Projector. Investment assets used for retirement are hard-wired into the appropriate slots of the Net Worth Projector then flow into the Financial Planner, College Planner, and the Investment Planner (asset allocation calculator). Then cash flows from investment additions and the College Planner (the savings along the way and amounts needed to fund the out-of-pocket cash flow deficits caused by not enough savings) flow into the Cash Flow Projector, (which then flow into the Financial Planner module - next paragraph). Pre-retirement annual cash flow surpluses and/or deficits from the Cash Flow Projectors are added to, or deducted from, all of the investment assets in the Financial Planner pro-rata according to size by default (you don't have to use any of this "complexity" and then it will account for them this way by default). But it also has an important unique feature (compared to competitors) to keep things "Real World": You have total control over how annual cash flow surpluses and/or deficits are allocated between assets in the Financial Planner module. Not only that, you can set these parameters to be unique in every year. So if you wanted to allocate them 50/50 between your two bank accounts in the accumulation phase, and then one third each allocated to your three Roth IRAs at 60, you can only do that with the IFP. Or you can make a single asset just to account for them (AKA bank checking account). After retirement has begun, then (only) the annual cash flow surpluses from the Cash Flow Projector can be controlled the same way (deficits become part of the income goal so they go away, unlike the accumulation phase where if you spend more than you make in a year, then it either came from spending savings, borrowing, bumming the money from someone else, etc.). You also have total control over this in both current and proposed versions. During retirement, depleting asset values from the Financial Planner flow into the Net Worth modules. This is how everyone else does it, but the IFP is better. You can choose which college plan to use (public vs. private), or not to use either, in the current and proposed versions separately. You can also turn on or off one student's college funding independent of the other four students' plans. Then you can also choose if any college plan is a 529 plan or not. So all five students have a choice of four types of plans with a flip of one switch each. The college planners are by far the most accurate financial tools for comparing 529 plans with Do-it-yourself using a non-qualified discount brokerage account. If you don't want to take the time of inputting a complete budget and cash flow analysis, you can flip a switch and the simple automatic retirement income goal function works just like stand-alone RWR. You can also have the current version gets its retirement income needs from the Cash Flow Projector, and the proposed version get it internally from the Financial Planner (or vice versa). You can still keep things simple, using only one module at a time by ignoring input needed for the other modules. So you can still do things like a college funding plan without inputting budget data, and just a retirement plan without inputting college data, etc. It shows an obvious blue color on the cash flow and net worth projectors in the year of retirement and afterwards. This makes it easier to turn things on and off around retirement. Everything stops showing on the presentation pages automatically in the final year on all of the modules. Things like this make it almost as user-friendly as major competitors. It has a Cost Benefit Ratio sheet so you can show the bottom-line value of the financial plan to the client. It displays how much net worth increased per every dollar of the current year's fees paid over three time periods. It also has three current vs. proposed tables and charts to show the long-term differences in net worth, incomes, and expenses. This sells the plan all by itself. You can easily run disability, nursing home, and death scenarios by stopping incomes, contributions to assets, and tweaking expenses (e.g., adding just additional insurance premiums to the proposed version, while showing the financial disaster of not being insured in the current version). You download and can see simplified examples of this on the Dual RWR page (the bottom 2 of 5 demos listed). Unlike the sample plans and module demos which show off bells and whistles that no other financial plan software can do, the IFP sample plan and demos only show a typical case with an average amount of input. The results: Not only was the Sample family able to comfortably retire with repositioning of investments (which just got a little higher return) and using their cash flow surpluses better, whereas before they ran out money around 90. The only compromise is that the three kids had to go to a public college instead of an Ivy-league college. The IFP is not truly "comprehensive financial plan software" because it doesn't calculate detailed taxes owed, nor does it do estate planning. It does everything else, way better than anything else you can buy - regardless of cost. We recommend getting TurboTax for taxes, and Leimberg's Number Cruncher for estate planning (and then you can integrate their results into the IFP). Then you'll have the best of all worlds for a much lower price. In order for the IFP to calculate taxes owed and do estate planning, a whole person would have to be hired to maintain it (add to that, because of the high exemptions, estate planning isn't needed anymore for most people). That would more than triple the prices of everything and cause tons of other problems that vendors with these functions have to battle daily. Then the problem with calculating taxes far into the future is tax laws change way too much. Programs that calculate detailed tax reports, just assume that current tax law will be the same twenty years from now. This has never happened. So you're locked into using these assumptions, and they can't be changed. So even though it does a good job for the first couple of years, you're then locked into using something you know will be wrong after that. You can control all of this in every year only with the IFP. First, tax rates can be different between current and proposed versions. Next, you can manually input the amount of taxes paid in every year for all four tax categories (Federal, state, FICA, and local / miscellaneous). Then you can choose to let the IFP automatically calculate a percentage of taxes in all four tax categories. When you choose this method, each four categories of tax rates can be changed in every year. Then during retirement, you can have a different tax rate in every year if you want. You can also use the Average Tax Bracket Calculators at the far right of the Financial Planner module to quickly estimate these average / effective tax rates. The bottom-line is the IFP allows control of taxes every year using both methods. With code-driven financial planner software, you're stuck forecasting current rates for fifty years, when you know they'll be different next year. The details of more valuable features are listed in the Basic Concepts section of the user's manual. It comes with all of the pertinent financial planning fact finders (In-person Fact Finder, and Fact Finder Parts II and III). The IFP doesn't come with the life insurance calculator, even though its report is shown on the sample plan. It's delivered via four e-mails with zipped files and Word docx attachments (totaling around 25Mb). To download the sample plan or demos, right click on the links below, then choose "Save (Target) As..." to save to your hard drive. Then find and open. Download the free integrated sample financial plan in PDF There is no asset allocation or rental real estate report because there's a limitation on the number of pages that can be on one PDF. Plus it's too simple with this basic example financial plan. The asset allocation module is best viewed on its demo. About Making and Using Sample Financial Plans is Here Download the Non-functional Integrated Financial Planner Demo Modules:
Dual Real World Retirement Software Proposed Net Worth Projector
Proposed Five-Student College Planner
"Minimum system requirement" is having Excel '07 |
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