Jonathan Chevreau stacks up the pros and cons of both systems.
Track your spending and see its impact
Now, Prof. Originally developed for the U. But there are so many variables that affect how much retirement wealth you have at the end, including whether you take that vacation or redo the kitchen. ESPlanner operates on the assumption that the traditional approach to financial planning is flawed.
Kotlikoff says. But that approach is simplistic, and not entirely disinterested.
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Instead, Prof. What it spits out, in the end, is a detailed plan telling you what you should save and spend year by year until age , depending on your age and stage of life.
When you change the inputs, the plan changes. Kotlikoff explains. Although you enter your own expected percentage return on investments, he urges erring on the side of caution.
Three online programs to help plan out your finances in retirement - The Globe and Mail
We assume you live to because you just might. This survey polled over 1, advisors with industry experience ranging from a few years to more than two decades, representing firms that rely on software for CRM, portfolio management, and financial planning services. Considered one of the most comprehensive programs and launched in by PIETech, it quickly rose to the top of the ranks and shows no signs of losing market share. The main portal is designed to fully engage the client, including Play Zone where the client can input different choices and options to see potential effects.
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However, the advisor retains ultimate control of the program, including what parts of the program the client is allowed to see. MoneyGuidePro offers more interactive interfacing with third-party programs, listing more than 40 on its website. One criticism of the program is that, because it does not rely on cash flow analysis, its stock performance projections may be less reliable. In , the company unveiled myMoneyGuide, a sales presentation tool for financial advisors. Of over 1, respondents who reported using financial planning software, One of eMoney's strengths is its financial feed that provides real-time data, alerts, and news, helping advisers stay on top of important client and market situations.
Another noteworthy feature is the eMoney client portal emX that allows clients to access a printout of their finances at any time.
Newcomer RightCapital beat out Money Tree for third place in this year's survey, claiming 9. For being a relatively new software, it was among the best rated 7. In addition, it ranked third for programs that people are thinking about adding. RightCapital is the market leader for newer, smaller advisors, but has made inroads recently with larger, more mature firms.
It does more than some applications that are intended for one narrow purpose, like retirement projections or education savings. At the same time, it never compromises the user interface experience or a great client experience.
Much of the initial plan creation for new clients is automated. This feature simplifies the basics and makes lots of information readily available. However, there is plenty of opportunity for customization, and the ability for advisors to create illustrations and models for clients is one feature that adds to the appeal of RightCapital.
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It is also the most popular software for veteran firms that have been in business for over 20 years. It offers good flexibility in its basic approach capabilities in that it can be focused on various goals, such as retirement, estate planning , or educational funding plans.
While not as comprehensive as some other programs, Silver is graded high on ease of use and integration with third-party programs, as well as its module for evaluating insurance programs. In addition to this, Money Tree Total offers both goals and cash flow based planning projections, an extremely useful feature that meets the unique needs of various clients.
While Advicent offers multiple products designed to suit a wide range of financial advisors' needs, NaviPlan is the most comprehensive and useful program available. A cash-flow-based program, NaviPlan is most popular among dually registered advisors as it is easily scalable to a differing number of clients and varying net worth.