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December 01, 2014 at 04:03 AM
Over the past few weeks we’ve been discussing the new technology I’ve been considering as this year draws to a close. In this post, I’ll share my decision on the financial planning software I expect to choose.
To recap, I have been using an Excel spreadsheet with an add-in for Monte Carlo simulation for financial planning for the past 10 years. Although I like it very much, as my clientele grows, it has become increasingly difficult to keep up with the myriad of changes which must be made and the number of plans that must be updated each year. I have also noticed that as my business grows, technology integration is becoming more important. Why? Because I am required to do more in the same amount of time. Therefore, I have been on a quest to reassess my technology tools, including my financial planning application.
Over the past several weeks, I have taken a very close look at three best-in-class financial planning tools. They are MoneyGuidePro (In Search of the Best Financial Planning Software: MoneyGuidePro), NaviPlan (In Search of the Best Financial Planning Software: NaviPlan) and eMoney (In Search of the Best Financial Planning Software: eMoney).
In short, I ruled out MoneyGuide Pro because it is very light in the areas of income tax and estate planning. This left me with NaviPlan and eMoney. I must say, as planning tools, both are very detailed in all areas, including income tax and estate planning. This fact has led me to make a decision based not on the planning tool itself, but on the entire offering from each company.
