About FPSC & the CFP		CFP Standards, Requirements & Policies
FAQ:FPSC | FAQ:CFP Designation		Code of Ethics | Practice Standards
CFP Licensee Stats | The CFP Internationally		Disciplinary Rules and Procedures | Standards Enforcement
Partner Organizations | FPSC Board of Directors		Trademark Use Guide | Licensing Policies
Meet FPSC Staff | Award Winners		Online Licence Renewal
Continuing Education		Resources
FAQ:CE Requirements		Learning Centre
CE Requirements		Marketing Support
Event & Seminar Calendar | CE Exemption Form		FPSC Discussion Forums | Job Site
		Licensees' Q&As
FPSC Communiques
FPSC Bulletin | E-Blast News
Media Releases | FPSC Comments
Update | Annual Report

Software Review

in sync: Financial Planning Software
Review by Kurt Rosentreter, CA, CFP, CIMA, TEP, FMA
Senior Financial Advisor, Berkshire Securities Inc.*
krosentreter@berkshire.ca
(*member of CIPF)

Overview

Developed by AIM Trimark , in sync: is one of the strongest entry-level financial planning tools in Canada.

in sync: was initially released in the 1996 by Trimark before it was bought by AIM. The tool has become a sound and practical basic financial planning tool suitable for most planners. Its effectiveness is proven by the thousands of financial advisors in Canada using it.

SOFTWARE CHARACTERISTICS

• The ability to do a high level (detailed) investment plan, depending on your preferences;
• The ability to set a variety of asset mixes for clients, compare to existing asset mix and teach clients about investing using decades of historical market data included in the software;
• A visually friendly software tool that clients will like;
• A one page "scenario analysis" where you can change key variables and demonstrate on the screen, the impact to the client;
• Report templates in the software that automatically plug-in your client data - can add your logos as well;
• Some use of marginal tax rates, but mainly uses average tax rates;
• Standard insurance analysis template and no estate tax liability analysis; and
• Web downloads of software with at least one annual update of tax rates and performance numbers.

KEY STRENGTHS

• Ease of use - learn the software on your own by playing with it for a few hours;
• It's free! And when similar tools range from $50 to $2,000, a free tool that is better than many of them is hard to ignore;
• A well established company. One of the biggest concerns for investment dealers and advisors alike is the fear that many of these small software companies in Canada will die off, leaving them exposed with no software solution. in sync: is owned by AIM Trimark, one of Canada and one of the world's largest money managers. AIM Trimark has sufficient resources to commit proper levels of customer service, software training and money for future development. Few competitors in Canada can offer this peace of mind to software buyers; and
• Extent of historical market data built into the software and the ability to educate clients about market returns and volatility is very useful and well presented.

SOFTWARE WEAKNESSES

• in sync: is designed for individual planners, not for use by investment dealers on a national basis;
  • It can't be white labeled for individual dealers. This means that when the software is launched, you can't have your firm's name out front;
  • There are no supervisor reports that enable a manager to review a plan or control what is offered;
  • Defaults cannot be locked to avoid manipulation (e.g. inflation rates, tax rates); and
  • There has been no outside audit by a public accounting or consulting firm as to the accuracy of this software.
• There is limited integration of data between different calculators in the software - you may have to enter the same data more than once for a comprehensive plan; and
• There is no integration with third party vendors like Morningstar for mutual fund data or even a contact management software tool. There are no pricing updates possible from an internet link. in sync: is a stand alone planning tool.

OTHER FEATURES

• There are some password protection features;
• You can control realization of capital gains for taxable investments; only a few software tools in Canada feature this important tax feature;
• NEAT FEATURE: When investment planning, you can set benchmarks for clients and demonstrate the likelihood of reaching them;
• You can do a "3-Minute Plan" on a single worksheet; and

For financial planners interested in a basic financial planning software tool, you can't go wrong with in sync:. Particularly with its free price tag.

Kurt Rosentreter can be reached at krosentreter@berkshire.ca.

This article is solely the work of Kurt Rosentreter. The views, opinions and recommendations are those of the author and they may not necessarily be those of Berkshire Securities Inc.

The views and content expressed here have been provided by the author and not FPSC. This article is meant for informational purposes only and readers are encouraged to check with a qualified financial professional before making any financial decisions.