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Software Review

PlanPlus Pro Wealth Enhancement Software
Review by Kurt Rosentreter, CA, CFP, CIMA, TEP
Senior Financial Advisor, Berkshire Securities Inc.
Berkshire Securities is a member of CIPF.

Overview

Through the combination of three companies (PlanPlus Inc., Hartman & Company, and Page Wealth Technologies), the new PlanPlus Inc. has united financial planning programmers with advisor/client educators and a financial planning process-engineering firm. The result is a sound, overall organization steeped in financial planning expertise and culture. PlanPlus Pro embodies this comprehensive and technically strong commitment to helping advisors with their financial planning needs.

PlanPlus Pro consists of a single scalable software program structured with drill-down capability to allow for completion of light or comprehensive financial plans using a single tool. This differs from many other financial planning software programs that force you to decide on a light planning tool or a full version. With PlanPlus Pro, you can complete a quick, ten-minute plan at a high level, or you can go to the detailed input screens and prepare a much more thorough plan.

PlanPlus Pro is best described as a client cash flow management tool that is based on a client's life goals, whereby a client's revenues, expenses, assets and liabilities are brought together to focus on maximizing identified goals through proper allocation of cash flows. PlanPlus Pro offers basic retirement planning, goal-driven financial planning, insurance planning, tax planning, investment planning and cash flow management. It also has concept and specific goal calculators that enable you to utilize data already inputted to complete specific tasks (comparing RRSP with mortgage decisions, completing present/future value calculations, etc.). Every financial planning program typically has these kinds of calculators within the main program, but unique to PlanPlus Pro, they are integrated with the main program so you don't have to input data twice.

Best Features

• Plan Plus is committed to making PlanPlus Pro a complete resource centre and one-stop-shop as a financial planning software program. This means the software does/will include documents such as engagement letters, client billing templates, client topical educational pieces and more.
• For corporations looking to implement a company-wide financial planning tool, PlanPlus Pro is structured for network use with centralized financial planning data. It has 9 levels of password capability, compliance reporting, database mining and sales, centralized file storage, integrated contact management capability, direct data feeds, mutual fund software integration and more. Few financial planning software tools in Canada are as advanced as PlanPlus Pro in assisting companies to implement a standardized tool.

Weakness

• At a price of $1,500 for the complete program, PlanPlus Pro is one of the most expensive software packages in the marketplace. While it is comprehensive as a wealth management tool, it is questionable whether you will want to pay a high price for all the bells and whistles. Discounts are available for multiple copies and corporate installations.
  
  Please note: the price of the software has dropped and is now priced at $1,000.00.

About the Manufacturer

A financial advisor investing in a software tool wants to know, among other things, that the manufacturer will be around for a while. Here are some facts about Plan Plus:

• Plan Plus Inc., situated northeast of Toronto, is a privately-owned company, which has been around for approximately 15 years, making it one of the longer established companies in the financial planning software industry.
• With 3,500 users in Canada today, including some of Canada's largest financial institutions, it has a long and diversified client list, and does not rely on any single customer for financial stability. The Canadian Institute of Chartered Accountants has endorsed PlanPlus Pro nationally to Canada's 70,000 CAs. PlanPlus Pro has a direct linking capability to the CICA electronic library of tax, wealth management and estate planning information.
• PlanPlus Pro has also penetrated the U.S. and several Far East markets, where it provides local support in the relevant languages, including full recognition of local government and retirement programs.
• There is a Help Desk available from 8:00 a.m. until 6:00 p.m. EST.
• Two types of training are available for the software - in-person (available nationally) and online.
• Multilingual products and support services are available.

Product Characteristics You Will Like

• Final client reports come in pre-fab templates that you can edit for your personal touch. You can even insert your logo.
• Final client reports can be converted into a PowerPoint presentation.
• This is the only program I have seen that is multi-currency; which allows for the easy recording of foreign currency transactions.
• The program contains an abundance of historical investment market data that can be comparatively charted and used to educate clients about historical market conditions.
• Nine levels of password protection can be set to ensure greater client confidentiality and restricted access.
• It is possible to do side-by-side on-screen scenario analysis for clients, making it easier for clients to see results and changes.
• You can track existing client portfolios, make recommendations for a future portfolio and track recommended changes to get to the target. Often with other programs, you may need to resort to using spreadsheet software to show this transition plan, but PlanPlus Pro allows you to complete the entire client transition plan within the software.
• The software uses colour coding on input screens to show you what is mandatory.
• PlanPlus Pro uses actual tax rates and brackets for a more accurate tax calculation.
• There is drill down capability to find detailed answers behind many graphs and charts.
• The technical tax and financial statistics inside the software have been tested in the past by KPMG, a public accounting firm. Such a third party validation, rare among financial planning tools, should be demanded by planners as it provides greater trust in the accuracy of technical data within the software.
• Here's a nifty feature: A web-based version is available for corporate users wherein both Advisors and clients can access and update client data over the Internet.

Product Characteristics You May Dislike

• Although PlanPlus Pro has a rudimentary contact management system that links to Microsoft Outlook, they recommend the use of GoldMine to which they integrate and have created a specialized GoldMine template for financial advisors.
• You have to pay for training.
• There is no integration with investment trade execution or insurance products. They do however integrate with Compulife and Novinsoft.

Key Facts for Corporations in Search of Financial Planning Tools

• PlanPlus Pro has integrated contact management capabilities for some corporate clients as an extra feature.
• PlanPlus Pro can be networked for large national dealers and offers a web-based capability for regular use and software upgrades.
• User compliance reports and database mining reports for marketing are available to companies that network their software for all users.
• Networked versions can be placed behind a company's firewall and existing password infrastructure. Key preferences can be standardized and locked, and levels of control can be established for different types of advisors.

Differentiating Factors that Make this Tool Cool

• The comprehensiveness of this tool - from engagement letters to efficient frontier investment logic to customizable reports - sets it apart. Importantly, it takes financial planning from a simple software tool to a complete cultural wealth management experience. PlanPlus Pro embraces holistic financial planning aiming to provide you with every kind of tool you need to service a client.

Ideal Advisor for this Software

• The price makes this a tool for financial planners at large institutions where the company can take advantage of the many networking features while sharing the cost across the company.
• This software is more suited to the established financial advisor, who has a basic understanding of Canadian tax and financial planning terminology, rules and strategies.

Final Word

PlanPlus Pro is more than a financial planning tool - it is a wealth management solution designed to help people get answers to their issues. Plan Plus Inc. continues to embrace a holistic financial planning approach, adding program features, training and tools to help financial planners complete the entire financial planning process. Ironically, Plan Plus is more passionate about financial planning and wealth management than many advisors. Its biggest challenge will be to convince advisors that all the service, advice and productivity PlanPlus Pro offers is worth the price.

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.