Money Minders Review
by Peter Vogelsang CFP, CLU, CH.F.C.
I saw my first computer in 1985 and was amazed
how these company programs could spit out numbers with the
touch of a few buttons. Of course, without the local salaried
techie to help us we would stare in awe at the big square
disk that came with the newest software.
I learned how to build simple spreadsheets to
do exactly what I wanted. They were not tied to someone else's
template, someone who never actually worked with their own
software in front of a real client. I could upgrade my spreadsheets
and make them do whatever was needed. Some of these first
templates brought me a lot of joy but at the same time it
was possible to spend several days on a spreadsheet to get
it just right. I'm sure by now you have realized I'm no techie.
After building seven or eight of my favorite
spreadsheets, I came across an ad for Money Minders Software.
What struck me first was the price. At the time there were
about 47 templates (reports & charts Version 5.3) in the software
and they were selling for about $200 dollars. With my financial
planning skills in-hand I quickly calculated the money I would
save by using someone else's templates and I gave Peter Baigent,
the president, a call. Peter explained that they were a pack
of spreadsheets that would do all the most common calculations
that clients would ask for. I explained to him the time cost
of building one of these and asked him if he wasn't undercharging.
He replied that he was semi-retired and had started this as
a sideline. Then the soft selling began.
Did you know that we are in the process of upgrading
the software to make it look a little sexier, that we send
you upgrades quarterly, that you can personalize the software
with your own company name? Did you know that we are going
to start a regular upgrade program at a lower cost for our
regular customers? Did you know that the software basically
works in your regular Excel spreadsheets and that you can
modify it to suit your needs? Did you know that we have a
techie on call in case you can't reach me? And on and on and
on and on it went. The difference with Peter is that the information
flowed through the phone casually, comfortably and honestly.
After using the spreadsheets for several years, I can say
that Peter has provided much more than promised and never
failed to resolve the minutest difficulty instantly.
The software has indeed grown to the point that
it contains more spreadsheets than I have been able to use
(105 Reports & Charts). I'm dying for a client to ask me to
do something relating to one of my unused spreadsheets. Perhaps
they need the average cost per share or a mortgage schedule.
Maybe they need an analysis of their portfolio income or cash
flow projections. I can handle a life or disability analysis
or by term invest the difference for risk management or help
them fund an RESP plan. Leverage, GIC vs. Annuity or Analysis
of Market Value Adjustments…'no problemo.' Can you give me
a statement of investment holdings, or Gross Income Retirement
Requirements for all the provinces…? 'Just a sec', here it
is.
In retirement planning, clients really need to
see reality and here the software shines. I can show them
Projected Growth of An Investment, the RRIF or LIF build up
and payout, or a Systematic Withdrawal Plan to fund the gaps.
If requested (or to impress), you can even show the effect
your recommendations have on their tax payable.
All the screens are similar and a template called
Data holds the basic client data while a template called Rates
holds all the current information for Government taxes and
benefits. The Registered User template holds your own company
information, which appears on all sheets. This is a big advantage
when assembling your recommendations as the package can be
small or large while providing both a homogenous look and
'the personal touch.'
The Rates sheets I print out and use as mailing
stuffers to keep clients abreast of current figures. The Net
Worth Statement is clear and concise while the Funding Requirements
For Retirement brings all the client detail nicely together
with the big picture.
A recent addition is a page of calculators (21
calculators) in case your Internet is down and you can't get
to the ones on the net or you just don't feel like battling
the pop ups. Another recent addition is a page of recommendations
that can be numbered and printed in the priority you select.
Do yourself a favour and check out these templates.
Everything integrates nicely with Excel and with Windows 98
/ Microsoft Office (and up). It opens up right off your Start
button, Open New Office Document.
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.
CFP®, CERTIFIED FINANCIAL PLANNER® and are certification marks owned outside the U.S. by Financial Planning Standards Board Ltd. (FPSB). Financial Planners Standards Council is the marks licensing authority for the CFP marks in Canada, through agreement with FPSB.
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