A group of CAIFA members were asked to try out VisionWorks, and then fill out an evaluation form to rate how they liked the product. The following are their ratings and unedited comments.
Please note for all ratings, 1 is the lowest, 5 is the highest (i.e., a rating of 1 indicates the product was hard to use, and 5 indicates the product was easy to use).
Summary
Overall Score: 22 / 25
Category
Rating (Out of 5)
Ease of Use
3.5
Applicability to Your Business
5
Value for Your Money
4.5
Uniqueness of Product
4.5
Overall Impression of the Product
4.5
Ease of Use: 3.5 out of 5 stars
Comments:
“This program is very different from any other in the market. Because of its different approach to financial planning, it does have a high learning curve. Once you get used to its use, then it becomes intuitive.”
“After I was on the basic NetMeeting with Michael, the ease of use went up to a 4. I am sure after I can attend the advanced NetMeeting; it will become even easier. I did a financial plan immediately after the Netmeeting.”
“I would rate this product a ‘5’, as it was quite intuitive and easy to navigate.”
“VisionWorks is very extensive and there is quite a learning curve. Support is excellent, but it will take some time to become efficient.”
“Takes a lot of learning, input requires care. Michael Curtis is very thorough and willing to go into detail to teach this program.”
“It takes getting used to as it is a completely different way of thinking.”
Applicability to Your Business: 5 out of 5 stars
Comments:
“I find this program very useful in my practice. It helps to provide reasoning for aspects of planning and not just number crunching.”
“Values and attitudes instead of just figures take financial planning to a new dimension for me and my clients.”
“I gave it a ‘4’ rating, as it is truly applicable for our client-centric approach to planning.”
“For anyone wanting to move into the fee-for-service direction, it could be a very powerful tool.”
“I would use this with most clients.”
“It looks after all product lines just as my business does. It leaves no stone unturned.”
“We start all prospects and clients with a plan on which we have agreement. Ease in data collection and understanding the consequences of actions is paramount. Program meets this need. Closing ratio high a planning approach.”
Value for Your Money: 4.5 out of 5 stars
Comments:
“The program has been priced very aggressively. At the current cost you can’t a get a better program.”
“Very reasonably priced.”
“Here, I would provide a ‘3’, as there is definitely value, but there are lower priced alternatives on the market currently that are somewhat similar in functionality.”
“Not only will the program pay for itself with one client, it has the potential to expand the range of services you can provide clients.”
“It is easily worth 5 X what the charge is.”
“Have used Wealth Creator and NaviPlan. This is better than either. Significantly better than calculator type programs such as Infomac, concept Toolkit Etc.”
Uniqueness of Product: 4.5 out of 5 stars
Comments:
“This is the strong point of this program. It is very unique in its approach to planning. Clients, during the entry phase, understand the reason why of planning stages.”
“Once again the values and attitudes mean I know more about my clients than I did before I used this software.”
“A ‘4’ rating, as it is somewhat unique, but not entirely.”
“Rather than focus on the client’s finances, this approach deals with their values and attitudes. The money becomes a secondary issue, a tool to achieve other goals.”
“It is the most well-rounded planning software out there. It looks after every possible situation.”
“Drag and drop data collection feature is unique. Graphics excellent.”
Overall Impression of the Product: 4.5 out of 5 stars
Comments:
“It is an excellent program for any one who provides complete financial planning service and wants the clients to understand the process as well as the reasons. One draw back is that it does not have modules for business owners, holdcos and trusts etc. but I have been told that these are in the planning stages and
the modules will be available sooner than later.”
“I will recommend this to any one who is providing financial planning service.”
“This product is exactly what I have been looking for in financial planning software. Michael really knows and is enthusiastic about his product and is very willing to offer assistance. He acts upon suggestions that will make the software more suitable for client circumstances. Most financial planning software companies give lip service to this, but Michael acts upon it.”
“The Net meeting was extremely helpful. Most companies offer training in Toronto. I am grateful that Michael appears to realize Toronto is not within easy access for a software training session.”
“Clients enjoy the interactivity of this process. It leaves them with less frustrating homework when we do it together. My administrator, who sometimes has trouble reading my handwriting, enjoys my interactivity with clients as well.”
“Generally, a ‘4.’ I would certainly endorse it.”
“I have not yet completed a plan for a client, however I am impressed with what I see as very significant potential to add real value to the services I provide in a disciplined, well defined process. I still have some kinks to work out in using the program. To be effective, the user will have to dedicate some time in
learning. So far I estimate investing about 10 hours.”
“Excellent detail.”
“It is not fair to compare it to other products because nothing else compares.”
“Excellent value for money. Twice each week vendor conducts hands on (via Internet) training. Beginner and advanced programs help with skills and also introduce planning concepts.”
“I am a very satisfied customer. Learning curve is greater than I had expected. Any bugs that have come to light have been swiftly eliminated. It is a learning and interactive system. The report the program produces presents the plan in very attractive fashion. Program also produces an intelligent To-Do list that
is helpful in assessing client needs. It also meets our requirement in dealing with Insurance and Capital Needs analysis in areas of disability, death, critical illness and long-term care.”
“Weakness is that is does not deal adequately with Private Corporation assets for the self-employed.”
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.
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