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Software Review

Wealth Creator® Review
by Deborah Kohlsmith, CFP

My name is Deborah Kohlsmith and just so you know right from the beginning, I am not a computer guru. Actually, the farthest from it! I have been with Regal Capital Planners Ltd. in the Bowmanville Branch for five years and I recently attained my Certified Financial Planner (CFP) designation. I am also a life insurance agent and have successfully completed the Canadian Securities Course. I believe that education is a very large part of our industry and that is why I was excited to be chosen to complete the following software review.

The fear of the unknown is applicable in many aspects of our lives. For myself, I find learning very rewarding. However, I find computer software a bit intimidating! So I faced my fear head-on by volunteering to review the Wealth Creator® financial planning software. I knew this was a project that had to be completed within a certain time frame, meaning I would have to set aside some time to actually do it. It takes a considerable amount of time to sit down and review new software and that is probably why most of us in this industry stick with what we know best and don't try to learn something new.

I was familiar with Wealth Creator®, but never used it myself, thinking that you had to be a computer 'expert' to be able to use it. Well, I was surprised. Right from the installation, which was relatively simple, I proceeded to check out the detailed tutorial, which looked great - it was very informative (I am the type of person that usually prefers a manual, but I think I could get used to looking up topics in an online manual). Usually if I run into difficulties with something computer-related, I just pack it in and go onto something else - remember here, I am forced to find out about this software, so no chance this time of packing it in! One thing I did find very interesting is that Ram Technologies, the firm responsible for Wealth Creator® provides technical support for its licensed users via phone, fax or e-mail. This is a great option if a problem should arise. Rather than just believing their statement, I put them to the test and sent an e-mail to their technical support with a couple of questions. I promptly received a response that answered my questions.

From a practical perspective, you can print blank forms (Net Worth Statements, Income and Expense Statements, etc.) and you are able to print a blank comprehensive Personal Financial Review. You should be able to complete these forms with your clients and then enter the data on Wealth Creator®. As well, Wealth Creator® provides accessibility to commonly used forms in our industry in PDF format (ie. SIN applications, T2033s, Home Buyer Plans, Lifelong Learning Plans, etc.). Another nice feature is the templates, including an Introduction and Memorandum of Understanding, etc. that provide financial planners with time-efficient documents already drafted. You can personalize or use the templates as is.

This software is very user-friendly. You simply click on the drop down menus and input the appropriate client information. I would suggest that you make use of the blank forms from Wealth Creator® when initially meeting with your client(s) as it will make life much easier for you when you get to the inputting stage. This software allows you to prepare a financial plan in a time-efficient manner and cost effectively. Wealth Creator® is a comprehensive financial planning software that takes you through the various steps of the financial planning process.

Some of the features included are:

• Statement of Net Worth
• Statement of Income and Expenses
• Pre- and Post- Retirement Planner
• College Education Planner
• Insurance Needs Analysis
• Present & Future Value Calculations
• Income Tax Projections including Leverage vs Non-Leverage Comparison

The program is comprised of two parts: worksheets and calculators.

Also, as a bonus for 'non-computer' experts, Ram Technologies has set up a Sample Client - William Aardvark. You can refer to this example and/or use it as a guideline when first becoming familiar with the software.

While proceeding through the various sections of the program, it will automatically prompt you frequently to save your changes. Wealth Creator® produces high quality and professional looking reports, which can be tailored to your individual client circumstances. Also tax table/figures are specific to the various provinces.

System Requirements:

• IBM compatible Pentium 100 or higher
• 16 Mb RAM (32 MB recommended)
• 12 Mb Hard Disk Space
• Windows NT/95/98

**Acrobat Reader 3.0 is required**

Pricing:

$350 Wealth Creator® 4.0 (April 18, 2000 version) - 1 user installation
**Other versions are available for network installation**

According to Bruce Ramsey at Ram Technologies, their firm does one major upgrade annually at an additional cost to the user of approximately $125. Through the course of the year, minor upgrades may be required to update the tax calculators for example, and this is done at no charge to the user. Apparently these types of revisions are posted on the Ram Technologies website www.ramsoft.com.

I strongly believe that Wealth Creator® should become an integral part of one's financial planning practice. Take the time and see for yourself - Ram Technologies has a 21 day trial version available (e-mail: wealth@ramsoft.com). It is important to keep in mind that detailed information gathering is required, as well as attention to accuracy, in order for this software to work well for you. I think, as in anything, the more you use it, the more familiar you will become with it and eventually it will become an invaluable tool for you.

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.