Envestnet MoneyGuide

Formerly MoneyGuidePro

User-friendly Software: MoneyGuidePro is praised by many users for its user-friendly interface and easy navigation, with a short learning curve. Several reviewers have appreciated the software's flow reports that are fairly easy to understand and provide thorough reporting capabilities. It allows clients to move between investment assets, spending goals, and Carlo results with ease.

Thorough Financial Planning: MoneyGuidePro provides comprehensive financial planning tools that allow users to capture all client's assets and liabilities in one place and run various scenarios. The What-If Worksheet, Supersolve, Insurance needs section, budget tool, net worth portion of the software were some features loved by most reviewers. These features make it easy for clients to understand their financial plan while providing multiple planning tools to leverage with clients.

Scenario Analysis Capabilities: Many users found the software's ability to analyze different scenarios using the planning software helpful. The What-If worksheet was extremely helpful for analyzing different scenarios while the Plan Summary was useful for adding in regular notes. Reviewers also appreciated the ability of MoneyGuidePro to set goals and use the budget tool to make annual retirement expenses real while showing how different changes in their plan could impact the probability of success.

Slow Performance: Some users have reported that MoneyGuidePro can be slow at times, taking a long time to load pages which can be frustrating for clients.

Expensive Fees: The cost of the software is a common complaint amongst users, with some stating that it is expensive due to its yearly fee in addition to monthly payments, making it difficult for small offices to keep within budget.

Lack of Customization Options: Many reviewers have expressed disappointment at the lack of customization options for reports. The default settings make the reports confusing for clients and there is not enough flexibility to tailor them to specific needs.

Users have provided several recommendations for the software based on their experiences. The most common recommendations include having a clear cancellation policy in place before signing up for the software. Users emphasize the importance of understanding the terms and conditions of cancellation to avoid any unforeseen issues.

Another recommendation is to take advantage of the software's ability to involve clients in data entry, as it helps decrease data transfer errors. Users appreciate the feature that allows clients to directly input information, ensuring accuracy and efficiency in the process.

Additionally, users recommend utilizing the software's reporting capabilities to generate comprehensive reports and discover outside held funds. They find this functionality helpful in gaining insights into their clients' financial situations and identifying potential areas for improvement.

Overall, users suggest committing to using the software and taking advantage of support to introduce clients to the client portal. They also mention the value of watching a demo or getting a consultation on best practices before using the software. Additionally, users recommend dedicating time to learning the software as it is considered an effective tool for calculating retirement plans. While there may be a steep learning curve initially, once mastered, users find it to be a more efficient and robust solution.

Finally, some users mention that while suitable for easy-to-use, goals-based planning, the software may not be as suitable for cashflow-based planning.