Item: NaviPlan by Advicent
Rating: 8
Author: Samantha Forbes

Overall Satisfaction with NaviPlan by Advicent

Use Cases and Deployment Scope

We use NaviPlan to build out future projections based on financial plans we build. We use it to show income streams in retirement and to show how long a clients money will last. We use it to show numerous strategies with insurance and corporations. It allows us to show the tax implications of what they are currently doing versus what we are recommending. We use it to solidify the plans we have already built.

Pros and Cons

Pros

Retirement Income Scenarios
Detailed Cash Flow
Monte Carlo Analysis

Cons

Corporations - a more detailed module that allows more functionality
Estate Planning - we are missing a module that is available in the US
Marital Status - Ability to show comparison if a client is married versus not married within the same plan

Most Important Features

Cash Flow in retirement - we use it to confirm our assumptions
Running different scenarios to determine tax implications
Showing insurance and investment strategies

Return on Investment

It definitely has a positive impact on our business. It brings confidence to our clients that we know what we are doing.
Clients are very impressed when you walk them through the software
The reports blow people away. Combined with our financial plans, we can build bulletproof financial plans.

Alternatives Considered

Snap Projections - We were using this software up until this year alongside Naviplan to see how it compared. The reason we tried Snap Projections was the difference in pricing. Naviplan is expensive, where Snap is only a fraction of the cost. The biggest reason we stayed with Naviplan was familiarity for the advisor presenting. He was accustomed to it. I find the interface of Naviplan better cosmetically. They both are great financial planning software tools with pros and cons in each. I have found that you can manipulate the software to show most of what you need. Both platforms continually update and take user feedback into consideration when building on to it so they both get better all the time.

Key Insights

Do you think NaviPlan by Advicent delivers good value for the price?

Yes

Are you happy with NaviPlan by Advicent's feature set?

Yes

Did NaviPlan by Advicent live up to sales and marketing promises?

Yes

Did implementation of NaviPlan by Advicent go as expected?

Yes

Would you buy NaviPlan by Advicent again?

Yes

Likelihood to Recommend

NaviPlan is an invaluable financial planning tool. There are so many strategies and reports that can be built and used within the software. I've been using it for around 8 years and still don't how to use all of the functions. It has come a long way over the 8 years in terms of functionality. There is a definite learning curve, however, I've found it has become more user friendly.

Comments

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