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BIPBRIAN
Rookie Joined: Sep/10/2014 Location: United States Status: Offline Points: 2 |
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Posted: Sep/10/2014 at 3:51pm |
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Hi Everyone,
I am a licensed admin for my father's business, and am slowly working in to take over in a few years. To bridge the gap, I also have an online advertising consulting business that pays the bills and continues to grow. I have my 7, 63, and Life Insurance License. Yesterday, I passed my last course to become a CFP. Over the next 6-9 months I'll be doing plans and reviewing for the big 6 hour final exam. The main thing that brought me to this forum is research on the best Financial Advisor software for the money. We have a small office with no planning software in use. Plans are put together manually, in addition to all calculations. As someone with an IT background, this doesn't sit well with me as there is too much potential for human error. The discussions here look interesting and it appears that this site could offer more than I initially thought.
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Redshark
Greenhorns Joined: Sep/03/2014 Status: Offline Points: 90 |
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Doesn't the CFP Board provide you with software to use in your practice? I have never used it, just curious.
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FEEonly
Member Joined: Aug/21/2014 Status: Offline Points: 108 |
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I like Money Guide Pro. Fairly cheap. Easy for clients to understand. Lots of tools.
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You ever take a dump that made you feel like you slept for 12 hours?
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Moraen
Admin Group Resident Sage Joined: Mar/09/2010 Status: Online Points: 30789 |
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Lol. There is a vendor on the board here - Retireup. Check them out. MoneyGuidePro is overcomplicated if you ask me. I used it for a year.
Personally, if you are going to be writing plans, I don't think you really need to have any software. |
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I come in peace. I didn’t bring artillery. But I’m pleading with you, with tears in my eyes: If you fuck with me, I’ll kill you all. - General James Mattis
Fiduciary as Fuck - iMo |
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yield spread
Senior Member Joined: Mar/14/2010 Location: Lost Status: Offline Points: 2315 |
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I use Money Tree Silver for its simplicity.
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FEEonly
Member Joined: Aug/21/2014 Status: Offline Points: 108 |
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Money guide pro complicated!!
starting it up can be complicated because you have to enter your models and historical and projected returns and standard deviations. After that its easy. I have just been using it this year. Maybe they updated it recently to make it easier. |
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You ever take a dump that made you feel like you slept for 12 hours?
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Moraen
Admin Group Resident Sage Joined: Mar/09/2010 Status: Online Points: 30789 |
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It's complicated for the client.
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I come in peace. I didn’t bring artillery. But I’m pleading with you, with tears in my eyes: If you fuck with me, I’ll kill you all. - General James Mattis
Fiduciary as Fuck - iMo |
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Sportsfreak
Platinum Member Wise Old Perv and CTO of AH Joined: Mar/09/2010 Status: Offline Points: 25704 |
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Agree with this. MoneyGuide Pro is designed to be goals based, and to be worked on with the client if you want to, rather than you gathering data, entering it, spitting it out and presenting it. It makes the client feel like its their plan. And its relatively easier to use
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If you eat an entire cake without cutting it, then technically, you only had one piece
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Sportsfreak
Platinum Member Wise Old Perv and CTO of AH Joined: Mar/09/2010 Status: Offline Points: 25704 |
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How so? The finished product shows them their chances of meeting all their goals based on assumptions used (like all plans). Thats really all they want or need. The most complicated part for the client is guessing at what age they will die.
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If you eat an entire cake without cutting it, then technically, you only had one piece
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Moraen
Admin Group Resident Sage Joined: Mar/09/2010 Status: Online Points: 30789 |
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It's too much. Clients glaze over.
Also, the model predicting the probability of success is based on a distribution that financial returns don't follow. |
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I come in peace. I didn’t bring artillery. But I’m pleading with you, with tears in my eyes: If you fuck with me, I’ll kill you all. - General James Mattis
Fiduciary as Fuck - iMo |
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Sportsfreak
Platinum Member Wise Old Perv and CTO of AH Joined: Mar/09/2010 Status: Offline Points: 25704 |
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I've never had a client glaze over. Sometimes i need to explain the monte carlo success rate and how it is different than the result offered by average return each year, more than once. But they get it. The probablility of success is based on 10,000 different return combinations. Its not perfect, since there are more than 10,000 combinations. But its the best I've seen If you want to get into a debate on the validity of the concept of Monte Carlo based on emprical evidence and peer group studies, I'm not mentally equipped. But i find it does the job as well as anything, better than the Sunguard piece of shit we used to have that almost made me put my fist through the computer monitor. |
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If you eat an entire cake without cutting it, then technically, you only had one piece
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RIArules
Platinum Member Joined: Mar/15/2010 Status: Offline Points: 36500 |
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^ This
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Is it too late to exhume Ken Starr?
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FEEonly
Member Joined: Aug/21/2014 Status: Offline Points: 108 |
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Yeah the monte carlo debate is for a different forum. I'm no statistician. However, I do know its a useful way to get some idea about your retirement plan compared to 10,000 other scenarios. There are not many other ways to achieve that.
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You ever take a dump that made you feel like you slept for 12 hours?
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RIArules
Platinum Member Joined: Mar/15/2010 Status: Offline Points: 36500 |
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iMo has an advanced degree in a statistics from a serious university, IIRC. He's a stats snob.
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Is it too late to exhume Ken Starr?
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Guests
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I refuse to use Sungard just because they make compliance software that makes my life difficult (and that software sucks balls also).
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eggward
Senior Member Joined: Mar/11/2010 Status: Offline Points: 3108 |
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+1 |
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Moraen
Admin Group Resident Sage Joined: Mar/09/2010 Status: Online Points: 30789 |
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Is it? |
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I come in peace. I didn’t bring artillery. But I’m pleading with you, with tears in my eyes: If you fuck with me, I’ll kill you all. - General James Mattis
Fiduciary as Fuck - iMo |
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Sportsfreak
Platinum Member Wise Old Perv and CTO of AH Joined: Mar/09/2010 Status: Offline Points: 25704 |
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I love this place.
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If you eat an entire cake without cutting it, then technically, you only had one piece
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FEEonly
Member Joined: Aug/21/2014 Status: Offline Points: 108 |
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Isn't it?
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You ever take a dump that made you feel like you slept for 12 hours?
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Moraen
Admin Group Resident Sage Joined: Mar/09/2010 Status: Online Points: 30789 |
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Not if you are assuming that the distribution of returns is normal. Their planning tool does not take into account log-periodic events, nor even fat tails (yeah, that's riiiight). |
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I come in peace. I didn’t bring artillery. But I’m pleading with you, with tears in my eyes: If you fuck with me, I’ll kill you all. - General James Mattis
Fiduciary as Fuck - iMo |
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