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At the end of the year, I always find it instructive to take a glace back at the topics we’ve covered over the past 12 months. Some of you may have missed an issue, and others have already forgotten something important that you read in March or April, but failed to act upon. This is your chance to catch up.
We kicked off the 2005 season with an in-depth look at Our Business Online from RedTail Technologies. At that time, it was the only Web-based client-relationship-management (CRM) system I was familiar with that was designed for the financial-service professional.
Overall, I liked what I saw. While it is not as comprehensive as more complex products such as Junxure-I, not everyone needs that level of detail; for those who do not, the idea of having all of your data only and accessible from any internet enabled location has great appeal. In particular, I thought that usability at the entry level was very good; a novice user could get productive performing basic tasks with very little training. The online tutorials were helpful for intermediate to advanced tasks.
Redtail offers integration with a number of other programs, including MoneyGuidePro, LaserApp, and Albridge, adding to its appeal. Perhaps most importantly, using an ASP may eliminate the need for a server and/or reduce IT costs.
With multiuser calendaring, document management capabilities, and a host of other features, Redtail is worth considering. Priced at $65 per month per database for up to 15 users, the cost is reasonable.
In February, I previewed Yodlee’s AdvisorView. At the time, I had big hopes for the service, but I really have not heard much “buzz” from advisors about it since I profiled it.
March marked the preview of NaviPlan Central, the online version of NaviPlan from EISI. This ASP version of NaviPlan provides all of the advantages of a typical ASP, including access from anywhere with a standard Web browser, outsourced data backups and data redundancy, the elimination of disks, and no installation headaches and manual upgrades. In addition, NaviPlan online/offline allows advisors to “check-out” plans, take them with them while they are offline, and then check the plans back in, so they can synchronize with the NaviPlan servers.
From a usability standpoint, the online version of NaviPlan Standard really impressed me. It takes current NaviPlan Standard users a little while to get used to the new look and feel, but clearly the Web interface is more intuitive and user friendly than previous versions.
In another innovation, NaviPlan began offering four “levels” of plans from right within the standard version of Central. This meant that plans could be customized to the clients’ needs (and the advisor’s capabilities) on the fly.
While I experienced a few hiccups on my initial visits to Central, including sluggish performance, those problems appear to be behind them now. Look for NaviPlan to add additional features in the coming year, including improved retirement income planning capabilities.
I had high hopes for RetireX as I reviewed it last April. Robert P. Engel, CFP, an 18-year veteran of a major nationally recognized financial service firm, first introduced me to this program, which his wife developed. Engel had long been frustrated with the commercial financial planning software packages available to him.
"At one end of the spectrum you have calculators out there that are far too basic," he said. "At the other end, you have comprehensive tools that are built for complex cases."
Engel told me that RetireX was squarely targeted at the middle market. The idea was to provide a solution that could produce quick, easy, yet effective plans. Unfortunately, RetireX didn’t live up to my expectations. I felt that the GoalTrackerPlus version that I tested lacked polish. The program was quirky, and I sometimes generated error messages. In addition, I felt the interface lacked polish. At $1,250, I thought RetireX was overpriced when compared to the competition. For those serving mid-market clients, it appeared that MoneyGuidePro, MoneyTree Silver, and NaviPlan Standard all offered more for less.
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