Understanding the Language of MoneyGuidePro

Posted on Wed, Nov 13, 2013 @ 02:21 PM

By Dustin Alga, Client Services Representative

Our philosophy is that financial planning should be fun. Helping clients build a future life custom-tailored to their personal wants and desires is exciting when they are actively involved in the process. In matching the tone of our philosophy of financial planning, we've developed certain terminology that you'll find used throughout MoneyGuidePro.  Let's clarify the meaning of some of our common terminology.

SMARTware- MoneyGuidePro isn’t software. It’s Financial Planning SMARTware®. The default settings built into MoneyGuidePro are intuitive to the needs of the financial advisor and the planning process.  Rather than leaving advisors in the dark, the system has defaults automatically input that have strong assumptions and allow a solid starting point for their plans.

SMART Portal - SMART Portal evolved from SMARTware as a SMART way to provide access to clients’ financial plan. In addition, the plan can be shared with external parties involved in the planning process.  Often times, the best planning is a collaboration among the clients’ professionals: the financial advisor, estate attorney, CPA, etc. With SMART Portal, the advisor controls the access to the plan.  Smart, huh?

SuperSolve® - SuperSolve® takes underlying plan data inputs and automatically solves for a potential results for the client.  The system will increase savings, delay retirement, or reduce the amount of money spent on goals.  All of the modifications depend on the inputs that you have previously entered into the system. 

My Snapshot

My Snapshot - Exactly as it says, My Snapshot (right) gives the client a quick snapshot of their current plan status at a given point in time. It can be shared using SMART Portal to allow clients quick access to their plan results at any time they desire.  It also includes Play Zone® and What Are You Afraid Of? modules giving the client the ability to modify different basic inputs and solve for new results without impacting the original recommended plan.

Play Zone® - With user-friendly sliders, clients can play around with various plan inputs in Play Zone®, such as, “What if I get a 15% rate of return?”, or, “What happens if I get a big promotion and increase plan contributions 50%?” It can be fun for clients to really imagine their futures and interactively address potential changes to see the impact on their plan.

What Are You Afraid Of?

What Are You Afraid Of? - On the flip side of Play Zone®, this feature (right) allows clients to learn how negative events such as inflation rate increases or reductions in investment returns could potentially impact their financial plan.

My Way®My Way® gives the advisor a tool to customize what elements of the plan to view. The advisor has the ability to enable or disable certain sections of the plan depending on the planning scenario for each client.  This enables the advisor to focus on the elements of the plan that matter in importance for the client such as Life Insurance or Estate.

SmartAlex® - Lost inside MoneyGuidePro and don’t know how to get where you want to go? SmartAlex® knows it all and will guide you on your way.  This voice articulated navigation guide is accessible throughout MoneyGuidePro.

Make financial planning fun and exciting for your clients.  Don’t be afraid to abandon the classic planning approach where your clients have little to no contributions to the plan.  With MoneyGuidePro, you have the tools at your fingertips to turn financial planning into an exciting and fun collaboration with clients.

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Topics: financial planning software, moneyguidepro, SMART Portal, Play Zone, training, SmartAlex, supersolve

Focusing and Customizing Financial Planning Reports

Posted on Tue, Jul 02, 2013 @ 10:01 AM

Communicating complex financial concepts clearly so clients can easily understand data and reports is what all financial advisors want. Confused clients don’t take action and follow recommendations, and when clients are confused and don’t understand how the recommendations fit their goals and objectives, trust in you is questioned. For these reasons, using the right reports to communicate with clients is critical. 

Flexibility in MoneyGuidePro Reports

We notice many advisors relying upon Zoomer for a high-level financial overview and use standard reports to include additional recommendations in specific planning areas such as risk management/insurance and estate planning. While Zoomer is a smart choice for broad updates, the standard reports for additional recommendations in specific planning areas, with information running up to 150 pages, may not provide you with the focused information you need to clearly highlight specific areas to your clients.

Flexibility is built into MoneyGuidePro reporting. Much like Excel, MoneyGuidePro can as basic or complex as your needs demand. It can calculate simple projections on the growth of an individual asset or do complete financial plans including estate and risk management analysis. You have the ability to make it as powerful as you want, with the option to create customized reports specific to specialized, sophisticated areas of planning. You can choose plan detail pages to refine the reports to match exactly what you need to present to your clients. Detail pages, report sections, format, order, etc.- are all available to build reports exactly to your needs.

Consider These Focused Reports

Three specialized, yet underused, report templates are:

College Planning- Evaluate a college investment plan

Insurance Analysis- Examines areas of life, disability, and long-term care insurance to determine adequate levels of insurance coverage

Estate Planning- Projects assets values and implications of taxes to determine available assets for heirs

These three planning templates provide specific information with a clean look without extraneous information.

Another report option you can use to focus on your client’s specific needs is MyWay.  MyWay acts as a custom dashboard for your use of the MoneyGuidePro system. You control what information is shown in the navigation and reports.  If you don’t use aspects of the software, you can hide those options from your reports to keep information focused on exactly what you want to present to your clients. With MyWay, you can generate condensed versions of full reports and include the level of detail as needed.

Include Detail Pages to Present Additional Information

At times, you’ll want to include detailed information to present or share with clients. Detail pages are easily available in the results console, found under Monte Carlo results. These detail pages, as well as others, can be included in your report to provide more in-depth information to your client.  Detail pages advisors frequently use include:

  • Combined Details
  • Cash Flow Charts
  • Social Security Maximization

Learn More About Reports

View our recorded trainings on Reports and Star Track or view a previous live training on Reports and Star Track.

To explore all of the reports and features available in MoneyGuidePro, sign up for a free 14-day trial.

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Topics: financial planning software, training, webinar, reports

MGPLive! . . . who's in?

Posted on Thu, Jun 20, 2013 @ 05:20 PM

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Do you want to learn more about how to use MoneyGuidePro to provide meaningful financial plans and advice to clients and prospects? We are now soliciting interest and registration will open soon for two kinds of events:

describe the image Lab: All day comprehensive, interactive small group computer lab instruction

Taught by MGP staff in a classroom style, MGPLive! Lab will include:

  • In-depth training in a classroom environment
  • Hands on case studies to emphasize best practices
  • Guidance on how to leverage the many features of MGP
  • Instruction on the methodology and functionality of MGP

Introductory price of $299 per attendee. This event will be limited to 24 participants (computers will be provided).

  • Washington, DC - August 20 - Sold out - More dates and locations to be announced.

describe the image Conference: All day training conference in large group setting

A MoneyGuidePro instructor will navigate the software and present case studies to provide an in-depth review of MGP in a lecture style, including:

  • Instruction in and breakouts to share best practices among users
  • Guidance on how to leverage the many features of MGP
  • Instruction on the methodology and functionality of MGP
  • Discussions about the future of financial planning technology

Introductory price of $199 per attendee. Bring your laptops for a more hands on learning experience. 

  • Richmond, VA - September 24
  • Atlanta, GA - October 15
  • Chicago, IL - November 6

An agenda will be provided when registration is available.  MGPLive! will be coming to a city near you – future dates and locations are being planned.

Click here for more information and to be notified when registration opens for MGPLive! events.

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Topics: financial planning software, moneyguidepro, conference, event, mgplive, training, lab

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