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| > The Practice > Technology |
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| Checking Out AdvisorVision 7.0 |
| by
Joel P. Bruckenstein
| 07-09-09 |
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AdviceAmerica was founded in 1999 with the goal of bringing automation to the financial planning process. Although the firm originally devoted much of their resources toward consumer-facing solutions, over the last several years their focus has clearly shifted to delivering professional financial planning and CRM applications. Recently, Advice America announced the release of AdvisorVision 7.0, the latest iteration of their flagship professional financial-planning software product line. According to the firm, AdvisorVision 7.0 is targeted at both enterprises and independent RIAs. The release of AdvisorVision 7.0, combined with the recent launch of ClientVision (Advice America's CRM software), piqued my interest sufficiently to take a look.
AdvisorVision 7.0 is a Web-based planning tool. When I first logged on to the system, by default I was directed to client list in the "home" section. The program provides three primary sets of navigational tools. Along the top of the page, there are tabs that lead to the five major sections of the application: home, client info, portfolio, planning setup, and support. Under each of these tabs, there are submenus where appropriate. So, for example, the client info page will contain fields for the primary client and the spouse/partner; additional submenus offer access to pages for other family members, advisors, and notes. To the left of the screen there is a context-sensitive navigation bar. This simply means that the information displayed on the lefthand navigation bar changes depending where you are in the program in order to offer relevant selections. If you are on the client overview page, relevant information would include "collaboration" and "reports," so those options are provided. If you are completing a client profile, relevant information would be the subsections of the profile (goals, risk-assessment, insurance policies, etc.) so that is what will be displayed instead.
There are a number of ways for experienced users to navigate through the program, but for novice users, the easiest way to learn the program is the "next" button at the bottom of each page. Using this methodology, the software walks you step by step through all of the necessary pages required to generate the type of plan desired. Typically, all new plans would entail supplying vital client information (name, address, date of birth, tax filing status, etc.). You would then select the client's planning goals by checking them off from a list, or by checking the "select all" box. Default choices include retirement accumulation, retirement distribution, emergency fund, financial statements, debt management, survivor income, long-term care, disability income, estate plan, stock options, and investment assets. Advisors can add additional accumulation goals by clicking on the appropriate button. Next, the advisor views the default plan assumptions for inflation, tax rates, transactions cost, and other factors. The advisor can either accept the defaults, or change them to the desired values, assuming the user has permission to do so.
The next section is the so called risk-assessment. This assessment tool asks 10 questions, each aimed at a particular facet of risk such as liquidity needs or holding period. While the tools does as good a job as can be done in the space provided, it may not be sufficient to fully evaluate the client's true risk profile. Then, depending on the type of plan you are preparing, you will be prompted to add assets, liabilities, income, expenses, insurance policies, and the like. Some of the data entry capabilities are noteworthy. As is the case with many financial-planning programs, you can enter total account values, total by asset class, or individual asset holdings. In the latter case, you can enter a ticker, and the program will fill in the name of the asset, the asset classification (if available) and the current price. If AdvisorVision is connected to external data sources like say Albridge, either through an enterprise environment of other arrangement, AdvisorVision can automatically draw data from those other sources and use it to populate the required data fields, as well as to update the data in the future.
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Joel P. Bruckenstein, publisher of T3: The Newsletter, is the industry's expert on applied technology for financial professionals. In addition to his monthly columns, Bruckenstein consults with companies large and small to help them achieve higher returns on their technology investment. For more information of Bruckenstein's consulting services, or to have him speak at your upcoming event, please visit www.joelbruckenstein.com.
The author is not an employee of Morningstar, Inc. The views expressed in this article are the author's. They do not necessarily reflect the views of Morningstar. |
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