Financial planning software MoneyGuidePro has integrated with plan visualization software Asset-Map.
Now, advisors who use Asset-Map to create visual representations of financial plans can plug in data collected and stored from MoneyGuidePro, including healthcare costs, risk profile and social security options.
Through Asset-Map, advisors are able to see such data in a picture-based financial plan that uses a single graphic. It includes a target map to determine the level of funding necessary for a client to meet goals, as well as alerts advisors to problems with the financial plan that may need to be addressed.
‘The vision in MoneyGuide integrating with Asset-Map was to help advisors gain context to a household very quickly and then communicate that on a level that clients can absorb,’ Adam Holt, chief executive and founder of Asset-Map, said.
MoneyGuidePro, created and owned by PIEtech, allows advisors to send clients a questionnaire that, when answered, the system stores as data that is used to create a comprehensive plan. The data includes client asset allocation, goal performance and financial statements.
The service also includes Play Zone, a planning portal that tests probability of success for financial plans, showing clients what happens if they retire early, assume more risks, or undergo a recession or unrealized health care costs.
‘At MoneyGuidePro, we’re committed to providing advisors with advanced tools to guide clients toward the best financial decisions,’ Kevin Hughes, head of enterprise sales at PIEtech, said.
Asset-Map, which has been adding roughly 100 firms per month and is used by roughly 3,500 advisors, already has five integration partners including Orion, Riskalyze and Redtail.
‘If there’s any kind of trend you want to watch, it’s getting down to simple-rich, which is the idea that the communication has to be impactful and valuable on the rich part but simple enough to consume,’ Holt said.