This comprehensive checklist will help
you evaluate your short list of software packages. It covers ten categories
you should use to evaluate a financial planning software program:
Planning areas, Features, Compatibility, Demos, Costs, Licensing/Updates,
Training, Support, Vendor and System requirements.
After using the checklist, use the Financial
Planning Software Evaluator, an on-line calculator lets you rate
and compare three software packages.
Financial Planning Software Checklist
 |
Personal Data |
|
Letter of Engagement |
|
Investment
Policy Statement |
|
Financial Goals |
|
Cash Flow |
|
Net Worth |
|
Investment
Risk Profile |
|
Asset Allocation |
|
Retirement |
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Life Insurance |
|
Disability
Insurance |
|
Business Valuation
& Succession |
|
Estate &
Trust |
|
Charitable
Giving |
|
Tax |
|
Education |
|
Does the software
have a fact finder questionnaire? |
|
Can data in
the fact finder be entered by the client and uploaded over the
web or from a disk? |
|
Is the software
cash-flow based or goal based? |
|
Can I enter
my own text in any of the reports? |
|
Can the reports
be exported to other formats such as Word, Excel or PDF? |
|
Can the reports
be emailed to a client? |
|
Can client
files be transferred between a desktop PC and laptop? |
|
Can the software
be protected with a password? |
|
Is there a
way to automatically back up my client files? |
|
Does the software
provide an audit trail of calculations for the reports? |
|
Does the software
have any built-in client database management features such as
mail merging? |
|
Does the software
integrate with any other programs such as:
- Contact management
- Portfolio management
- Mutual fund databases
- Presentation/illustration
- Reference guides |
|
Does the software
run Monte Carlo simulations? |
| |
Compatibility
with You and Your Practice |
|
Who are my
clients and what are their planning needs? |
|
Will the software
meet the above planning needs? |
|
Is the software's
output (on-screen and printed reports) compatible with my planning
or presentation style? |
|
What is the
software's learning curve - easy, medium, hard? |
|
Will anyone
else in my practice or planning team need to learn and use the
software? |
|
Will the software
work with the way my practice, computers and network are currently
set up? |
|
Is there a
demo or trial period? |
|
Can the demo/
trial period be extended if I need more time? |
|
Are any features,
such as printing, disabled in the demo? |
|
Is any support
provided during the demo/trial period? |
|
Is any training
provided for the demo? |
|
Are there any
costs for demo support or training? |
|
What is the
initial cost of the software? |
|
Are there additional
set-up or installation costs? |
|
Are there any
maintenance fees in the first year or are these included in
the initial cost? |
|
Can I install
the software on more than one computer for the same cost? |
|
What are the
annual update/maintenance costs after the first year? |
|
What are the
support costs or are they included in the annual cost? |
|
What are the
training costs or are they included in the annual cost? |
|
How long will
it take to learn the program? Estimate the number of hours and
multiply by your hourly rate to arrive at this cost. |
|
How long is
the license period? |
|
If I don't
update, does the software expire at the end of the license period? |
|
How often is
the software updated? |
|
Are there multiple
user or site license discounts? |
|
What type of
support is provided?
- Live Help Desk
- Email
- Website Knowledgebase
- Website FAQ |
|
How long will
it take to have a support question answered? |
|
Will the vendor's
time zone affect my access to their help desk? |
|
Are patches
and updates available online for downloading? |
|
What is the
software's learning curve - easy, medium, hard? |
|
Does the software
come with a tutorial or wizards? |
|
What
type of training is available?
- Telephone
- Internet (Webex)
- CD-ROM based
- Vendor training road show
- Vendor on-site |
|
Does the vendor's
website have a software "Tips" section? |
|
Does the vendors'
website have a users forum to post questions and solutions? |
|
How long has
the company been in business? |
|
How many employees
are in the company? |
|
How many software
users does the company have? |
|
What other
firms (broker/dealers, planners) use the software? |
|
What
are the minimum system requirements?
- Operating system (Windows version)
- Internet browser and connection type (ie/ high speed)
- Processor speed
- Memory (RAM)
- Hard drive space |
|
Will the software
work over a network? |
|
Is the software
standalone (installs directly on your computer) or web based? |
|
Do I need to
install/purchase any other software or plug-ins to use the software? |
|
Are there any
know conflicts between the software and other software packages,
plug-ins or printers? |
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