Money Guide Pro- Saves And Makes Money For You
Money guide pro is a software company for financial planning, in simpler terms. Financial planning tools have become more important than ever. So let’s dive right into it.
*not a sponsored post*
Why do you need Money guide pro
It is never too late to understand the importance of financial management. With recession coming every now and then, it has become absolutely essential to keep track of your finances.
But obviously this tool is not just for everyone. Financial advisors need this tool now more than ever. Clients come with a thorough googling of what’s happening in the world so yeah they are pretty much aware of the advancements that have happened over the years.
And you don’t want to lag behind.
Money Guide Pro: Features
MoneyGuidePro’s financial planning software is used by over 40% of financial advisors according to a software survey by T3.
The tool is desirable to focus on financial goals, such as retirement.
You can create Financial Plans (goal-based planning, including risk management), Asset Allocation Plans, and Lifetime Income Plans.
A few of the features of Money Guide Pro are:
1. Overall planning: One version of the system is for both advisors and clients. Simple enough for clients to use, sophisticated enough for the range and complexity that advisors need in comprehensive financial plans.
2. Goal Planning
- Either single or multiple Goals can be in a plan.
- Funds goals in priority order, which may be different than chronological order.
- Flexible entry of assets.
- Flexibility in assigning assets to specific goals, using assets in priority order, or both.
3. College Planning
- Can include one child or all children in a plan
- Includes average estimates for public, private, 2-year, and 4-year schools
- Includes Peterson’s college cost database
- Identifies alternate funding sources (loans, scholarships, etc.) used to offset costs
4. Retirement Planning
- Three expense periods
- Realistic life expectancy default calculation
- Allows adjustments to future expenses
- Allows fixed expenses (e.g., no inflation)
- Allows for change in state of residence, which affects state taxes
- Allows unlimited other retirement Income Sources (pension, alimony, rental, part-time work, etc.)
5.Goal Planning Results
- Capability to see results for one goal or multiple goals combined
- Option for graphs and detailed charts
- Extensive what if capability allows for different scenarios, quickly and easily
- Each What If Plan allows assumption changes in rates of return, inflation, goals, and savings
- What If Plans allow new investments or retirement incomes
- Bad Timing Stress Test shows Plan Results with “low returns” in one or two years
- Class Sensitivity Stress Test shows Plan Results if one or more asset classes get lower than expected returns
There are so many more features of this amazing software which you’ll know once you use it.
The cost of Money Guide ( Pro version) is $125 per advisor paid monthly/annual subscription.
There are some useful add ons also available as per your client’s need.
10 other alternatives to Money Guide Pro:
- Morningstar Advisor Workstation.
- Seeking Alpha.
- Simply Wall St.
So time to save some of that hard earned money okay?