Offer a better client experience with scenario comparisons

March 28, 2018 by Alex Noonan

A financial advisor shows her client how to achieve her financial goals.

about the author:

Alex Noonan

Technical writer

Joining Advicent as a partner support specialist in 2013, Alex provided high-quality support for partners within NaviPlan and Profiles. In 2015, he took that product knowledge to the learning development team as a technical writer, creating detailed documentation for partners with a practical focus on what they need to know. Alex received a BSBA from Drake University in Marketing/Advertising Creative in 2013.

When generating financial plans, client needs can vary from a simple checkup on current performance, or may be a complex detailed analysis of various strategies or options in order to meet financial goal needs. NaviPlan® provides all these potential needs with scalable planning options and alternative scenario inclusions.

Current plan

Whenever a client plan is generated, data entry and basic information is required to assess how a client’s assets and incomes compare with their expenses and goals. This starting point is entered within the current plan. Current plans are a client’s financial picture with no modifications or strategic adjustments.

A current plan can give a client an understanding about how they are doing based on their current trajectory. This can be a sufficient amount of information for clients who are content with their current financial health, especially if their current strategies seem sufficient to meet their goals. If additional work is needed, however, an alternative scenario may be considered.

Alternative plan

Alternative plans take the base information from a current plan, but have a few variables adjusted to better fit a client’s goal objectives. These variables are manually adjusted by an advisor and dynamically impact the plan when they are modified. Nearly all aspects of a base plan — except existing asset/account values — can be adjusted, which can then be included in a client report and presentation.

Alternative plans can be as simple as changing one variable to compare to the base plan, or can be a multi-variable overhaul that aims to set the client’s financial future straight. The complexity of scenarios and how you want to present it to clients is entirely up to your professional expertise and preference.

Reporting functionality is customizable, as well, which allows for up to three alternative plans — in addition to your base plan — to be included. This allows for multiple solutions that your client could choose between to meet their goals.

The scalable planning of NaviPlan supports solutions from the simple and complex. From base-level data entry to client presentation, NaviPlan empowers you to give your clients the planning scenarios they need to accomplish their financial goals.

To learn how to increase ROI by utilizing financial planning software, click here.