Product update | NaviPlan 18.2 release

September 24, 2018 by John Heinen

about the author:

John Heinen

Chief technology officer

As chief technology officer, John provides strategic, operational, and programmatic support of our products to the greater Advicent organization, our partners, and the industry. He leverages his decades of software development and product management experience to define business and product strategies, work directly with clients in providing technology solutions, and build product and service delivery organizations that deliver results while meeting regulatory requirements.

We’re thrilled to announce our latest round of enhancements that have been added to NaviPlan. In our latest release, we have introduced additional account types, improvements to client reports, state tax updates, and various other improvements. You can view or read more about these changes below.

New account type – Health Savings Accounts

Health Savings Accounts are now available for use within the Assets section of Net Worth. Additionally, Health Savings Accounts can be set as the preferred account type for both (qualified) medical expenses and long-term care premiums.

Health Savings Accounts offer greater flexibility when planning for potential future medical needs both before and during retirement.

Client portal enhancements

Collaborative client onboarding

The client creation workflow has been streamlined, allowing for a client to gain access to the client portal and receive a financial profile as soon as they are created within NaviPlan. This option makes onboarding new clients easier and more efficient.

Client portal functionality within the Presentation Module

Client portal management functionality has been added to the Presentation Module. This allows for unhindered access to client portal management for advisors who primarily work in the Presentation Module.

Fact finder archiving

Active fact finders can now be archived by the advisor within the fact finder management page. Archiving allows advisors to clean up any outstanding incomplete fact finders, allowing for future fact finders to be sent to that client if the situation arises.

Improved account entry and aggregation

The homepage and net worth sections has been expanded to show net worth information from multiple sources (fact finder, financial plan, account aggregation). Clients now have greater visibility into their financial picture regardless of where they are in the financial planning process.

Account entry and aggregation have also been made more efficient, with less clicks required to synchronize third-party accounts into the client portal.

Expanded expense support and entry

Expenses in the client portal now support all expense types from NaviPlan. Clients can click the dropdown as they enter their expenses for inclusion.

New client reports

NaviPlan includes updates to several legacy and quick action report pages for use in the new client report format.

Income Tax Timeline and Timeline Comparison reports

Give clients an idea of the impact of taxes on their plan with the "Income Tax Timeline" and "Income Tax Timeline Comparison" reports. These reports present annual tax values over the course of a client's plan graphically. These reports can be used to visualize the burden of taxes and, in the case of the comparison report, visualize differences between current and alternative plan tax liability.

Efficient Frontier report

The Efficient Frontier report highlights all investment portfolios that provide the highest return for a given amount of risk (measured by standard deviation), represented by a line. This report is a great way to visualize the risk/return-efficiency of a client's portfolio return and how it can be improved. It can also be used to spring board conversations about reinvestment opportunities.

Detailed Cash Flow Analysis report

The quick action "Retirement Cash Flow Summary" report now exists as a client report called "Detailed Cash Flow Analysis." This report breaks down annual cash inflows and outflows and presents a surplus or deficit (if available). This highlights where expenses and incomes are coming from and can help explain to clients why shortfalls might be occurring during the life of the plan.

Net Wealth Accumulation report

Show clients how their wealth changes overtime with the "Net Wealth Accumulation" report. This report projects end-of-year net worth values through the plan and categorizes how changes in net worth occur. This report is a great tool to support answers on how net worth may change over the course of a client's lifetime and how each section of their net worth is affected.

State tax updates

State tax updates consist of values (as of Q2 2018) that are indexed on an annual basis. These values include:

  • 2018 state tax bracket adjustments
  • 2018 state standard deduction adjustments
  • 2018 state tax credit adjustments
  • 2018 personal exemption changes

Other improvements

Additional tax details for alternative plans

It is now possible to accurately reflect and show tax strategies within the Scenario Manager. Found under "Tax Details" on the left-hand navigation of the Scenario Manager, you can model various tax credits and deductions as potential alternative scenarios for your clients. Like all changes in the Scenario Manager, these tax strategies are unique to this scenario and can be used as a comparative strategy to discuss the health of a client's financial plan.

New client preference –Tax Impact of Reallocation Default

Control whether or not you want capital gains to occur on reallocation with the Tax Impact of Reallocation Default user preference. By default, this option is checked. NaviPlan assumes that a capital gains tax will occur when a profile has its asset profile changed. This option offers more flexibility in regards to how you want your client's taxes to be calculated and reported.

We look forward to introducing additional enhancements to the newly improved NaviPlan and its client portal in the very near future. In the meantime, current users can learn more about these latest enhancements by accessing the NaviPlan learning center.