The importance of scalability in financial planning software

June 5, 2018 by Jeffrey de Ropp

about the author:

Jeffrey de Ropp

Partner Experience Manager

Jeffrey de Ropp is a Partner Experience Manager at Advicent. In the past, he worked in Partner Support as a tier 1 representative and then as a team lead. He has a deep knowledge of our partners and their unique needs.

This may sound obvious, but a one-size-fits-all approach to financial planning is not the best way to serve your clients. Every client has different needs, goals, and time horizons, meaning scalability is important for providing each client with the best advice possible. 

Thankfully, NaviPlan excels at scalability. It offers calculators, assessments, and comprehensive plans that allow you to tailor each interaction to the needs of a specific client. 

Quick calculators

NaviPlan calculators allow you to quickly engage and educate your clients on a specific goal. Calculators are all about answering a single question. They take approximately five minutes to complete and they are a quick and efficient way to evaluate a client’s single need. There are many types of calculators available in NaviPlan, ranging from retirement savings to life insurance coverage and more. 

Assessments

For clients that require a broader look at their goals, the Forecaster Assessment is a time-efficient plan that can be completed in 10 to 15 minutes. It offers a streamlined process for qualifying new prospects to ensure they are a good fit for your business. The Forecaster Assessment is focused on summary-level information so that each assessment can quickly answer the question of “Am I on track?” regarding retirement, education, major purchase, and insurance coverages.

Level 1 & Level 2 Plans

Finally, Level 2 plans are the most comprehensive and powerful plans available. Since NaviPlan is modular, Level 2 plans are customizable and allow you to eliminate unnecessary data points to streamline your process. As a best-practice tip, start with a Forecaster Assessment and promote the plan as needed. This will help you recognize the level of complexity that your client requires and ultimately save you time. 

Having a tool that scales to the needs of your clients allows you to provide the best advice possible. Since your clients come from varying backgrounds and have different goals, your approach to planning should scale with their aspirations. The planning tool you utilize should fit itself to the client, not the other way around. 

Click here to learn more about how the NaviPlan® financial planning software from Advicent can help you grow your business.