Click on each of the tiles to view details about each component of the Finance Logix framework
Data entry is one of the most time consuming activities for any firm. Endless hours are spent by an advisor or an assistant to enter redundant information into multiple systems. This is time consuming and costly. However, data integration allows the office to run more efficiently by having different software solutions send information to one another seamlessly. Finance Logix® has over 35 integrations which allow the advisor to pass information to and from different tools without having to re-enter client data. This is done through web services, which allows for nightly automatic updates. Now, when a client’s information is entered into a CRM, the Data Aggregation Framework imports that client’s information into Finance Logix®. Having the software integrate with other databases and software helps reduce data entry errors creates efficiency by cutting the excess hours spent on data entry.
In today’s mobile world, over 70% of the population has a smart phone. Thanks to the development of mobile apps, most people can access their personal information within seconds on their devices. Consumer demand for online access to shopping, accounts and information is growing, and so is the consumer expectation of businesses to be accessible through online and through apps. Having the ability to check statements, balances and get a quick snapshot is not just a nice feature; it’s a necessity that clients demand from their bank, insurer or advisor.
Retire Logix® is a simple interactive calculator that shows how various sources of income could cover the client’s needs and wants in retirement. It was named as one of its “100 Best Money Moves” by Money Magazine and was the only financial planning application to be listed on the 100 Best Money Moves List.
Advisors can take advantage of this mobile app by branding it for their firm, giving their firm the same mobile presence that eTrade and Merrill Lynch have. By branding the Retire Logix app, the app essentially becomes the advisor’s business card that displays the company logo; subsequently, it is submitted under the advisor’s choice of name to the Apple Store and Google Play Market. Also, it allows clients to login to their dashboard and get a snapshot of their finances anytime.
Prospecting and referrals are the two main ways that advisors bring on new business. Over the last decade, prospecting has evolved from direct mailing and flyers to e-mail campaigns and videos. Recently, client portals and mobile tools have opened up another avenue of prospecting. With Finance Logix® brandable mobile app, advisors are able to reach out to a completely new market and engage new prospects with a branded mobile app and client portal. Also, advisors can take advantage of a new way to prospect by allowing one’s clients to indirectly network and share services with others. The app will give the advisor’s firm the opportunity to expose itself to prospects to which it may normally not have direct access.
Most advisors work either in a team or small office. Finance Logix® tools enables advisors to securely share client’s information electronically with other team members.
With this service the advisors are able to offer greater value to their clients by allowing them automatically download their account information from various financial institutions and providing a single place where clients can view and monitor their complete financial situation. Account data is updated daily using a high security 256-bit encryption interface that adheres to the BITS Guidelines and the highest standards of security.
Account Data Aggregation allows advisors gain access to clients’ complete financial picture and deliver a more comprehensive financial advice. It is also a very efficient tool to expand the relationship and increase advisor’s AUM.
Advisors can also set alerts for any changes made to the document vault by the advisor or client. The client is notified via email when a financial report is ready for their review in the secure portal. Similarly, advisors are alerted when the client uploads a document. Additional alert capabilities can be incorporated into the Client Portal and the Client and Advisor Mobile app.
Today, most scheduling is done through web calendars that are interactive and events are easily shared with relevant parties. Advisors generally use CRM tools to keep track of the appointments and tasks. Finance Logix® platform provides tools for the client to keep track of all the appointments and tasks related to their finances and their relationship with their advisors. The Calendar in the Client Portal can be synchronized with the client’s Microsoft Outlook, such that the client can access the Calendar and receive notifications through Outlook without logging into the Client Portal.
This will be a place where clients will be able to share their financial or some other relevant documents with the financial advisors and vice versa. Finance Logix® understands that security is high priority in this digital age. Therefore, the document vault is protected by a military grade 256-bit data encryption. With that, both advisors and clients have a peace of mind knowing that all their financial data is shared securely.
Each client has his or her own policy, and the ability of advisors to be flexible and provide adequate, timely reports is in high demand in today’s market. Finance Logix® enables advisors to make a customized section/template for disclosures and include that template in any report they create or print.
A client financial report could range anywhere from 2 to over 300 pages. in order to customize the report to client preferences and needs, the advisor can create a report to show the preferred information in one template. Once the report has been customized to display certain information, the system allows the financial advisor to save the report template, as well as make other customized templates. In this way, advisors set up customized templates with easy access to particular information that they can present to the client momentarily in report form, without having to make the selections all over again.
A detailed report is a necessary tool for advisors to be able to analyze the financial situation of a particular client. With Finance Logix®, we provide a reporting engine to financial advisors. With just few clicks, a full, specialized report will be ready for the advisors to send to the client through the document vault or present it in printed form. In addition, by using this reporting engine, advisors will be able to customize the report to make it more or less graphical and detailed, according to client preference. With the Reporting Engine, financial advisors can spend minimal amount of time on constructing a comprehensive report and more time on consulting the client.
The Client Profiler tool allows advisors to be more efficient in managing their client relationship. It provides a quick searchable view where advisor can focus on clients with specific levels of Net Worth. Leveraging data aggregation and integration with the bank’s back-office systems, advisors now can look for opportunity to increase their AUM using the Assets Managed search. For example, they could search for all clients for whom they manage less than 5% of their assets. If the advisor learns about significant changes in value of specific securities advisors can quickly find clients that hold these securities across Managed and Held-Away Assets, evaluate the exposure of the client’s portfolio and quickly make appropriate adjustment and/or offer timely advice on assets held outside the bank. This information can also be integrated with the CRM system that the Bank is using.
Opportunity Finder is a great tool to use to monitor the client's financial situation. When using various data integrations supported by Finance Logix® or the data aggregation plug-in, the client's financial plan is automatically recalculated when account balance information is updated in the system. This may resolve in client going from say a surplus in retirement to a shortfall. The Opportunity Finder will show the shortfall status of the client as well as the projected amount of the shortfall at retirement. The advisor may use this indicator to review the client's financial plan, make appropriate adjustment and contact the client to communicate the necessary steps to resolve the shortfall.
Another example of a helpful use of the Opportunity Finder could be checking the shortfall status of a client for education plan that they might have. Moreover, the advisor will be able to check on a client’s life or disability insurance. This alerts the advisor to have a conversation with the client about reviewing possible protection plans in case of death or disability.
Most recently we created a new financial planning tool focused specifically on Retirement Income. This tool has a very simple user interface and is available on the web as well as on iPads and other tablets. The approach we took with Retirement Income Optimizer was to create a sophisticated rule-based engine that will incorporate some of the decision making logic of experienced advisor when it comes to recommendation of various solutions for the client’s retirement income. RIO tool is constructed on a very flexible platform that allows enterprise to configure recommendations based on multiple custom levers either fixed or calculated.
Engaging clients through utilizing the FinaMetrica comprehensive risk tolerance questionnaire will help financial advisors to increase their revenue and enhance the financial advice that they provide them.
Financial advisors and other investment professionals turn to Morningstar® for data that help them research, analyze, present, and support their investment ideas. Finance Logix® integrates Morningstar data directly into financial planning and asset allocation modules giving advisors ability to analyze individual holdings, various individual accounts as well as an overall household allocation for the client. Holdings entered into the system are automatically classified according to Morningstar security classification.
The Education Planner will help the advisor develop a saving strategy for the client’s individual financial situation by analyzing various investment options, including Section 529 plans. The results of the calculations are presented in an easy-to-understand report format, including interactive graphs. The average tuition and fees at four-year colleges continues to increase. As the cost of higher education continues to escalate faster than the average income, parents are becoming more concerned about funding their children's education and exploring possible investment options for college savings. This tool allows financial advisors to create and display a savings plan that will make their client comfortable about their children's future.
Insurance Planner will assist the advisor in completely analyzing the client's needs, asking the tough questions, and educating the clients about the need for insurance. The comprehensive financial engine takes all of the needs into account to show a full illustration of the insurance needs.
The software will help the advisor succeed in creating a powerful, organized, complete, and easy to follow insurance plan that will assure financial stability through any emergency. Finance Logix® allows the advisor to plan for all different types of life insurance, disability insurance as well as long-term care.
The retirement planning module allows the advisor to create both simple and comprehensive financial planning. Utilizing both goal-based and cash-flow modes, the advisor is able to service a broad range of clients. Instead of separate calculations, the Finance Logix® Platform is built on a comprehensive and robust financial engine, so all of the calculations from all of the modules are taken into consideration.
The advisor can create a quick plan in as little as 5 minutes to show a quick snapshot for a prospect. Then, he or she may utilize the real-time 'what-if' slider tools to enhance and tweak the plan right in front of the client. With Finance Logix® one can start with a simple goal-based plan, and graduate it to a full comprehensive cash-flow analysis all while engaging and educating the client with an intuitive, client-facing and easy-to-understand presentation.
The Client Interview is a powerful tool that bridges the gap between the client and the advisor by providing the advisor with a clear understanding of the client’s financial situation even before the first in-person meeting. The Client Interview is an easy-to-use, comprehensive questionnaire used to collect and gather financial data for financial plans and reports. Its five-step structure simplifies the data collection process and guides users through a series of questions to avoid missing information. Both clients and advisors have access to the same interface, which enables advisors to easily access and assist the client in completing the Client Interview if needed. When paired with the data aggregation capabilities of Finance Logix®, the client interview allows financial advisors and clients to capture a comprehensive and complete overview of a client’s financial situation.
The flowchart below demonstrates various modules of the Financelogix platform. You may click on a specific module to learn more.