Foundation for our Financial Planning software

ExecPlan Express was designed around the basic principles for creating a comprehensive financial plan. Our focus was to integrate all the major aspects of an individual's personal finances including:

Retirement Planning - Ensuring enough resources to fund all financial need throughout the planning horizon. This can be illustrated by using a cash management system that automatically invest excess cash flow in pre retirement years, also known as the accumulation period, to a user defined investment . The cash management system should also liquidate capital needed during retirement years when an individual’s personal finances change from saver to consumer and the need to use capital to meet ongoing expenses begin This liquidation should have a basic default system as well as the ability for the user to override or sell specific assets at any time. This is the ideal situation since a standard default of liquidating cash account first followed by equity assets and then finally qualified plans may be the most tax efficient manner for most people, it isn’t the best for all people. And some individuals may need to alter liquidation methods for investment liquidity in order to facilitate advanced estate planning strategies.

Investment Planning - evaluate the most appropriate financial instruments to use to meet the client's financial objectives. Asset allocation, liquidity time, and tax deferred status have a primary effect in determining the appropriate investment strategy for any individual. A personal financial planning software should provide the financial advisor the ability to buy, sell and adjust an asset's rate of return during any point in the retirement planning horizon. Financial Planning software must include a federal and state income tax analysis to properly reflect the impact of the imp limitation or change of any investment planning strategy.

Income Tax Planning - Minimizing unnecessary federal and state income taxes through proper investment and tax planning strategies. Income taxes reflect the largest direct expense most individuals face during their life time. Mortgages, retirement planning strategies, medical expenses, education funding, long term care expenses and personal investments, also pose indirect impacts on our taxes and the proper managing of these planning events can have a significant impact on long term net worth. How much to contribute and distribute to qualified plans such as 401ks, IRAs, Roth IRAs, etc can only be appropriately evaluated if you understand the tax consequences. The same can be said about refinancing a mortgage, investing in 529 plans, or purchasing a rental property, only personal financial planning software that incorporates an actual federal income tax calculation including AMT, can provide the best guidance.

Estate Planning - Evaluate and develop financial planning strategies to minimize any unnecessary estate tax liabilities. There are many steps that can be taken to reduce someone’s estate tax exposure, some more advanced like setting up an ILIT, QPRT, CRAT, CRUT, GRAT, GRUT, some that are simpler such as gifting or changing a will from a simple all passing will to an AB trust or UTC will. Either way for someone to understand the impact of these strategies, they also need to have financial software that not only reflects the changes in the estate tax exposure, but the long term costs to one's future cash flow and net worth.

Life Insurance Needs Analysis - Evaluate if the client and or spouse have adequate capital and insurance to meet their survivors financial need in the event of a premature death. Fully integrated financial planning software should be able to reflect in the retirement planning projections the cost of mitigating the risks of a premature death. And the cost of mitigating that risk through the purchase of life insurance should reflect the ability of not only modeling the loss of income, but changes in tax filing status, survivor needs such as additional child care, and the ability to pre fund planning objectives such as college education for surviving children. Ultimately financial planning software that includes Life insurance analysis needs should also include the ability to reflect more advanced uses of life insurance for other objectives, such as ILITs for estate planning, VUL policies for investment or retirement planning, and cross purchasing agreements to buy out partners in business interests in the event of a premature death to either partner.

Disability Insurance Needs - Evaluate if the client and or spouse have adequate capital and insurance to meet their survivor's financial need in the event of a disability. And the disability could be during your working years or later in life such as a Long Term Care event. To properly gauge the impact of such event, the financial planning software needs to provide the ability to personalize the changes in investments, expenses and retirement goals in the event of either type of disability.

Personal finance - integrate personal cash flow to evaluate an individual's ongoing and future budgeting needs. Financial planning software should be able to personalize an individual’s personal finance not only at the current moment but throughout the retirement planning period.