What do you like best?
I love :
-setting goals as a confirmation that my initial due diligence with the client was correctly "heard" through data
-using the budget tool to make annual retirement expenses are "real"
-I also like the budget tool for helping our "money management" clients stick to a budget and we review monthly or less frequently to compare monthly averages year-to-date (I used to only use excel or google docs for this)
-I love the net worth portion of MGP
-I love the social security benefit analysis with certainty
-The What-If worksheet is extremely helpful for analyzing different scenarios
-We also use MyMoneyGuide with our financial literacy students and it's extremely helpful with the Video Lab
-I also use the Plan Summary to add in our regular notes (about 30-40 custom entries per plan, many are duplicates by plan)
-I really dig the way our Veo (TDAmeritrade Institutional) accounts sync well into a client's plan too
-We also integrate with RedTail CRM
What do you dislike?
-I find the real estate "mortgage" data entry rather limited. Typically clients provide the mortgage statement to be interpreted, and rarely does a single monthly mortgage statement include all of the information required for the mortgage data entry.
-I have yet to fully utilize the ISO/RSU workflows, but I have to admit, they seem a bit intimidating on the offset and I've been avoiding it.
-Plan Summary limitation: currently I use a Google Doc to track all of the custom entries I make into the Plan Summary with follow up items for clients. I do this so that I can copy/paste and enter into the Plan Summary for each client's plan. Ideally, there would be a MGP "database" of commonly added custom entries into Plan Summaries by license (but also across users) that would be extremely helpful for our practices purposes!
-Small thing, but it'd be nice to be able to access the Support Tools from a browser when logged into the MGP on my iPad, currently I cannot access.
-A minor irritation is that our RedTail CRM integration works well, except for our pro-active MyMoneyGuide users. It would be nice if our MyMoneyGuide new users could integrate and sync INTO RedTail CRM, currently I can only have an existing RedTail CRM contact sync into MGP and not from MGP to RedTail...though I realize I can manually enter MyMoneyGuide users into RedTail from MGP and then make sure the client is "matched" after the fact.
Recommendations to others considering the product
Commit to using the software and support curriculum. Also, make sure that you have a process to introduce your clients to the client portal.
If you use cash flow based retirement planning software, give goals-based a chance - the ease of data entry and flexibility for change analysis is striking!
What business problems are you solving with the product? What benefits have you realized?
Simplifying the "math" behind retirement calculus into a digestible print-out or PDF that looks professional and can operate as a "living document" as we council clients throughout their lives from initial financial plan, to plan implementation, on to monitoring.
Providing dual entry access between client and advisor to communicate over the long term about a client's budget (cash flow), financial plan/s, and investment management relative to financial planning goals as well as being able to make adjustments along the way.
A repository for all financial planning information so that our firm can emphasize the client relationship and counseling approach that our clients in our practice favor.