Limitations Of Popular Financial Planning Software Applications For Professionals

Limitations Of Popular Financial Planning Software Applications For Professionals
J.R. Robinson
Nest Egg Guru
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IMCA - 1 credit
Live CPA - 1 credit
Program Id:450769611
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4.3 (51)

Today's financial planning software for professionals improves on the advice you can give instead of relying on Excel spreadsheets and heuristics like the "4% rule," but even these highly sophisticated apps have serious limitations that fiduciaries need to be aware of and address.

This presentation will take you under the hood of popular goal-based planning software and to expose important factors affecting the efficacy of retirement and other goal-based plans, and provides a framework for determining whether an app is a good fit in a fiduciary’s practice.

At this session, you'll learn about:

Published research on planning software limitations
Common simulation methodologies
Common sources of errors
Explicit versus implicit mode assumptions and disclosures
Algorithmically optimal versus practical
Choosing software best for your practice

If you like A4A's continuing education sessions, you may be interested in a 30-day free trial of a platform for collaborating with financial and tax planning guru, Bob Keebler, CPA/PFS, portfolio design expert Dr. Craig Israelsen, and independent economist Fritz Meyer.

To start your free trial, sign up for an account. After verifying your email address, click here for instant access.

J.R. Robinson is the co-founder of software maker Nest Egg Guru and the owner of Financial Planning Hawaii. His commentary was featured in the Journal of Financial Planning's January 2017 Tech Roundup, and Nest Egg Guru has been featured in Advisory Quest, in Financial Planning Magazine, and on Bill Winterberg's FPPad. He and Nest Egg Guru co-founder, Prof. Jack DeJong, Jr., have published a number of award-winning papers on retirement income sustainability. Their most recent work, "The Determinants of Nest Egg Sustainability" was a Finalist in the 2016 Journal of Financial Planning Academic Research competition.


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Very informative. He gave excellent examples of where we, as advisors, should be careful of our assumptions.
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