Retirement? There's an app for that

Imagine giving your clients an interactive retirement calculator that is about as simple to operate as an Etch A Sketch but can handle complex hypothetical scenarios — all with no initial manual data input required. The Retire Logix program for the iPhone is just such a calculator, and it can show clients quickly and easily how well they are preparing for retirement. The brain behind the program is Oltis Software LLC, whose web-based Finance Logix financial planning software is known among financial advisers for its easy-to-use interface. It is even more highly regarded for its ease of use during one-on-one meetings with clients. Retire Logix was built specifically for advisers who use Finance Logix and is available to them at no cost. It is meant to be passed on to their clients for free. Although the application is meant for iPhones (it is supposed to be available on the Apple iTunes App Store any day now), a version for the iPad has been promised by the company within a month. Versions for Android phones are being designed as well. One thing that intrigues me about Finance Logix is that it was built entirely in-house. It uses the C# (pronounced “see sharp”) program language, and a lot of the code was written by Oleg Tishkevich, who, in addition to being chief executive of the company, is a talented programmer — a rarity among C suite executives in our world. I got a preview of the Retire Logix application at the Tech Tools for Today conference two weeks ago and again at the recent Financial Planning Association's Business Solutions Conference, where he was showing it off to advisers. Marioleni “Lena” Mandelis, an adviser with Alena Wealth LLC, was impressed with the calculator. “I've spent more time than I want to admit on trying out financial planning software. I want things to be dynamic and I thought to myself, "This is just what I need.' It's dynamic, just like life is dynamic,” Ms. Mandelis said. In no small part because she is impressed by Retire Logix — and because she is also underwhelmed with the financial planning tools she is now using — Ms. Mandelis is considering a switch to Finance Logix. She said that she could envision a client using the calculator while waiting in the doctor's office, instead of doing a crossword puzzle. Retire Logix has two main screens to navigate. The first is the Money Capsule (which is shaped like a pill; see image above left) and the second a Timeline chart page (see image left, below embedded video). On either screen, a user can touch any of the items: Needs, Wants, Pension, Social Security. The user can adjust the value with a slider at the bottom of the page. Tapping on the blue button next to a slider opens up a page with more details for that particular item. The Money Capsule shows the adviser or client what portion of his or her overall needs and wants will be covered over the life of the financial plan, based on income and available assets. “The first thing that crossed my mind when I saw this was how it could replace the back-of-the-napkin conversation you might have with a client,” said Brian Gawthrop, a principal of the recently launched two-man RIA firm Kaizen Financial Advisors LLC. I should point out that Mr. Gawthrop was provided as a contact by Finance Logix. However, he doesn't yet use the company's software, and said that he is considering other financial planning providers, including MoneyGuidePro from PIE Technologies Inc. and NaviPlan from Emerging Information Systems Inc. “You are not going to build a full plan using this, but you are going to pique their interest, and you can easily paint things in broad strokes with it,” Mr. Gawthrop said. For more information visit the webpage for Retire Logix online (Reporter's note: I'll also update this page when the application becomes available at the Apple App Store).

CONFERENCE TAKE-AWAYS

At the FPA Business Solutions conference, I spotted two big themes. The first is the desire among advisers to improve their practice management abilities through technology. And they see that to achieve technology's promise of greater efficiency and profitability, software integration is key. Second, advisers are eager to use social media but are leery of moving forward because they haven't received what they consider to be adequate guidance from the Financial Industry Regulatory Authority Inc. and the Securities and Exchange Commission. They will need that, they say, in order to build their businesses. Related stories: Fidelity rolls out iPhone app for WealthCentral iPads taking SageView green, the trees say thank you Reuters Insider technologically impressive [see the last few slideshow images] Advisers with iPhones, meet the Cinemin Swivel micro projector Thomson Reuters begins the drip of iPad apps The iPad is here, almost New version of Finance Logix planning software released New in 2010: Gadgets you'll love Smart phones: It's all in the apps iPhones may be all the rage, but financial advisers should consider their options before picking their next smart phone Financial application for the Droid NetExchange and iPhone make connection Morningstar application available for iPhone OptionsXpress Junxure to unveil two new versions of its software Redtail teams with Pyxis Mobile to provide mobile access to its CRM More adviser tools coming to smart phones E-mail Davis D. Janowski at [email protected].