NaviPlan® 18.0 announced with tax updates as well as new client reports and client portal functionality
Advicent, an industry-leading financial planning technology provider, has introduced revised tax calculations to its best-in-class financial planning software, NaviPlan. These revisions reflect the tax code changes introduced by the Tax Cuts and Jobs Act of 2017 (TCJA), and NaviPlan now empowers advisors with the choice of planning for the law’s sunset provisions or not.
In addition to these changes, the latest release offers improved goal reporting functionality and additional client report options. Additionally, Advicent has updated the Narrator® Clients portal with the new “explore your options” functionality and enhanced net worth listings.
“In the face of changing regulation and client expectations, Advicent provides technology solutions that enable advisors to give the most accurate recommendations possible while enhancing the overall client-advisor relationship,” said John Heinen, chief technology officer at Advicent. “The updates in NaviPlan 18.0 and its client portal empower advisors to complete a detailed analysis of every client’s financial situation; provide easy-to-understand information and advice; and give their clients access to their plan information 24/7, reinforcing a deeper, trusting client-advisor relationship.”
Tax Cuts and Jobs Act & 2018 U.S. federal tax updates
Income tax calculations are updated per the TCJA as well as values provided by the IRS for 2018. As part of the TCJA enhancements, users are able to plan for the act’s changes to sunset as legislated, or assume they will continue indefinitely. This same support is added to the Scenario Manager.
Some of the key changes to 2018 federal taxes include:
- Tax brackets and rates
- Standard deductions
- Personal exemptions
- Capital gain tax rates
- Business and estate tax changes
2018 Canada federal and provincial tax updates
Federal and provincial tax calculations in NaviPlan now provide the most up-to-date analysis. Some of the keys changes include:
- Tax brackets
- Tax rates
- Tax credits
- Changes to RRSP limits and CPP/QPP benefits
- 2018 Eligible and Non-Eligible Tax Credits
- Tax brackets
- Tax rates
- Tax credits
- Bracket changes to British Columbia and Quebec rates, including Quebec Health Services Fund
New client reports in NaviPlan
NaviPlan includes several new client reports available in both the U.S. and Canada, each going into various detail on asset allocation earning rates, class weightings, and questionnaire responses.
- "Range of Returns" report: This updated report provides clients with insight into the potential range of their account returns over the course of multiple years. The report can be used as an explanation for how returns vary throughout a plan's life.
- "Current Portfolio Breakdown" report: This report lists how asset holdings fit into the various asset classes available within NaviPlan. The report helps clients understand which asset classes make up their portfolio and how much of it is weighted into each one.
- "Risk Tolerance Analysis" report: This report aggregates a client's risk tolerance questionnaire in the modern style of client reports. This report acts as a great reference for clients who may be wondering why their return rates have changed in an alternative scenario on various client reports.
“Explore your options” and enhanced net worth listings in Narrator Clients
"Explore your options" is a new feature in the client portal that empowers clients to analyze different tactics and develop a strategy for accomplishing their financial goals. When a plan has been published to the Narrator Clients portal, clients can navigate to the "goals" page and adjust variables such as goal date, lump sum savings, monthly savings, and goal expenses to see how simple but strategic changes can impact their financial success.
Additionally, Narrator Clients now includes an itemized list of all qualified and non-qualified accounts, assets, and liabilities. The net worth listing gives clients a better understanding of the factors contributing to their net worth, and serves as a quick resource for review or comparison.
For information regarding all other improvements to the NaviPlan platform and its client portal in both the U.S. and Canada, visit the Advicent website.
Advicent is the financial planning technology provider of choice for nearly 100,000 financial professionals within 4,000 clients worldwide, including five of the top seven custodians, 12 of the top 25 broker-dealers, five of the top 10 American banks, and seven of the top 10 insurance firms. Our decades of experience empower Advicent to create scalable technology prepared for regulatory changes; compliance workflow management; fully branded client experiences through industry-leading APIs; and superior cash flow and goal-based calculations. Advicent products are designed to satisfy the needs of every investor and are used in firms of all sizes. Through our innovative product capabilities and dedicated services, we are able to help thousands of financial professionals and their clients understand and impact their financial future. To learn more, visit advicent.com or email firstname.lastname@example.org.