Mullooly Asset Management
Mullooly Asset Management
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Financial Planning Software Tools
• 28 minFinancial Planning Software Tools Used by Our Advisors What are the financial planning tools used by the advisors at Mullooly Asset Management? As we discuss in episode #444 of the podcast, there are several widely-used financial planning software tools used by the largest firms in the industry. So you may be surprised - we swipe a little from ALL of them! Over time, we have found that there is no one perfect software tool. So we have constructed our own, and kept it flexible. This way, we can tweak it as needed, to customize a solution for your situation. We have also learned that relying heavily on one software almost keeps us married to their modeling. And when their models change - your plan can break! Or things simply will not work. We would prefer not to be beholden to one (or even two) hard-wired financial planning software tools. Listen in for 28 minutes about the financial planning tools used by us! Time Stamps for "Financial Planning Tools Used by Our Advisors" 1:10 - Wide proliferation / wide adoption of similar financial planning software tools 2:55 - Gauging compounded inflation rates 4:29 - A relevant question from the CFP exam! 7:12 - Pro's / Con's of wide adoption of financial planning software tools 12:11 - How we treat projections, and "plan" (the noun) vs "planning" (the verb) 14:45 - Recent financial planning software developments, and some industry backlash 16:50 - Planning software can often be internally hard-wired & more "one size fits all" 17:45 - Sometimes advisors need to "trick the software" to get the desired options. 20:30 - How "data accuracy" is crucial to developing plans 23:29 - Gaining "awareness" through the plan process, better planning for "the gaps"
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