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Software Review: Profiles+

Portfolio Analysis Software

Aug. 28, 2000 (SmartPros) Profiles+ is a comprehensive planning program with the ability to analyze the personal and business financial needs of clients. The program's modular design interface allows users to selectively input only the information pertinent to a client's unique situation.

Price
$1,195.00 (single license)

 

Profiles+ includes 14 individual modules covering the following areas:

• Income Tax
• Estate Planning
• Long-Term Care
• Financial Independence
• Survivor Needs
• Education
• Disability
• Accumulation
• Asset Allocation
• Financial Statements
• Business Valuation and Continuation
• Employee Benefit Analysis
• Financial Statements and Ratios
• Key Employee Valuation

 

Technical Requirements

• Pentium CPU
• 90 MHz required
• 60 MB hard disk space
• Windows 95, 98, NT4 or 2000 Workstation minimum
• 16 MB RAM required
• 15-inch monitor recommended (minimum 640 x 480 resolution)
• 8x CD-ROM drive

Additional Requirements to Operate Certain Features

• Network
• Ink jet or laser printer (black and white or color), to present printed reports to client
• Multimedia computer: speakers and soundcard recommended
• Mail system: Microsoft Outlook/Outlook Express
• Internet access: Internet Explorer 3.01 or Netscape Navigator 4 or better, to obtain online product updates and to participate in other optional training offered through the company

 

Product Background

• Why was this product developed?
  The company began as a service bureau for insurance agents and financial planners, providing needs analysis reports.  They built on this experience to produce the Profiles+ software product, which is tailor-made for the financial services community.
  

• When was it developed? 
  1969; it was one of the first types of portfolio analysis software to be developed.
  

• Who are its most common users? 
  Anyone in the financial services industry, including financial planners, insurance agents, CPAs, broker/dealers and banking industry personnel.
  

• What similar products are offered in the same market?
  The closest competition to Profiles+ comes from programs such as the H. D. Vest Financial Checkup, MoneyTree Suite, BAM and ProTracker. However Profiles+ remains unique because it offers specific onboard business modules.
  

• How often does it upgrade?
  The company updates the program on an as-needed basis. The latest version, Profiles+ 5.8, was released on April 28, 2000, and is available to registered users for download from the company's Web site.
  

• What improvements were made during the most recent upgrade? 
  In response to changes in the tax treatment of Social Security recipients, the company updated the program to reflect the increased benefit allowance afforded to those working past normal retirement age.
  

• Does the program have any bugs? 
  None were observed during testing of the software.

 

On a scale of 1-6 this product…

 

	Produces accurate output
	Is simple to learn and use
	Offers adequate technical service support
	Builds knowledge and information
	Increases efficiency
	Increases sales
	Improves business in general
	Compares to its competition in terms of value
	Compares to its competition in terms of price
	Is widely used and recognized among other professionals in the industry
	Final judgment call

 

 

Benefits & Bugs

+ Modular design streamlines data input.

 

+ Convenient online product updates are available to registered users.

 

+ Comprehensive training is available to users.

 

+ Provides modules for both personal and business clients.
(Business Profiles Modules shown below.)

 

 

- The program's long-term financial projections are based on static rates of return and inflation (lacks Monte Carlo Technology).

 

- Interview interface to facilitate entering client data is lacking.

 

- Input screens are bland.

 

 

Editorial Review

Profiles+ has much to offer both planners and their clients. It is a comprehensive financial planning program that manages to smartly package a great deal of financial knowledge in a client-friendly manner. The program boasts individual modules touching on both the business and personal aspects of a client's life. Once information is entered into the program, the planner has a great deal of flexibility in presenting that information to their client. A financial profile report ready for client presentation is easily generated and is customized with the planner's firm information, as well as a host of available client-specific information and optional financial tidbits covering everything from the Rule of 72 to dollar cost averaging!

 

Accompanying graphics along with an explanatory paragraph present information very clearly. This method is ideally suited to present pertinent information to often overwhelmed clients in a concise yet thorough manner.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

An automated interview-style user interface would make a great addition to this software product,

as would the inclusion of the cutting-edge Monte Carlo Technology in the formulation of certain long-term financial projections. Nonetheless, Profiles+ is a formidable and highly capable financial planning tool that represents a great value and will enhance client/planner communication and overall client understanding of the financial planning process.

 

 

Purchase Information

• Retail price?
  $1,195  (A fully functional demo version is available from the company's web site.)
• Online purchase available?
  Yes; email contactfinance@pro2net.com.
• Internet download available? 
  Yes
• Additional add-on products available?
        -Dynamic Insurance Solutions
        -Historic Variable Module
        -Profiles Online
        -Profiles Productivity Suite

 

Contact Information
Profiles+ by Financial Profiles, Inc.
5421 Avenida Encinas
Carlsbad, CA  92008
phone: 760.431.9400 and 800.237.6335
fax: 760.431.9497

Learn more about this company!

 

Please send your comments, questions and article proposals to information@smartpros.com.

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