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Details From Prior Versions
Version
2008.2
Version
2008.1
Version
2007.4
Version
2007.3
Version
2007.2
Version
2006.4
Version
2006.3
Version
2006.2
Version
2006.1
Version
2005.4
Version
2005.3
Version
2005.2
Version 3.1
Version 2.5
Version 2.4
Version 2.3
Version 2.2
Version 2.1
Version 1.2.3
What's new in Financial Planning Spreadsheets ©
Professional Version - 2008.2
Release Date April 1, 2008
Here are the highlights of changes to the templates:
We are please to announce that we have released the new interface that we have
been working on for a while now to replace the existing menu system that
interacts with our Financial Planning Spreadsheets. This version includes a
better navigation system that appears to the left of the open templates, a new
feel and look, a database system for the basic data required by the templates,
imprint changes that can be download directly from our website, better license
/ software updating, a better help system, a new manual, and many more changes.
CPI and Rate of Return Data has been updated for this release as well.
For Excel 2007 users new Excel 2007 templates are includes.
We continue to improve and simplify the data entry. As always, the main
emphasis has been on making the templates easier and faster for the advisor to
use and your clients to understand.
There have been a couple of minor changes to some of the templates in this
release, also any known bugs have all been fixed.
What's new in Financial Planning Spreadsheets ©
Professional Version - 2008.1
Release Date February 5, 2008
Here are the highlights of changes to the templates:
We continue to improve and simplify the data entry. As always, the main
emphasis has been on making the templates easier and faster for the advisor to
use and your clients to understand.
Federal income tax and Social Security rates for 2008 are included in this
release. 2008 State tax brackets are also included in this release. Other rates
change will follow as they become available.
There have been a couple of minor changes to some of the templates in this
release, also any known bugs have all been fixed.
There is no additional charge for these changes to currently licensed users of
our software.
What's new in Financial Planning Spreadsheets ©
Professional Version - 2007.4
Release Date October 15, 2007
Here are the highlights of changes to the templates:
There have been minor changes to a few of the templates in this release.
The menu system and templates have been updated to function better with Windows
Vista.
We have modified the Questionnaire template so that it can easily be emailed to
your client's.
We continue to improve and simplify the data entry. As always, the main
emphasis has been on making the templates easier and faster for the advisor to
use and your clients to understand.
What's new in Financial Planning Spreadsheets ©
Professional Version - 2007.3
Release Date July 15, 2007
Here are the highlights of changes to the templates:
There have been minor changes to a few of the templates in this release.
The install programs have been updated to function better with Windows Vista.
A new report containing the Life Expectancy tables has been added to the
Other Reports & Forms tab.
Federal income tax and Social Security rates 2007 are included in this release.
State tax brackets for 2007 are also included in this release.
What's new in Financial Planning Spreadsheets ©
Professional Version - 2007.2
Release Date April 17, 2007
Here are the highlights of changes to the templates:
There have been minor changes to a few of the templates in this release, also
any known bugs have all been fixed.
Federal income tax and Social Security rates 2007 are included in this release.
State tax brackets 2007 are included in this release. Other rates change will
follow as they become available.
We continue to improve and simplify the data entry. As always, the main
emphasis has been on making the templates easier and faster for the advisor to
use and your clients to understand.
The one version of the program can now be installed on Microsoft Office 2007,
2003, 2002(XP), & 2000 or Microsoft Excel 2007, 2003, 2002(XP), & 2000.
There is no additional charge for these changes to currently licensed users of
our software.
What's new in Financial Planning Spreadsheets ©
Professional Version - 2006.4
Release Date October 17, 2006
Here are the highlights of changes to the templates:
There have been minor changes to a few of the templates in this release, also
any known bugs have all been fixed.
We continue to improve and simplify the data entry. As always, the main
emphasis has been on making the templates easier and faster for the advisor to
use and your clients to understand.
There is no additional charge for these changes to currently licensed users of
our software.
As always, we welcome your feedback and thank you for your support. We hope
that these changes will assist you and your clients.
We thank you using our software and for telling your associates about us. If
there are any other changes you would like to see in this software please let
us know.
What's new in Financial Planning Spreadsheets ©
Professional Version - 2006.3
Release Date June 19, 2006
Here are the highlights of changes to the templates:
There have been minor changes to a few of the templates in this release, also
any known bugs have all been fixed.
We continue to improve and simplify the data entry. As always, the main
emphasis has been on making the templates easier and faster for the advisor to
use and your clients to understand.
There is no additional charge for these changes to currently licensed users of
our software.
As always, we welcome your feedback and thank you for your support. We hope
that these changes will assist you and your clients.
We thank you using our software and for telling your associates about us. If
there are any other changes you would like to see in this software please let
us know.
What's new in
Financial Planning Spreadsheets ©
Professional Version - 2006.2
Release Date May 11, 2006
Changes:
State tax brackets 2006 are included in this release.
There have been minor changes to a few of the templates in this release, also
any known bugs have all been fixed.
We continue to improve and simplify the data entry. As always, the main
emphasis has been on making the templates easier and faster for the advisor to
use and your clients to understand.
There is no additional charge for these changes to currently licensed users of
our software.
As always, we welcome your feedback and thank you for your support. We hope
that these changes will assist you and your clients.
We thank you using our software and for telling your associates about us. If
there are any other changes you would like to see in this software please let
us know.
What's new in Financial Planning
Spreadsheets ©
Professional Version - 2006.1
Release Date February 9, 2006
There are five new templates in this upgrade as well as numerous other
changes in the way that some of the reports are presented. This upgrade and the
update is provided without charge to all currently licensed users of our
software.
For years, our Adjusted Cost Base templates have been used by our software
customers as an accurate way of keeping track of the client's investment
transactions. Building on that success, we have enhanced those templates to
present more information than just the average cost per share. These reports
now also show the adjusted cost base history of the investment and provide a
snapshot of the performance of the security being reported on. You can now
easily handle stock splits, exchanges and return of capital transactions.
New Template on the Investing Menu
"Comparison of Deferred Pension to Private Managed Pension"
This worksheet compares the frequently asked question of whether it is best to
accept the deferred pension plan when leaving the employer or to transfer the
funds out to an IRA. The illustration shows the matching guaranteed pension as
well as the balance of funds remaining for the option selected. If the balance
of funds is positive after the expected mortality of the client (and spouse if
applicable) then a transfer out is advantageous. You can also illustrate a
level income option where this could be to the client s advantage for health or
other reasons for a fixed number of years. The comparison shows the amount of
extra money the client will have as a result of a transfer.
New Templates on the Insurance & Estate Planning Menu
"Taxable Capital Gain from Deemed Disposition"
This worksheet will calculate the deemed disposition of securities from its
inception to the date of death (or divorce) as required for the terminal tax
return.
The report is summarized in two sections, one for realized gains during the
year and the other is for the deemed disposition resulting in additional
capital gains to the date of death.
This template can assist you in calculating the client's tax liability for
their estate plan or with compiling the deemed disposition records in the event
of the clients death or divorce.
"Summary of Deemed Disposition of Securities"
This worksheet is used for compiling a list of realized gains for the tax year
resulting from the deemed disposition (death or divorce). Information can be
copied from the individual "Deemed" worksheets and summarized on this form.
New Templates on the Taxation Menu
"Analysis of Prescribed Annuity Income"
This worksheet was designed to show the higher net income available by using
non-registered funds to provide annuity income. The template calculates the tax
payable on the prescribed annuity and compares the cumulative annual income to
a CD or Term Deposit.
"Summary of Realized Gains for the Year"
This worksheet is used for compiling a list of realized gains for the tax year.
Other changes:
Federal income tax and Social Security rates 2006 are included in this release.
There have been numerous minor changes to many of the templates in this
release, also any known bugs have all been fixed.
We continue to improve and simplify the data entry. As always, the main
emphasis has been on making the templates easier and faster for the advisor to
use and your clients to understand.
What's new in Financial Planning
Spreadsheets ©
Professional Version - 2005.4
Release Date November 29, 2005
New Template on the Insurance Menu
"Analysis of Tax Liabilities for Clearance of Estate"
This two-page report with a chart was designed to calculate the tax liability
at death for settlement of the estate. Calculations are provided for the
terminal tax return including probate fees and charitable bequests. The items
shown on the report provide space to enter the capital gain in excess of its
adjusted cost base (ACB). A place has also been provided to enter charitable
bequests. State probate fees, attorney fees, etc. When the assets are listed
the computer makes the tax calculations automatically at the client’s or
spouse’s federal and state marginal tax rate. In addition the tax liability at
the second death is also calculated.
The chart has been designed to show the growth of the tax liability over time
for up to forty years in the future. This template can be a very good tool for
showing the need for last to die life insurance. This worksheet can also be
used to calculate the tax liability on assets in a divorce situation.
Here are the highlights of changes to the other templates: We continue to
improve and simplify the data entry. As always, the main emphasis has been on
making the templates easier and faster for the advisor to use and your clients
to understand.
Income Tax rates for 2005 are right up to date.
The ACB tracking worksheets have been improved to make them more presentable.
The client data entry form has the marginal tax rate calculated from the income
entry as a default to save time.
We have added more comment flags at critical entry points on many of the
templates to help the data entry person get it done quickly.
The client name and spouse name fields have been changed on many reports from
the actual name to "Client" and "Spouse" in order to avoid errors where the
names were not entered. Likewise where the tax year was shown as 2005 and 2004
we have changed the tabs etc. to display "Current Year" and "Prior Year" so
that the right tax rates are used.
There have been numerous minor changes to many of the templates in this
release, also any known bugs have all been fixed.
What's new in Financial Planning
Spreadsheets ©
Professional Version - 2005.3
Release Date August 13, 2005
We have improved and simplified the client data entry procedure. As always the
main emphasis has been on making each of our templates easier and faster for
the advisor to use.
When you are starting a new financial plan or using the Client Data screen you
can quickly clear all of the sample data with a new macro button on the form.
The Marginal Tax Rate is automatically calculated when you enter the client or
spouse income. The Marginal Tax Rate is also inserted for long term
capital gains and dividends. If you enter their date of birth the
age is automatically calculated.
Most templates now have a "Clear Data" button on the left side of the top
toolbar. This makes it quick to remove the sample data if you prefer to start
with a blank assumptions section of the template.
On the amortization schedules we have added a button to allow you to
enter how many pages you want printed (from 1 to 15).
The loan schedule page has been increased from 36 months to 60 months
shown on the one page.
The latest Income Tax updates & Social Security rates for 2005 are
included in this release
Historical Rates or Return up to and including 2004 are in this update.
We have standardized the display for the date format to the U.S.
standard of mmm/dd/yyyy. If you use a different date format you can enter dates
into the templates using the same format as your "short date settings" in your
computer systems "Regional Settings." Our software will pick up your date
format settings and make any date arithmetic calculations based on the same
format.
In order to incorporate into our software the latest features in Excel we will
in future no longer support Excel 97. Our software will still run under Excel
97 if you have installed Microsoft's Service release 2b. However, we will in
future design only for newer Excel versions. Most of our software customers are
using the XP version of Microsoft Office or Excel.
What's new in Financial Planning
Spreadsheets ©
Professional Version - 2005.2
Release Date February 13, 2005
Successful financial planning depends on your ability to show a client the net
after tax effect of your planning recommendations. Our software has been
designed to let you prepare a very accurate tax projection with a minimum of
data entry time.
We have made some major changes to our 5 income tax templates which are now
being released. The main emphasis has been on making them easier and faster for
the advisor to use. You can now do a detailed tax analysis for a client and
spouse on one page. Turbo Tax eat your heart out!
There are also two new templates in this release.
Here are the highlights of changes to all of the five tax templates:
To simplify the data entry process there are now three drop down lists on each
template which allow you to quickly identify if the tax credit applies to the
Client only, the Spouse only or neither. Once selected the credits are
calculated automatically. By entering the amount of tax free interest income
and Social Security benefits the taxable portion can be calculated
automatically. The phase out of personal exemptions is also calculated if
applicable, as well as any adjustment to itemized deductions and the allowable
medical expense deduction and Standard Deductions.
Better description labels and many comment flags have been added to speed up
the data entry. By learning to use any one of the templates you can use all
five as they all follow an identical layout. The layout has been rearranged to
follow more closely an IRS tax return layout for faster data entry when you are
working from a previous tax return. There are also a number of formatting
changes as well to improve the printed report.
You now have the ability to use the current year (2005) tax rates, credits and
brackets but also the prior year (2004). If you are working on a re-assessment
for a client it is handy to have the prior year's tax amounts to work with. We
feel that this will be a useful enhancement to our tax templates.
Some of our customers use our tax templates almost exclusively, so we are sure
these enhancements will be welcomed, especially as we approach a new tax
season.
New Templates in This Release
We have added two new templates to deal with division of assets at separation
or Divorce. A good number of our software customers have their CDS designation
or are very active in the Divorce consulting market. These two templates bring
to six the templates we have included for that market and other valuation
issues.
Proposed Division of Assets as of Valuation Date
This worksheet details the fair market value of assets at the time of a
marriage breakdown or other dissolution. It also calculates the tax liability
on tax sheltered assets and allows for other tax liabilities to be accounted
for at that time. This worksheet then calculates any equalization payment
required to balance out the division of assets.
Projected Growth of Net Worth - After Separation
This template takes the income and tax payable from the "Separate" template and
the Assets from the "Valuation" template and projects the future growth of Net
Worth for both clients on an after tax basis. The growth can be projected ahead
up to 25 years. Each column on this new template has a different tax treatment
as it is important to look at the fact that some assets may have a greater tax
liability than others. For example the home would be tax free growth in most
cases, whereas the tax sheltered accounts would be fully taxable when
withdrawn. This report makes all of the calculations to produce an after tax
net worth statement for negotiations.
Tax Updates & Social Security Rates for 2005
All published tax credits, tax brackets and benefit rates for 2005 have been
included in this release. As mentioned above we have programmed an option to
use either 2004 or 2005 tax tables as your situation requires.
As a result of these many changes it has become one of our largest updates
ever. We have also programmed in some error trapping messages to warn you if
the program is not set up properly, or if it is out of date.
What's new in Financial Planning
Spreadsheets ©
Professional Version - 3.1
Release Date August 17, 2004
Our Pension Templates package now offers another illustration called:
"Prepaid Pension Maximization"
Our pension maximization template has been widely used in the past. We have now
developed an additional template for these situations with an emphasis on
starting a plan (Prepaid) before retirement. This template produces a two page
report with a chart and detailed text about how the plan works. The
illustration shows and explains the advantage of purchasing life insurance
prior to retirement so as to allow the client to choose the life only pension
option as opposed to the joint pension option at the time of their retirement.
This template was designed for a quick illustration covering most pension
plans. Use it where the pension is based on the average of the last 5 years
salary, no penalty has been applied for early retirement and the pension
formula applies to the full average salary. For other situations you would use
the regular Pension Maximization template, which has also been revamped.
The regular Pension Maximization report has received some major changes
including having the chart printed on page 2 of the report along with a
detailed explanation of the concept.
Better Print Formatting
We have been working hard on the templates to improve and standardize the
printed reports and charts. Due to the way Windows XP handles printing has
necessitated many of these changes. All of our reports have received some
changes to improve them as well as additional comment flags and linking to
speed up using them. We feel you will like the outcome.
Live Update
We have developed a "Live Update" function so you can quickly check to see if
you have the latest available update. This will also make it quicker and
simpler to download the updates and any new templates when they are available.
After installing this update in the normal manner you will be able to merely
click on the "Help" menu then on "Check for Update..." from our main menu
screen. The first time you use this feature you will need to enter your User
Identification and Password, this new feature will automatically enter it for
you the next time you use it. The software will check your version against our
website to see if you have the latest version of all the templates. Even if you
have the latest update you will still be able to request an update in case your
current install has become corrupted.
We have also programmed in a reminder screen to check for updates every 90 days
if you have not updated your templates. This is in case one of our update
notices was overlooked. With this new service you can be confident that you are
using the latest templates and tax rates.
Site License Edition
Users of the site license package (5 or more users) now have the ability to
change between registered users from only one software installation. When the
update has been installed the Setup Options screen appears. Select the new tab
called "Imprints" and you will see the list of your Registered Users of the
software. Click on any Registered User name in the list to display the full
imprint on the right of the list. Your computer will remember the selected user
until it is changed. You may change the selected imprint at anytime from the
Menu system, or from Excel. Where an assistant is preparing reports for more
than one advisor this feature will be much simpler then two or more
installations.
The download and installation process is now simpler for our Site license
edition. You now only have to download one Registered User file for the firm
instead of a Registered User file for each user. For the single user edition
these changes will have no effect to them.
Any known bugs have been fixed as of this release.
Please keep the ideas coming and we will try our best to meet your needs
promptly.
What's new in Financial Planning
Spreadsheets ©
Professional Version - 2.5
Release Date March 12, 2004
This upgrade & update has six new templates and some major
revisions to some of the old standbys in the package.
Thirty-two of the 150 templates have been revised with a goal of making them
easier and quicker to use and understand. Our thanks to customers who have
supplied ideas and our Beta Testers for their feedback.
Under the "Insurance" menu tab we have added 1 new template
Long Term Care Analysis
The purpose of this analysis is to compare the cost of long term care insurance
to using your own capital to provide funds for long term care. This 2 page
report with a chart illustrates the amount of capital required for the client
to fund their own long term care expenses from their retirement assets.
Depending on the clients tax bracket the insurance will often work out to be a
less expensive alternative. By showing the depletion of the capital the
advantage can be illustrated. The insurance benefit, less the cost of the
insurance illustrates the amount of benefit received over the period chosen. We
have put in a formula where you can immediately see how much capital is
required to meet the assumptions used, or you can type over it with the amount
the client wants to set aside for long term care as an alternative to the
insurance. We believe this illustration will be a powerful selling tool.
Under the "Other" menu tab we have added 3 new templates
Three Engagement & Disclosure letters now included
This release has been expanded to include our very popular engagement and
disclosure letters into the Financial Planning Spreadsheets © Professional
package. We have used these engagement letters for many years with great
success. Also, our "No Fee Engagement Letter" will be of great interest to
product licensed advisors. In the past they have been a part of our package of
"Letter & Forms for Financial Advisors". As these are needed in any client
engagement we wanted to be sure that our customers had these available to use
with their financial planning clients. These new templates are part of the
Recommendations file.
Under the "Investments" menu tab we have added a new template
Projected Growth of an Investment with Variable Deposits & Withdrawals
This template will illustrate planning situations where lump sums may be added,
or removed from the portfolio at various points in the future. This could be an
inheritance at some future point to illustrate to the client the effect on
their retirement nest egg. This situation often arises from downsizing at the
time of retirement with the surplus assets added to the retirement portfolio.
Likewise the purchase of a motor home at retirement age by a withdrawal from
the retirement fund. The effect of this withdrawal can be illustrated on this
template. A simple drop down list allows you to quickly select either monthly
or annual deposits or withdrawals. Up to 50 years of forecasted results are now
on a two page report with a chart included.
Under the "Retirement" menu tab we have added a new template
Retirement Savings Plan - Monthly Illustration
This worksheet is designed to simplify the illustration of tax sheltered funds
by combing the accumulation phase with the withdrawal phase on one worksheet.
You can therefore illustrate the monthly contributions if any until retirement
and then the target withdrawals thereafter. This spreadsheet will illustrate
three different income streams out of an IRA account based on a given rate of
return. One is the minimum withdrawal required. The second is the target income
the client would like to have and it shows when their funds would run out based
on the rate of return selected. The third shows the target amount with an
annual increase for inflation (if desired).
There have been some very important changes to a number of the more common
templates
Funding Requirements for Retirement - Client worksheet (Revised)
This popular template has been further improved with an ability to enter a
second temporary monthly income stream starting at retirement age and ending at
any future date. This second temporary income is useful if the client has say
disability, alimony, or rental income and a bridging pension, which is expected
to continue for a number of years into retirement. These changes allow you to
illustrate two different pension income sources at any starting date and two
temporary income sources from retirement to any future date. All four can be
with, or without indexing. Identifying labels can also be changed by the
advisor for greater clarity.
Individual Retirement Account (IRA) Projections (Revised)
The file of IRA templates have been simplified by offering on one report the
option of illustrating Monthly or Annual deposits. Also you can illustrate up
to 50 years of results. The report has been expanded to two pages and includes
the chart on the second page. The minimum withdrawals are also factored into
the illustration after age 70 and noted on the report. This eliminates three
different worksheets making it quicker to develop your illustrations on one
report worksheet.
Tax Sheltered Income Illustration (Revised)
This very powerful template has been simplified by combining the monthly and
annual illustrations onto one template. This reduces four templates and charts
to one two page report with a chart included. Up to 60 years of withdrawals can
be illustrated on the one template. This template has been popular with
advisors because of its accuracy and its ability to show the minimum, target,
or level payout options available to a client.
Projected Growth of an Investment (Revised)
There is now one template in place of 4 previously to illustrate the growth of
an investment at three different rates of return. A simple drop down list
allows you to quickly select either monthly or annual compounding. Up to 50
years of forecasted results are now on a two page report with a chart included.
Asset Allocation of Portfolios has been simplified and made quicker (Revised)
We have amalgamated the Allocation, Risk, and the Portfolio Analysis
report/Chart with the Portfolio worksheets to eliminate confusion caused when
linking the data from analysis reports back to the Portfolio file. This will
eliminate all linking between the two files. It will make using these
worksheets much easier. This new and enlarged portfolio file has been beta
tested by some of our "Beta Testers
Income Tax worksheets
All five of our popular and quick income tax templates have been made even
quicker by automating more of the calculations. The tax worksheets now provide
automatic calculation of the reduced tax rate for qualifying dividends and/or
capital gains. Calculation of the phase out or reduction of exemptions and
Medical Expense deductions has also been automated. The calculations are 100%
accurate for Federal taxation and all states.
Federal & State Income Tax rates for 2004
New tax rates and credits are now supplied for federal rates and all states for
use in 2004 as well as new Social Security rates for 2004.
In addition to the changes and additions mentioned above we have devoted a lot
of effort to making the templates easier to use by the use of color coding and
comment flags and guide notes. A There are in total 38 new or revised
templates. This makes version 2.5 our largest upgrade. A number of templates
have been expanded to a two page report to allow more years for future
forecasting and the inclusion of a chart on the report page.
What's new in Financial Planning
Spreadsheets ©
Professional Version - 2.4
Release Date September 18, 2003
This release has a number of new templates added to the package as
well as a large number of changes to most of the retirement related templates.
By the use of drop down lists we have been able to replace 8 reports and charts
with two spreadsheets. You can now specify monthly or annual deposits, or
withdrawals, with or without indexing on most spreadsheets. This will allow you
to prepare different illustration scenarios more quickly with more options to
choose from.
Here are some of the highlights of what has been changed:
Under the "Retirement" menu tab we have revamped many of the templates
This release has an emphasis on Retirement Planning with most of these
templates now printing on to two pages with a chart included. By the use of a
drop down list you can now select either monthly or annual deposits with or
without indexing, thereby eliminating separate worksheets. You will find that
these revamped templates offer more planning flexibility and income options.
The IRA.xlt file now illustrates fifty years of accumulation with a chart
included in its two page printout. You can now specify monthly or annual
deposits, with or without indexing until the desired retirement age. After age
70.5 the minimum required distribution will be calculated and deducted from the
portfolio total and noted on the report. We have added the ability to
illustrate IRA, 401k, or Keogh plans from rollovers based on three different
rates of return scenarios of your choosing. The deferral period can be as long
as you wish and you can specify the start date of the income.
The IRAIncome.xlt file now illustrates sixty years of accumulation until the
desired retirement age then withdrawals based on the minimum amount, or a
target amount, or a level annuity. A chart is included in the two page
printout. You can now specify monthly or annual withdrawals, with or without
indexing. After age 70.5 the minimum required distribution is automatically
calculated regardless of the desired retirement age. By illustrating a deferred
start date for the income the client can see the benefit of their portfolio
compounding so as to provide higher income at a later date.
On our very popular "Funding Requirements for Retirement" we have unprotected
the column for tax sheltered savings so that changes to the annual savings
amount can be changed for future years, or deposits skipped for a number of
years, or a lump sum added. This feature is also available for "Open
Investment" deposits. In addition, the registered, or open savings can be
indexed if desired. We have also made provision for any of the pensions, or
other income streams to start at any time before, or after the desired
retirement date. This can be helpful if a person plans to work for a time after
some or all of their pension income has commenced. It also fully accommodates
situations were one spouse has retired and the other is continuing to work or
has pensions starting at a different age.
For illustrations of unregistered accumulation plans we have added a worksheet
with a chart to illustrate monthly or annual savings deposits with our without
indexing at three assumed rates of growth.
Under the "Insurance" menu tab we have added a new template
Our popular UL vs. Term, or "Buy Term and Invest the Difference" illustration
has been revamped and reformatted to make it more presentable and easier to
follow.
We have copied this new format into a new template and chart for comparing
Whole Life insurance to buying term and investing the difference. Due to the
various dividend options it is necessary to make the comparison with the effect
of dividends in the illustration. An extra column has been included for this.
We have done a lot of work in making the "Estate Capital Needs Analysis" easier
to use and understand for both the advisor and client.
Under the "Financial Planning " menu tab
Our "Financial Planning Questionnaire" has been set up so that it can now be
completed on a computer, or printed blank for giving to a client to complete.
If completed on the computer the totals will be automatically calculated. This
will allow you to complete the questionnaire in full, or in part for the client
and email it to them if they wish to complete it on their computer.
Miscellaneous Changes
In an effort to continue making this software program easier and quicker to
use, we are continuing to add comment flags at most data entry points. Wherever
possible we have entered a default entry for the most common input to save data
entry time.
We have made a lot of changes in the "Owners Manual" to reflect these program
enhancements and the new templates. The changes in this release are more
thoroughly described in the manual. A new manual is included with the download
file. After installation it is accessed from the help button on the "Main
Menu."
What's new in Financial Planning
Spreadsheets ©
Professional Version - 2.3
Release Date May 15, 2003
MAIN menu program changes
We have found a way to have the templates open much faster when you click on
any menu item. Also you can quickly spot the new templates as they are
highlighted with a bright yellow “New” button on each menu screen.
In addition we have added some other features on the “Options Menu” at the top
of the screen. An option to save your client reports for easy retrieval
entitled “Saving Templates” creates a sub folder under “My Documents” by the
name of “Clients” and sets Excel’s default file path to the new Clients folder
as well. In this way when you go to save a file it will automatically default
to the Clients folder. This should make file retrieval simpler for most.
The other option on this menu allows you to set or change the default State for
tax calculations. You can also set the default view to less than 100% if you
want to see more of the report on your screen.
What's new in Financial Planning
Spreadsheets ©
Professional Version - Version 2.2
Released on April 24, 2003
We keep getting great suggestions from our customers on how to
improve our product and we thank everyone who has sent ideas. They are provided
to you in this update.
Under the Financial Planning menu tab
On the "Funding Requirements for Retirement" templates, we have unlocked the
column for savings under tax sheltered funds.(To the right of the report area).
This will now allow you to change a deposit stream of savings to zero, or any
other amount in any year. This will be helpful where it is desirable to add a
lump sum from a severance package which can be sheltered ,or the cashing out of
a pension plan that can be rolled to a tax sheltered plan. This will also be
useful to enter a large withdrawal in any year as may be required for tax
planning, or other purposes. For further information see the comment flags in
that column and in the Tax Sheltered Savings cell.
Changes to Existing Templates
We have found a way to make the opening of the templates faster. After opening
the main menu you will find that the template you click on will open much
faster.
Our US version has become more useable for our international customers. We have
removed all currency symbols ($) from this product. This will allow the
software to display properly for any country.
As always we welcome your feedback. We hope that these changes will assist you
and your clients.
Our Financial Planning Spreadsheets © product has become far more than a
financial planning product. It is also a sales tool to illustrate any concept
or reporting you need for your work. We hope you are using it to its full
capacity. We thank you using our software and for telling your associates about
us.
What's new in Financial Planning
Spreadsheet ©
Professional Version - Version 2.1?
Release Date March 25, 2003
We keep getting great suggestions from our customers on how to
improve our product and we thank everyone who has sent ideas. As a result, we
are pleased to add Thirteen New Templates to the package. They are provided to
you in this update, along with numerous other improvements to the existing
reports.
Under the Financial Planning menu tab we have added 2 new templates
Risk Tolerance Questionnaire
As a part of our new asset allocation template we have provided an "Investor
Profile" questionnaire which accurately identifies a client(s) attitude towards
risk. The client's answers provide a total score, which automatically
identifies one of six asset allocation portfolios for them. This then produces
a recommended portfolio mix based on their "investor profile". You can adjust
the recommend allocations for each asset class, or adjust the formulas to
reflect your own opinions.
This same risk questionnaire has also been added to our client questionnaire
file for client use to replace the former "Investment Attitudes" page.
Asset Allocation Goals
This template automates the process of rebalancing the client(s) portfolio. It
works in conjunction with our new "Risk Tolerance Questionnaire" to identify
the "Investor Profile". It then compares the asset allocation recommendation to
the actual client's holdings. The holdings are linked from the "Portfolio
Summary" spreadsheets. The holdings can be entered directly if you have not
used the portfolio report. As soon the worksheet is opened, the recommended
re-balancing of the portfolio is calculated showing the percentage and dollar
amount to be re-balanced. There are a total of 15 asset classes amongst the
four major asset categories. The asset classes are also adjustable.
Under the Investments menu tab we have added 2 new templates
Analysis of Revenue Property Investment
This template produces a two-page report for analyzing a clients tax situation
from a revenue property investment. It then compares the return on investment
as well as the opportunity cost. At a time when some clients may be looking at
revenue property investments as an alternative, this report can help you to
show them the realities of investing in real estate.
Keogh Retirement Account Projections
This worksheet illustrates the compounding of a tax sheltered investment at
three different assumed rates of growth. You can illustrate any growth rate you
wish as well as optional monthly deposits. The formulas are set to withdraw
1/12th of the annual minimum for each month after age 70.5 under the new
minimum withdrawal rules.
Under the Loans menu tab we have added 5 new templates
Accelerated Mortgage Amortization Schedule - Quick Pay
This worksheet works like our popular amortization schedule, but also has a
quick pay feature. This displays the earlier date to be paid off in years and
months as well as the interest saved. To quickly illustrate the benefit of
applying a tax refund to the mortgage all you need to do is type an amount
beside the appropriate date in column "A" and you instantly see the reduced
amortization period, the date the mortgage is paid off and the interest savings
resulting from the extra deposit. Up to thirty years of bi-weekly payments can
be illustrated.
Analysis of a Retirement Plan Investment Vs. Mortgage Pay Down
This classic concept compares the effect of reduced interest charges from
paying down a mortgage to a tax sheltered investment. Up to thirty years of
compounding can be illustrated.
Retirement Plan Investment Investment with Mortgage Pay Down
This spreadsheet illustrates the powerful combination of buying an IRA or other
tax shelter and using the tax refund to reduce a mortgage.
Re-Financing Feasibility Analysis
This template examines the cost of refinancing and returns the pre-tax and
after-tax payback period. Also provided is the total cash cost of refinancing
to the end of the new term. If the existing mortgage payment is entered, the
template automatically calculates the remaining term of the existing mortgage.
Gross Debt Service Ratio & Total Debt Service Ratio
This template contains two calculators for determining the client's Gross Debt
Service Ratio and Total Debt Service Ratio. The two standard evaluation
formulas used by most lenders. In addition the template will advise the amount
of new financing that can be obtained using the anticipated mortgage interest
rate and amortization period.
Under the Taxation menu tab we have added 1 new template
Income Analysis - After Separation
This template will show the pretax income and after tax income as well as tax
free income for both the Client and Spouse. It has been designed to accurately
compare different financial arrangements for a client negotiating a separation
or divorce agreement. A very detailed tax calculation can be made right on this
worksheet.
Tax Shelter - Contribution Analysis
This template calculates the result of a client's contribution. It shows the
expected tax refund based on the client's marginal tax rate. A section has also
been provided to illustrate the cost and benefit of a loan to purchase the tax
shelter and the reduced repayment period if the tax refund is applied to the
loan.
Under the Insurance menu tab we have added 1 new template
Critical Illness - Needs Analysis
This template allows you to forecast expenses the client might face if he or
she suffers a critical illness.
Under the Other Reports & Forms menu tab we have added 1 new template
Inflation Over the Last Thirty Years
This page shows the Consumer price Index for the USA for the last thirty years.
More Importantly, it has been designed to show the loss of purchasing power of
$1.00 then and the amount required now to replace $1.00. This table will be
helpful in assisting the client to choose a realistic inflation assumption for
their financial planning and other forecasting.
Changes to Existing Templates
The illustrations for IRA income plans have been amended to reflect the new
minimum distribution rules for withdrawals after age 70.5.
Miscellaneous Changes
We have added two new financial calculators to the set. "Tax Free Rate
Calculator" and "Taxable Equivalent Rate Calculator", they are listed on the
"Calculator" menu tab.
Federal & State tax rates as well as Social Security rates for 2003 are
included.
Our very popular "Funding Requirements for Retirement" has been amended to show
retirement occurring on year one, if necessary. Provision has been made to add
annual additional lump sums at any future date to the Open Assets.
All of our chart pages can be edited by you as they are not protected. We have
extended this feature to the reports with imbedded charts so that you can make
changes to these as well.
What's new in Financial Planning
Spreadsheet ©
Professional Version - Version 1.2.3
Release date November 5, 2002
As a result of suggestions received from our recent training
seminar, we have incorporated a large number of changes into this release. We
are releasing five new templates at this time. In addition the Funding
Requirements for Retirement templates have been dramatically improved. Over
half of the existing templates have had changes since the last release.
Under the Investments menu tab we have added two new templates
Leveraged Investment Portfolio with Universal Life
This page illustrates a leverage loan with tax deductible interest and the tax
refund used to fund a universal life policy.
I.R.A. vs. Same Amount to Reduce Leverage Loan
This page compares the purchase of an IRA or other tax sheltered plan with the
same amount used to service an Investment loan each year for a chosen period.
Under the Financial Planning menu tab we have added.
Checklist for a Comprehensive Financial Plan
This checklist follows the six step financial planning process required by some
professional planning associations.
Under the Loans menu tab we have added.
Debt Service Strategy
This worksheet is designed to plan a strategy, or program for the client to
follow in reducing their debt load. Provision has been made for entering a
future extra payment at a future date. Such as applying a year-end bonus to the
account. Likewise a larger than normal purchase can be entered for any month.
Under the Calculators menu tab we have added.
A new template "Tax Estimator"
This calculator was designed to calculate taxes for the coming year quickly.
For involved tax situations the normal tax templates would be recommended.
Some of the biggest changes in this release are to the existing templates.
Probably the most significant are the changes to "Funding Requirements for
Retirement" As this is by far our most popular template we have put a lot of
work into incorporating suggestions received at this summers training seminar.
We have added four drop down lists which allow you to select for indexing of
any income source and provision for future lump sum additions to the portfolio
as well as changing future inflation assumptions. We have also made the print
out easier to follow as well as detailed breakdowns of all the calculations to
the right of the template reports.
The client Data file has been improved with more information such as Date of
Birth, Salary, Marginal Tax Rate, Age this year and Age nearest birthday, being
linked from the Data.xls file to all spreadsheets. If you enter a salary item
the formulas will calculate the marginal tax rate for you.
When you open the Financial Planning Spreadsheets © menu a message box will now
ask if you are starting a new financial plan. If you select "Yes" it opens a
new Data.file, if "NO" it displays the Financial Planning Spreadsheets © menu
so you can choose a template to work directly in. From the Menu screen you can
now select the Zoom level for all templates. We have renamed some of the menu
item labels to a more generic description to make it easier to find the
template you want. All cells without formulas have been unprotected, even empty
cells.
The "Estate Capital Needs Analysis" has been made more flexible by allowing you
to set the age that a survivors income is to be provided for. The report has
been made easier to read and tables to the right of the report have been
simplified for viewing the breakdown of all of the calculations.
I.R.A. vs. Leverage has been amended to allow an interest only loan to be
illustrated. As well an IRA can be compared with the same amount invested being
applied to reduce a leverage loan
All of the reports in Portfolio.xlt have been amended so that all holdings by a
Corporation, or a Family Trust can be illustrated together on the same
portfolio reports.
All of the templates in Tax.xlt now show the client and spouse Marginal Tax
Rate in the Notes section of each report.
Both templates for UL versus Term have been expanded to allow for more
variables to be illustrated.
Miscellaneous Changes
We have again linked a lot more of the cells and used default entries so as to
reduce the data entry time. In total 75 of the 139 templates have had some
changes aimed at making them better and easier for you to use. On templates
that require a fair bit of data entry such as ACB, or Portfolio you will find a
button entitled "FPS Clear" on the top menu bar. Pressing that button will
clear are the blue colored cells on the active worksheet. All known bugs have
been fixed as of the date of this release.
We appreciate the suggestions we have received from our customers and are proud
to report that we have been able to implement all of the suggestions received
from our seminar. As always we welcome your feedback. We hope that these
changes and the new templates will assist you and your clients.
Toll Free: 1-800-694-9996
Outside Canada / USA: 613-863-9513
43 Java Street, Ottawa, ON, K1Y 3L2, Canada
General Information:
plan@money-software.com
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