Advizr - Detailed Review
Finance Tools
Advizr - Product Overview
Advizr Overview
Advizr is a financial planning software designed to modernize and streamline the financial advisory process, particularly for financial advisors and their clients.
Primary Function
Advizr’s primary function is to provide a client-centric online planning platform that enables financial advisors to generate high-quality financial plans efficiently. The software focuses on integrating client data into dynamic scenario planning modules, allowing for the optimization of multiple financial goals simultaneously.
Target Audience
The target audience for Advizr includes financial advisors, Registered Investment Advisors (RIAs), and their clients. It is particularly useful for advisors who need to create holistic financial plans that incorporate clients’ goals and cash flow.
Key Features
Interactive Smart Model
This feature automatically consolidates and analyzes client data, providing instantaneous feedback as variables in the plan are manipulated. It is unique in its ability to optimize multiple asynchronous goals simultaneously.
Debt Optimizer
Allows clients and advisors to manage student, installment, or auto loans effectively.
Goal-Based Planning
Supports both cash flow-based and goals-based methodologies, enabling advisors to create comprehensive financial plans that align with clients’ specific objectives.
Integration
Advizr integrates with various financial platforms such as Advent, Riskalyze, Veo TD Ameritrade, Redtail, XY Planning Network, Orion, WealthBox, Schwab OpenView, and Quovo.
Client Portal and Document Management
Provides a user-friendly client portal and document management tools, enhancing the client-advisor interaction and document organization.
Lead Generation Tool
Offers Advizr Express, a lead generation tool that helps advisors attract new clients.
Customization
Allows advisors to white label the service by adding their logo, custom signature, and disclosures, as well as to set global or client-specific assumptions and model portfolios.
Conclusion
Overall, Advizr aims to make financial planning more accessible, efficient, and client-friendly, helping advisors deliver high-quality services to their clients.
Advizr - User Interface and Experience
User Interface of Advizr
The user interface of Advizr, a leading financial planning software, is characterized by its intuitive and user-friendly design, making it accessible to both financial advisors and their clients.
Intuitive Interface
Advizr boasts a sleek and intuitive user interface that aligns with modern consumer-facing software. The layout is clear and easy to use, ensuring that even those without extensive technical expertise can navigate the platform comfortably.
Automated Data Discovery
The software features an automated, streamlined, and standardized process for data discovery. This can be completed on a self-directed, advisor-driven, or joint live basis, simplifying the initial steps of financial planning.
Collaborative Planning
Advizr is highly collaborative, allowing for seamless interaction between advisors and clients from the beginning to the end of the financial planning process. This includes lead generation, data discovery, calibration, planning, goal setting, and progress tracking.
Interactive Smart Model
One of the standout features is the Advizr Interactive Smart Model, which automatically consolidates and analyzes client data points into a dynamic scenario planning module. This allows for real-time adjustments and instantaneous feedback, enabling advisors and clients to manipulate variables and see the impact immediately.
Client Dashboard
The Advizr Client Dashboard provides a clear summary of the client’s goal progress, including a live net worth and cash flow statement. It also includes advisor-edited action steps and the ability to check off completed steps, keeping clients engaged and informed about their financial progress.
Document Vault and Debt Optimizer
Additional features include the Advizr Document Vault, where clients can securely store and access important documents like wills and financial statements. The Advizr Debt Optimizer helps clients and advisors to select different loan pay-down strategies within the context of a comprehensive financial plan.
Ease of Use
The platform is engineered with ease of use in mind. It is so intuitive that even consumers can take advantage of nearly every aspect of the process without needing extensive training. This makes it highly accessible for a wide range of clients, regardless of their net worth.
Customization and Integration
Advizr allows for customization, such as white-labeling the service with a logo, custom signature, and disclosures. It also integrates seamlessly with other financial platforms, like Orion, ensuring a smooth flow of information and a cohesive user experience.
Conclusion
Overall, Advizr’s user interface is designed to be user-friendly, collaborative, and highly functional, making it an effective tool for both financial advisors and their clients.
Advizr - Key Features and Functionality
Advizr Overview
Advizr, a financial planning software, is equipped with several key features that leverage AI and technology to enhance both advisor and client experiences. Here are the main features and how they work:
Interactive Smart Model
This feature automatically consolidates and analyzes every client data point to create a dynamic scenario planning module. Once the client completes the data discovery, Advizr’s algorithms generate an instantaneous first-cut financial plan. Advisors and clients can manipulate any variables in the plan and receive immediate on-screen feedback. This allows for optimizing multiple asynchronous goals simultaneously, making financial planning more efficient and interactive.
Automated Advice Delivery
Advizr automates the advice delivery process, enabling financial advisors to service a full range of clients in a cost-effective manner. This automation simplifies the planning process, making it accessible to a broader client base, including the mass affluent and mass market clients. The software integrates seamlessly with existing workflows, reducing the need for intensive training and making it easier for advisors to deliver high-quality plans.
Data Aggregation
Advizr features seamless data aggregation, allowing advisors to collect and integrate client data from various sources into a single platform. This ensures that all relevant financial information is centralized and easily accessible, facilitating collaborative planning between advisors and clients.
Advizr Document Vault
This feature provides a secure document storage solution where both advisors and clients can access and upload important documents such as wills, estate planning documents, and financial statements. This keeps all financial plans and documents in one accessible and secure location.
Advizr Debt Optimizer
The Debt Optimizer allows clients and advisors to enter loan details (such as student, installment, or auto loans) and select different pay-down strategies within the context of a comprehensive financial plan. This helps in managing debt more effectively and aligns debt management with overall financial goals.
Advizr Client Dashboard
The Client Dashboard is a client-facing interface that provides a summary of the client’s goal progress, live net worth and cash flow statements, and advisor-edited action steps. Clients can check off action steps as they are completed, ensuring they stay on track with their financial goals.
Advizr Presenter
This feature allows advisors to present financial plans in a self-branded, white-labeled window, ensuring that only relevant client data is shown. This enhances the presentation experience and maintains the advisor’s brand integrity.
AI Integration
Advizr leverages AI to automate various aspects of financial planning. For instance, the Interactive Smart Model uses algorithms to analyze client data and generate financial plans instantly. AI also helps in optimizing multiple goals simultaneously and providing real-time feedback on any changes made to the plan. This integration streamlines the planning process, making it more efficient and client-friendly.
Single Sign-On and Integration with Orion
Advizr can be accessed through Orion’s platform using a single sign-on feature. This integration allows advisors to seamlessly transfer client data from Orion to Advizr, streamlining the process of creating and managing financial plans. Advisors can select specific goals (such as retirement savings, college savings, or debt management) and start planning with ease.
Conclusion
These features collectively make Advizr a powerful tool for financial advisors, enabling them to deliver high-quality, personalized financial plans efficiently and effectively.
Advizr - Performance and Accuracy
Performance
Advizr is praised for its user-friendly and modern interface, which makes it easy for financial advisors to engage with clients and deliver a next-gen client experience. The software includes features such as a client portal with account aggregation, automated updates, and tools for collaborative planning sessions.
Advizr’s performance is also highlighted by its ability to handle both retirement accumulation and decumulation projections, as well as some capability to project cash flows. However, it is noted that it is not built for detailed tax analyses, which might be a limitation for some users.
Accuracy
The accuracy of Advizr’s financial planning projections is supported by its goals-based planning approach, similar to other tools like MoneyGuidePro and GoalGami Pro. This approach helps in creating a clear financial lifeline for clients, which can be visually represented and updated in real-time.
Client Engagement
Advizr enhances client engagement through its interactive and collaborative features. For instance, the software allows clients to enter their own data and participate in live planning sessions, which can improve the accuracy of the financial plans by ensuring all relevant information is included.
Limitations and Areas for Improvement
One of the limitations of Advizr is its lack of detailed tax analysis capabilities. This might necessitate the use of additional software for comprehensive financial planning that includes tax planning.
Another area for improvement could be the integration with other financial tools. While Advizr is part of Orion’s technology platform and integrates well with it, ensuring seamless integration with a wide range of other financial software could further enhance its utility.
User Experience and Training
The onboarding process for Advizr, facilitated by Orion, includes comprehensive training modules to ensure advisors can effectively use the software. This structured approach helps in minimizing the learning curve and maximizing the software’s benefits.
Summary
In summary, Advizr performs well in terms of user engagement, ease of use, and the accuracy of its financial planning projections. However, it has some limitations, particularly in detailed tax analyses, and could benefit from broader integration capabilities with other financial tools.
Advizr - Pricing and Plans
Pricing Structure
Advizr’s pricing is not publicly disclosed on their website or in the sources provided. However, here are some details that can be inferred:Monthly Subscription
In the past, Advizr was known to offer its software for $75 per month, which included the full package of financial planning software tools, a client PFM (Personal Financial Management) portal, and account aggregation benefits.Current Pricing
As of the latest information, the pricing is not publicly available. It is recommended to contact Advizr directly to obtain a quote specific to your situation.Free Trial
Advizr does offer a free trial, which allows potential users to test the software before committing to a purchase.Features
Regardless of the pricing tier, Advizr typically includes several key features:- A goals-based financial planning approach
- Client portal with account aggregation
- Tools for collaborative financial planning with clients
- A self-directed retirement planning tool called Advizr Express, which can be used as a lead generation tool.
Integrations
Advizr integrates with various platforms such as Advent, Riskalyze, Veo TD Ameritrade, Redtail, XY Planning Network, Orion, WealthBox, Schwab OpenView, Quovo, and BlueLeaf. Given the lack of current pricing details, it is best to contact Advizr directly for the most accurate and up-to-date pricing information. Advizr - Integration and Compatibility
Advizr Integration with Orion Advisor Services
Advizr, now integrated into Orion Advisor Services, offers a seamless and comprehensive integration with various financial tools and platforms, enhancing the overall efficiency and client experience for financial advisors.
Integration with Orion Platforms
Following the acquisition by Orion Advisor Services, Advizr’s technology has been seamlessly incorporated into Orion’s suite of tools. This integration allows advisors to leverage Advizr’s financial planning and client experience capabilities within Orion’s broader technology stack. For instance, Advizr’s income planning capabilities are now part of Orion’s TAMP (Turnkey Asset Management Platform) offering, providing advisors with strong income-oriented proposal tools.
Data Integration and Syncing
Advizr integrates with Orion to enable the sharing of data across different platforms. This includes pushing household and account-level data from Orion into Advizr for use in financial plans. The integration also allows for pulling financial plan report elements, such as plan summaries and Monte Carlo results, back into Orion’s Report Builder, Insight, and Client Portal apps.
Compatibility with Financial Planning Tools
Advizr integrates with leading financial planning tools like MoneyGuide and eMoney. For example, data can be sent directly from Advizr to MoneyGuide Pro through API access, facilitating comprehensive financial planning. Similarly, the integration with eMoney allows for the sharing of account balance and performance data, enabling advisors to run Orion reports within eMoney and view Orion statements inside the eMoney vault.
Client Portal and Reporting
The integration with Orion’s Client Portal enables clients to aggregate their financial accounts, view their financial plans, and access key documents. Advisors can also open and fund investment accounts from the Orion Planning experience using the Apex Clearing Solutions integration. This ensures real-time updates and streamlined data management.
Single Sign-On and Access
Advizr’s integration with various platforms, including Redtail CRM and other Orion tools, provides single sign-on capabilities. This allows advisors to access multiple systems without needing multiple logins, enhancing operational efficiency.
Cross-Device Compatibility
The new Client Portal, which includes Advizr’s capabilities, is accessible via any device, including mobile devices. This ensures that both advisors and clients can manage and view financial information conveniently from anywhere.
Conclusion
In summary, Advizr’s integration with Orion and other financial tools provides a cohesive and efficient platform for financial advisors, enhancing data sharing, reporting, and client engagement across multiple devices and platforms.
Advizr - Customer Support and Resources
Customer Support
Advizr, like many financial technology companies, likely prioritizes support for its users, but specific details on their support options are not readily available in the sources provided. However, given the industry standards, it is reasonable to expect that Advizr would offer some form of customer support, such as phone, email, or possibly live chat support.
Additional Resources
Advizr emphasizes its user-friendly and intuitive interface, which suggests that the software is designed to be easy to use, potentially reducing the need for extensive support. Here are a few points that indicate the availability of resources:
User Interface and Automation
Advizr is known for its sleek and intuitive user interface, which automates advice delivery and includes features like account aggregation and collaborative planning. This suggests that users may find the software relatively easy to use without needing extensive external support.
Partnerships and Integrations
Advizr integrates with various other financial tools and platforms, such as Advent, Riskalyze, and XY Planning Network. These integrations might provide additional resources and support through the partner networks.
Company Commitment
The company’s commitment to innovation and adding value to both the industry and consumers implies a focus on ensuring users have the tools they need to succeed. This could include training materials, webinars, or other educational resources, although these are not explicitly mentioned.
If you are looking for specific details on customer support options or additional resources provided by Advizr, it would be best to contact the company directly through their provided contact information, such as the phone number (844-823-8497) or email (welcome@advizr.com).
Advizr - Pros and Cons
Advantages of Advizr
Advizr offers several significant advantages that make it a valuable tool for financial advisors and their clients:Enhanced Financial Planning Capabilities
Advizr provides advanced financial planning features, including Social Security optimization, where advisors can maximize net worth or lifetime benefits by adjusting the start age of Social Security payments. It also includes modules for Disability and Long Term Care Insurance, helping advisors illustrate current and recommended coverage.User-Friendly Interface
The platform is known for its clean and intuitive design, making it easy for advisors to create and manage financial plans efficiently. This user-friendly interface helps in reducing the time spent on planning and enhances the client experience.Integrated Tools
Advizr integrates seamlessly with various other financial tools and platforms such as Orion, Advent, Riskalyze, Veo TD Ameritrade, and Schwab OpenView, among others. This integration allows advisors to view their clients’ financial plans alongside investment performance data in one central location.One-Click Expense Estimation
The platform offers a one-click expense estimation feature that populates budget line items based on up to six months of the client’s actual spending habits. This simplifies the budgeting process significantly.Comprehensive Retirement Income Planning
Advizr includes features for retirement income planning, such as modeling variable, fixed, and indexed annuities, and controlling account distribution strategies for retirement goals. This helps advisors provide more comprehensive and engaged financial plans for their clients.Document Management and Client Portal
The platform serves as a document management tool and client portal, allowing advisors to manage and share documents efficiently. It also supports electronic signatures and paperless account opening, streamlining administrative tasks.Disadvantages of Advizr
While Advizr offers many benefits, there are some potential drawbacks to consider:Pricing Not Publicly Disclosed
The pricing for Advizr is not publicly available, which might make it difficult for potential users to assess the cost-benefit ratio without contacting the company directly.Limited Public Information on Support
There is limited public information available on the extent and quality of customer support provided by Advizr. This could be a concern for advisors who rely heavily on support services.Dependence on Integrations
While the integrations with other financial tools are a significant advantage, any issues with these integrations could impact the functionality of Advizr. Advisors need to ensure that all integrated systems are working smoothly. In summary, Advizr is a powerful financial planning tool that offers a range of advanced features and integrations, but potential users should be aware of the lack of public pricing information and the potential dependence on third-party integrations. Advizr - Comparison with Competitors
When Comparing Advizr to Competitors
When comparing Advizr to its competitors in the financial planning software category, several key features and distinctions stand out.
Unique Features of Advizr
Interactive Smart Model
Interactive Smart Model: Advizr boasts an Interactive Smart Model that automatically consolidates and analyzes every client data point, allowing for dynamic scenario planning. This model enables the manipulation of every variable in the plan with instantaneous on-screen feedback, a feature that sets it apart by optimizing multiple asynchronous goals simultaneously.
Advizr Document Vault
Advizr Document Vault: This feature provides a secure document storage system accessible to both advisors and clients, where documents such as wills, estate planning documents, and financial statements can be stored.
Advizr Debt Optimizer
Advizr Debt Optimizer: This tool allows clients and advisors to enter various types of loans (student, installment, auto) and select different pay-down strategies within the context of a comprehensive financial plan.
Advizr Client Dashboard
Advizr Client Dashboard: This client-facing dashboard provides a summary of the client’s goal progress, live net worth and cash flow statements, and advisor-edited action steps. Clients can also check off completed action steps.
Advizr Presenter
Advizr Presenter: This feature allows advisors to present a self-branded financial plan in a separate, white-labeled window, ensuring that only relevant client data is shown.
Retirement Income Planning
Retirement Income Planning: Advizr has advanced features for retirement income planning, including enhanced Social Security optimization, disability and long-term care insurance modules, one-click expense estimation, and modeling for various annuity types.
Competitors and Alternatives
Drivetrain
Drivetrain: One of the top competitors, Drivetrain holds a significant market share of 35.36%. While it offers comprehensive financial planning tools, it does not have the same level of interactive scenario planning as Advizr’s Interactive Smart Model.
RightCapital
RightCapital: With a market share of 28.22%, RightCapital is another major competitor. It offers robust financial planning tools but lacks the specific client engagement features like Advizr’s Document Vault and Client Dashboard.
Workday Adaptive Planning
Workday Adaptive Planning: Holding 12.62% of the market share, Workday Adaptive Planning is more focused on enterprise-level financial planning and budgeting, rather than the client-centric approach of Advizr.
Market Presence and Customer Base
Advizr has gained significant traction, with over 700 Registered Investment Advisors (RIAs) on-boarded within its first 16 months. It continues to innovate with bi-weekly updates and has a strong presence in the United States, with a small but growing international presence.
Conclusion
Advizr stands out with its client-centric approach, interactive planning tools, and continuous innovation. While competitors like Drivetrain, RightCapital, and Workday Adaptive Planning offer strong financial planning capabilities, Advizr’s unique features such as the Interactive Smart Model and the Advizr Client Dashboard make it a compelling choice for advisors looking to enhance client engagement and deliver high-quality financial plans efficiently.
Advizr - Frequently Asked Questions
Frequently Asked Questions about Advizr
What is Advizr and what does it offer?
Advizr is a financial planning software that provides automated, interactive, and client-centric financial planning services. It helps financial advisors create high-quality plans efficiently, focusing on user experience and ease of use. The platform includes features such as Social Security optimization, disability and long-term care insurance modules, expense estimation, and annuities modeling.How much does Advizr cost?
As of the latest information, Advizr is now included in the cost of the Orion platform. Previously, it was priced around $125 per month.What are the key features of Advizr’s Retirement Income Planning?
Advizr’s Retirement Income Planning includes several advanced features:- Enhanced Social Security optimization to maximize net worth or lifetime benefits.
- Disability and Long Term Care Insurance modules to illustrate current and recommended coverage.
- One-click expense estimation for budgeting based on actual spending habits.
- Variable, Fixed, and Indexed Annuities modeling.
- Income Distribution Strategies to control account distribution for retirement goals.
Can I use Advizr alongside other financial planning tools?
Yes, you can use Advizr alongside other financial planning tools like MoneyGuidePro or eMoney. The Orion platform allows you to manage different clients on different systems.How does Advizr enhance the client experience?
Advizr offers an Interactive Smart Model that consolidates and analyzes client data, providing dynamic scenario planning with instantaneous feedback. It also includes client-led tools and modular, goals-based workflows that help clients engage with their financial plans.What kind of support and training does Advizr offer?
Advizr provides webinars and support from a dedicated team. For example, to activate access to the financial planning tool within the Orion platform, users need to watch an on-demand webinar and then chat with the financial planning SME team to request access.Does Advizr include estate planning functionality?
Currently, Advizr does not have full estate planning features, but this functionality is listed as “coming soon” within the Orion Planning platform.How often does Advizr update its features?
Advizr is known for continuous innovation, with updates and new features added on a bi-weekly basis to improve the platform’s capabilities and user experience.Is Advizr suitable for all types of clients?
Advizr is particularly suited for advisors working with a wide range of clients, including those who are pre-retirees and retirees. However, it may not be as comprehensive for older, higher net worth clients who require complex estate planning features.How does Advizr integrate with other tools and services?
Advizr, now part of the Orion platform, integrates with various tools such as Calendly for scheduling and HiddenLevers for risk analysis. The integration details are still being developed for some of these tools. Advizr - Conclusion and Recommendation
Final Assessment of Advizr
Advizr is a highly innovative and user-friendly financial planning platform that leverages AI-driven technology to enhance the advisory process. Here’s a comprehensive overview of its benefits and who would most benefit from using it.Key Features and Benefits
Advanced Financial Planning Capabilities
Advizr offers sophisticated features such as enhanced Social Security optimization, disability and long-term care insurance modules, one-click expense estimation, and modeling for various types of annuities. These features help advisors create comprehensive and personalized financial plans for their clients.
Interactive Smart Model
This feature automatically consolidates and analyzes client data, allowing advisors to manipulate variables and receive instantaneous feedback. This accelerates the advice delivery process and enhances scalability.
Client-Centric Tools
The platform includes a client dashboard that provides a live net worth and cash flow statement, goal progress summaries, and action steps. The Advizr Document Vault allows secure storage and access to important documents like wills and financial statements.
Debt Optimization
Advizr’s Debt Optimizer helps clients and advisors select optimal pay-down strategies for various types of loans, integrated within a comprehensive financial plan.
User Experience
The platform is known for its clean, intuitive interface, making it accessible for both advisors and clients. It focuses on user engagement and provides tools like the Advizr Presenter for seamless, branded plan presentations.
Who Would Benefit Most
Advizr is particularly beneficial for:
Financial Advisors
Advisors can significantly streamline their workflow, create high-quality financial plans efficiently, and enhance client engagement. The platform’s automated and interactive features help advisors serve clients across various net worth levels.
Retirees and Pre-Retirees
Clients in these stages can benefit from advanced retirement income planning, Social Security optimization, and long-term care insurance planning. The platform helps maximize their net worth and lifetime benefits.
Tech-Savvy Clients
Clients who are comfortable with technology will appreciate the interactive and dynamic nature of the platform, which provides real-time feedback and a clear overview of their financial situation.
Overall Recommendation
Advizr is a strong choice for financial advisors and their clients due to its advanced features, user-friendly interface, and continuous innovation. The platform’s ability to optimize multiple financial goals simultaneously and provide instantaneous feedback makes it a valuable tool for creating holistic and effective financial plans.
If you are a financial advisor looking to enhance your practice with efficient, client-centric technology, or if you are a client seeking a comprehensive and interactive financial planning experience, Advizr is definitely worth considering. Its commitment to innovation and user experience ensures that it remains a leading solution in the finance tools AI-driven product category.