Holistiplan - Detailed Review
Finance Tools
Holistiplan - Product Overview
Holistiplan Overview
Holistiplan is a sophisticated financial planning software created specifically for financial advisors and professionals. Here’s a breakdown of its primary function, target audience, and key features:Primary Function
Holistiplan is designed to streamline and enhance the financial planning process, particularly focusing on tax planning, estate planning, and insurance risk management. It helps advisors deliver more value to their clients by identifying opportunities for tax-efficient growth, reducing tax liabilities, and managing estate and inheritance taxes effectively.Target Audience
The primary target audience for Holistiplan is financial advisors, including independent advisors and those working in multi-advisor firms. With over 30,000 advisors and more than 7,000 financial firms using the software, it is well-suited for professionals looking to improve client relationships and manage client finances more efficiently.Key Features
Advanced OCR Technology
Holistiplan uses Optical Character Recognition (OCR) technology to quickly scan and interpret tax returns, reducing the time needed for manual data entry to just 45 seconds. This ensures accuracy and efficiency, allowing advisors to focus on strategic planning.Customized Reports
The software generates detailed, personalized reports that provide a clear picture of a client’s tax obligations and opportunities. These reports are crucial for helping clients understand their financial situation and make informed decisions.Scenario Analysis and Planning Opportunities
Holistiplan offers scenario analysis and identifies key planning opportunities such as Roth conversions, tax-efficient withdrawals, and charitable giving strategies. This helps advisors show clients how to maximize their financial benefits.Insurance Risk Management
The software includes tools for scanning and assessing home, auto, and umbrella policies to identify coverage gaps and provide actionable insights. This ensures comprehensive risk management for clients.Mobile and Cloud-Based Accessibility
Holistiplan provides mobile and cloud-based access, allowing clients to monitor their portfolios, communicate with advisors, and execute financial tasks in real-time. This enhances the user experience and reduces costs.Integration with Other Financial Tools
The software integrates with other financial tools such as investment platforms, accounting software, and CRM systems. This holistic approach ensures all aspects of a client’s financial life are connected and managed efficiently.Customer Support
Holistiplan offers strong customer support, which is particularly beneficial for independent advisors who may not have extensive IT support. The software is user-friendly and intuitive, with a clean and organized layout, making it easy to use and learn. By leveraging these features, Holistiplan helps financial advisors deliver exceptional service to their clients, improve client satisfaction, and grow their practice. Holistiplan - User Interface and Experience
User Interface and Experience of Holistiplan
When considering the user interface and experience of Holistiplan, several key aspects stand out that make it a user-friendly and efficient financial planning tool.
Ease of Use
Holistiplan is known for its intuitive and user-friendly interface. The software is designed to be easy to use, even for independent advisors who may not have extensive technical support. The interface has a clean, organized layout, making it simple to access and use its various features without a steep learning curve.
User Interface
The platform is structured to simplify navigation, allowing users to input data, generate reports, and access key features quickly and efficiently. This ease of use enhances productivity and ensures that both advisors and their clients can use the software effectively.
Accessibility
Holistiplan offers mobile and cloud-based accessibility, which means users can access their financial information, accounts, and communicate with advisors in real-time. This digital accessibility enhances the user experience, reduces costs, and provides seamless execution of financial tasks.
Integration
The software integrates well with other financial tools such as investment platforms, accounting software, and CRM systems. This holistic approach ensures all aspects of a client’s financial life are connected and managed efficiently, providing a comprehensive view of their financial health.
Support
Holistiplan also offers strong customer support, which is crucial for independent advisors who may not have a large IT team. The support helps in resolving any issues quickly, reducing frustration and allowing advisors to focus on serving their clients.
Overall User Experience
The overall user experience is enhanced by the software’s ability to provide real-time updates, expense tracking, and goal-setting features. It also offers enhanced data analytics, which provide deeper insights into a client’s financial data, behavior, and preferences. This combination makes the software highly effective and engaging for both advisors and their clients.
In summary, Holistiplan’s user interface is designed to be intuitive, easy to use, and highly accessible, ensuring a positive and efficient user experience for financial advisors and their clients.
Holistiplan - Key Features and Functionality
Holistiplan Overview
Holistiplan is an AI-driven tax planning software that offers several key features and functionalities, making it a valuable tool for financial advisors and planners.
Advanced OCR Technology
Holistiplan uses Optical Character Recognition (OCR) to read and analyze client tax returns quickly. This technology allows the software to upload tax returns and generate customized, white-labeled tax reports complete with relevant observations in seconds. This feature saves time and increases efficiency by eliminating the need for manual data entry.
Automated Tax Report Generation
Once the tax returns are uploaded, Holistiplan generates client-ready reports that highlight potential financial planning opportunities. These reports include key details, calculations, and phaseouts from the client’s tax return, making it easier for advisors to identify and act on tax-saving strategies.
Scenario Analysis Tool
The software includes a scenario analysis tool that enables advisors to quickly identify key income breakpoints for tax planning opportunities. This tool helps in evaluating different financial scenarios, such as the impact of Roth conversions or tax-efficient withdrawals, allowing advisors to provide more accurate and beneficial advice to their clients.
Rand Calculator Tool
Holistiplan’s Rand calculator tool identifies the tax impact of adding $1,000 increments to ordinary income or capital gains. This feature helps advisors to precisely calculate and advise on the best strategies to minimize tax liabilities.
Immediate Opportunity Analysis
The software provides immediate suggestions with summarized analysis that identifies opportunities for charitable giving, Roth conversions, and other tax-saving strategies. This immediate analysis enables advisors to make timely and informed recommendations to their clients.
Integration with Other Systems
Holistiplan integrates with other financial tools, such as Redtail Technology’s client relationship management (CRM) solutions. This integration allows financial advisors to send household information to Holistiplan and import key figures and observations back into Redtail, streamlining the data entry process and enhancing client management.
Estate Planning Document Evaluation
Holistiplan has recently introduced a new estate plan document evaluation tool. This tool allows financial planners to analyze their clients’ estate planning documents, such as wills, trusts, and powers of attorney, and automatically generate a client-friendly report highlighting the key components of their estate plan. This helps in planning to avoid probate and reduce estate, inheritance, and capital gains taxes.
AI-Driven Analysis
The software leverages AI to analyze tax returns and evaluate various tax-saving strategies, including minimizing Medicare premiums and identifying coverage gaps in insurance policies. AI helps in quickly scanning and assessing financial documents, ensuring that advisors do not miss potential planning opportunities. However, it is important to note that while AI is highly effective, human expertise is still necessary to ensure compliance with the latest tax laws and strategies.
Conclusion
In summary, Holistiplan simplifies and scales tax planning by automating the analysis of tax returns, generating detailed reports, and identifying potential tax-saving opportunities. Its integration with AI and other financial tools makes it a powerful resource for financial advisors to deliver more value to their clients efficiently.
Holistiplan - Performance and Accuracy
Performance
Holistiplan is praised for its efficiency and speed in handling financial planning tasks. Here are some highlights:
- The software utilizes advanced OCR technology to swiftly read and interpret tax returns, significantly reducing the time needed for manual data entry and ensuring accuracy.
- It provides real-time data analysis, allowing financial planners to monitor performance and make timely adjustments. This includes up-to-the-minute insights and trend identification, which facilitate quicker decision-making.
- Holistiplan automates routine tasks such as data entry and report generation, which can significantly boost productivity and free up more time for strategic planning and client interactions.
Accuracy
The accuracy of Holistiplan is supported by several features:
- The software generates detailed, personalized reports in seconds, providing a clear picture of a client’s tax obligations and opportunities. These reports are tailored to each client’s specific financial situation, ensuring accuracy and relevance.
- It performs scenario planning, including what-if analysis and sensitivity analysis, which helps in preparing for various market conditions and making informed choices. This ensures that financial plans are accurate and adaptable to different scenarios.
- Holistiplan also identifies key planning opportunities, such as Roth conversions and charitable giving strategies, helping clients take advantage of tax-efficient growth and tax benefits accurately.
Integration and Compatibility
Holistiplan integrates well with other financial tools, which is crucial for its performance and accuracy:
- It seamlessly integrates with other systems like investment platforms, accounting software, and CRM systems. This integration reduces data entry errors, saves time, and enhances overall efficiency.
- The software’s ability to connect all aspects of a client’s financial life ensures a comprehensive view of their financial health, facilitating better decision-making.
Limitations and Areas for Improvement
While Holistiplan offers many benefits, there are some potential limitations to consider:
- Free financial planning software alternatives, though not specific to Holistiplan, often lack advanced features, data security, and professional support. However, since Holistiplan is a paid service, it is expected to overcome these limitations.
- The need for continuous updates and support is crucial. While Holistiplan seems to offer regular updates and a dedicated support team, ensuring this remains the case is essential for maintaining high performance and accuracy.
User Experience
Holistiplan is designed to be user-friendly and efficient:
- The software provides data visualization through charts, graphs, and dashboards, making it easier for clients and advisors to understand financial data quickly.
- Its mobile and cloud-based accessibility allows clients to have real-time access to their financial information, enhancing the user experience and reducing costs.
In summary, Holistiplan demonstrates strong performance and accuracy through its advanced features, real-time data analysis, and seamless integration with other financial tools. However, it is important to ensure that the software continues to receive regular updates and support to maintain its high standards.
Holistiplan - Pricing and Plans
Pricing Plans
Basic Tax Plan
- Cost: $160 per month.
- Features:
- Federal Tax Return Upload
- Federal Tax Scenario Analysis
- Tax Bracket Analysis
- Onboarding & Implementation Support
- Support Content & Explanation Pages
- CRM & Multi-Factor Authentication
- Supports up to 75 households.
Premium Tax Plan
- Cost: $200 per month.
- Features:
- Includes all features from the Basic Tax Plan
- State Tax Scenario Analysis
- Cash Flow Visualizer
- Roth Analysis
- Tax Preparation Letters
- Custom Tax Reports
- Client Reminders
- Client Data Collection Tool.
Additional Notes
- Legacy Pricing: Before a pricing revamp in 2019, Holistiplan users had different tiers based on the number of tax returns uploaded per month. However, this structure has been updated to an annual fee based on the number of tax returns uploaded per year for new users. Legacy users retained their original pricing structure.
Free Trial
- Holistiplan offers a free 7-day trial, allowing potential users to test the software before committing to a plan.
Key Features Across Plans
- Tax Planning: Instant analysis of tax returns, highlighting key insights and planning opportunities.
- Scenario Analysis: Tools for analyzing different tax scenarios.
- Client Portal: Access for clients to view their financial information.
- Integration: Integration with various financial software such as Oracle NetSuite ERP, Microsoft Power BI, and more.
- Customizable Reports: Ability to generate custom tax reports.
- Other Features: Automated calculations, client communication tools, document management, compliance tracking, multi-user access, role-based permissions, audit trail, real-time updates, mobile access, and dashboard analytics.
This information provides a clear overview of the pricing and features of Holistiplan, helping you make an informed decision about which plan best suits your needs.
Holistiplan - Integration and Compatibility
Holistiplan Overview
Holistiplan, a leading tax and estate planning software, integrates seamlessly with several other financial tools and platforms, enhancing the efficiency and accuracy of financial planning processes.Integration with PreciseFP
Holistiplan has a significant integration with PreciseFP, a client engagement and data-gathering platform. This integration allows financial advisors to collect vital tax return data directly within PreciseFP’s secure client engagements. Clients can upload their tax returns, and advisors can then export this data, along with household information, into Holistiplan for further analysis. This process is manual, meaning data and tax returns are exported only when the advisor initiates the action.Integration with Asset-Map
Holistiplan also integrates with Asset-Map, a modern financial planning tool. This integration enables advisors to import existing Holistiplan tax-planning client data directly into the Asset-Map platform. This streamlines the creation of new Asset-Map Reports and updates to household data. The integration allows for single sign-on and on-demand data synchronization between the two platforms, making it easier to evaluate key tax figures such as taxable income, filing status, and marginal rates within the Asset-Map platform.Key Features of Integrations
Seamless Data Transfer
Both integrations allow for efficient data transfer, reducing the need for manual data entry and saving time for financial advisors.Automated Reporting
With Holistiplan’s OCR technology, tax returns can be scanned, and a white-labeled client-facing Tax Report can be generated within 45 seconds, which can then be integrated into other platforms like Asset-Map.Enhanced Client Insights
The integrations provide quick access to key tax insights, such as taxable income and marginal rates, directly within the integrated platforms.User-Friendly Interface
The integrations are designed to be user-friendly, with simple steps to import and synchronize data between platforms.Compatibility
Holistiplan’s integrations are compatible with various financial planning and wealth management tools, ensuring cohesive management of all portfolio and client data. This compatibility extends across multiple platforms, including PreciseFP and Asset-Map, making it a versatile tool for financial advisors.Conclusion
In summary, Holistiplan’s integrations with other financial tools and platforms are designed to simplify tax planning, enhance client satisfaction, and streamline workflows for financial advisors. These integrations ensure that data is transferred efficiently and that advisors can focus more on providing comprehensive financial advice rather than on manual data entry. Holistiplan - Customer Support and Resources
Holistiplan Customer Support
Holistiplan offers a comprehensive array of customer support options and additional resources to ensure that users can maximize the potential of their financial planning software.Support Channels
For any support questions, users are encouraged to visit the Holistiplan Help Center. This resource is designed to provide quick and effective solutions to common issues and queries. If you need more personalized assistance, you can send a message directly to the Holistiplan team. They are committed to responding as soon as possible to address your questions, comments, or feedback.Holistiplan Academy
The Holistiplan Academy is a dedicated resource that offers extensive guidance on using the software. Here, you can find detailed tutorials and guides on various aspects such as:Topics Covered
- Getting Started
- Uploading Returns
- Household Information
- User Settings
- Firm Admins
- Tools & Resources
- Scenario Analysis
- Tax Report Information
- Billing and Subscription Information
- Security
- Integrations
- And more.
Customer Support Team
Holistiplan emphasizes the importance of customer support, especially for independent financial advisors who may not have the luxury of a large IT team. The support team is composed of skilled experts who understand the challenges that software can pose and are ready to help users learn every feature of the software. This support ensures that users can maximize the software’s potential without significant hurdles.Partnership and General Inquiries
For partnership inquiries or any other general questions, you can send an email to the specified addresses. For partnerships, use partnerships@holistiplan.com.Free Trial and Onboarding
Holistiplan also offers a free 7-day trial, allowing users to experience the software firsthand. During this trial, users can connect with a member of the team to get started and receive any necessary assistance. Overall, Holistiplan’s customer support and resources are structured to be user-friendly, intuitive, and highly supportive, ensuring that financial planners can focus on serving their clients effectively. Holistiplan - Pros and Cons
Advantages
Efficiency and Time Savings
Holistiplan is known for its ability to automate tasks such as data entry, report generation, and routine client communications. This automation significantly boosts productivity, allowing advisors to focus more on strategic planning and client interactions.
Advanced Features
The software offers comprehensive tools for tax planning, estate planning, and other financial planning needs. It can analyze tax returns in seconds, simplify and expand the tax planning process, and provide actionable planning opportunities for clients.
Integration and Scalability
Holistiplan integrates well with other professional tools and platforms, reducing data entry errors and enhancing overall efficiency. It is also scalable, meaning it can grow with your business and accommodate an increasing number of clients and more sophisticated financial scenarios.
User-Friendly Interface
The software has an intuitive and easy-to-navigate interface, making it less daunting for clients to manage their finances. It includes features like real-time tracking, budgeting tools, cash flow projections, and alerts and reminders.
Regulatory Compliance and Security
Holistiplan helps advisors stay compliant with industry standards, reducing the risk of non-compliance and potential penalties. It also ensures data security and client confidentiality, which is crucial in the financial planning industry.
Client Engagement
The software is designed to foster deep client engagement and build lasting relationships by providing detailed insights into clients’ financial futures. It helps clients understand their current financial situation and identify areas for improvement.
Disadvantages
Cost
Unlike free financial planning software, Holistiplan is a paid service, which means it will require financial resources. This can be a significant consideration, especially for new or small financial planning practices.
Limited Use in Complex Scenarios
While Holistiplan is effective for many financial planning tasks, it may not handle more complex estate situations as well as other specialized software. For example, scenarios involving irrevocable trusts, business assets, or multiple generations of beneficiaries might require more advanced tools.
Competition
Holistiplan is not the only player in the market for estate planning document extraction tools. Other tools like FP Alpha and Powder also offer similar functionalities, which could make it harder for Holistiplan to stand out in this specific area.
In summary, Holistiplan offers a range of benefits that can significantly enhance the efficiency and quality of financial planning services, but it also comes with some costs and limitations, particularly in handling very complex financial scenarios.
Holistiplan - Comparison with Competitors
Holistiplan Key Features
- Tax Return Analysis: Holistiplan can read a client’s 1040 tax return in seconds and generate a personalized, branded tax report. This report includes key tax events and can be easily shared with clients.
- Scenario Analysis: Using OCR technology, Holistiplan pre-fills scenario analysis screens to help identify key income breakpoints for strategies like ROTH conversions, tax-efficient withdrawals, and charitable giving.
- Estate Planning: Recently, Holistiplan introduced an estate planning module that extracts key information from uploaded documents and provides a visualization of how the client’s assets will be distributed upon death.
- Integration and Automation: Holistiplan integrates with other financial tools, automates data entry, and generates reports, saving time and reducing stress for advisors.
- User-Friendly Interface: It offers a streamlined, intuitive interface that makes it easy for both advisors and clients to use.
Competitors and Alternatives
FP Alpha Tax
- Cost: FP Alpha Tax is less expensive than Holistiplan, charging $1,125 for the first 75 tax uploads compared to Holistiplan’s $1,999 for a similar plan.
- Features: FP Alpha Tax focuses on Federal tax planning with core components like tax snapshots, projections, and Roth conversion analysis. It lacks the broader feature set of Holistiplan, such as support for state taxes and property and casualty insurance analysis.
- Use Case: Ideal for advisors who need a focused tool for pure Federal tax planning.
RightCapital’s Tax Analyzer
- Cost: Included in RightCapital’s Premium subscription tier at $179.95 per month, making it a more affordable option compared to Holistiplan.
- Features: RightCapital’s Tax Analyzer is more about setting up future planning scenarios rather than creating detailed tax summaries for the previous year. It does not offer the same level of detail as Holistiplan’s reports.
- Use Case: Suitable for advisors already using RightCapital who need basic tax planning tools without additional costs.
Key Differences
- Feature Set: Holistiplan offers a more comprehensive set of features, including support for state taxes, auto-generated tax preparer letters, and property and casualty insurance analysis. In contrast, FP Alpha Tax and RightCapital’s Tax Analyzer are more specialized and less expensive.
- Integration: While all three tools integrate with other financial systems, Holistiplan’s integration capabilities are highlighted as a key benefit, especially for automating routine tasks and reducing data entry errors.
- Estate Planning: Holistiplan’s new estate planning module sets it apart, although it may not handle complex estate situations as effectively as other specialized estate planning tools like Wealth.com or Vanilla.
Conclusion
Holistiplan stands out for its comprehensive feature set and automation capabilities, making it a strong choice for advisors who need a holistic approach to financial planning. However, its recent price increase has made it less competitive in terms of cost. FP Alpha Tax and RightCapital’s Tax Analyzer offer more affordable alternatives, each with their own strengths and limitations. The choice ultimately depends on the specific needs and budget of the advisory firm.
Holistiplan - Frequently Asked Questions
Frequently Asked Questions about Holistiplan
What is Holistiplan and what does it do?
Holistiplan is a financial planning software specifically designed for financial advisors. It simplifies tax planning by allowing advisors to upload a client’s tax return, which the software then analyzes to highlight key insights and planning opportunities. This saves time on manual reviews and enables advisors to provide smarter, more strategic advice.
How much does Holistiplan cost?
Holistiplan offers two main pricing plans. The Basic Tax plan starts at $160 per month and includes features such as federal tax return upload, tax bracket analysis, and scenario analysis. The Premium Tax plan is $200 per month and includes all the features of the Basic plan plus additional tools like state tax scenario analysis, cash flow visualizer, and Roth analysis.
What are the key features of Holistiplan?
Holistiplan offers several key features, including:
- Tax Planning: Analyzes tax returns to identify planning opportunities.
- Scenario Analysis: Allows for what-if and sensitivity analyses to assess different financial scenarios.
- Client Portal: Provides a secure space for clients to access their financial information.
- Integration with Financial Software: Integrates with various financial tools like Oracle NetSuite ERP and Microsoft Power BI.
- Customizable Reports: Generates detailed and personalized financial reports.
- Data Import/Export: Facilitates easy data transfer.
- Automated Calculations: Automates various financial calculations to save time.
- Client Communication Tools: Enhances communication between advisors and clients.
- Document Management: Manages and stores client documents securely.
Does Holistiplan offer a free trial?
Yes, Holistiplan provides a free 7-day trial for all its subscription plans. This allows potential users to test the software before committing to a paid plan.
How does Holistiplan ensure data security and compliance?
Holistiplan prioritizes client data security and compliance. It includes features such as multi-user access with role-based permissions, audit trails, and secure data storage. Additionally, the software complies with necessary regulations to protect client data.
Can I integrate Holistiplan with other financial tools and software?
Yes, Holistiplan integrates with various financial tools and software, including Oracle NetSuite ERP, Microsoft Power BI, and CRM systems. This integration helps in managing all aspects of a client’s financial life efficiently.
What kind of support does Holistiplan offer?
Holistiplan provides several support options, including onboarding and implementation support, support content and explanation pages, and on-demand support. Users can also contact the team for consulting support from experts.
Are there any discounts available for trade associations or custodians?
Yes, Holistiplan offers discounts for members of certain trade associations and custodians, such as NAPFA, ACP, Garrett Planning Network, Dynasty Financial Partners, and SSG. If your organization is not listed, you can inquire about potential discounts.
How do I upgrade or cancel my Holistiplan subscription?
You can upgrade or cancel your subscription at any time. To upgrade from a trial to a paid plan, simply type ‘UPGRADE’ in the text box at the top of the page when you log in, and a button will appear to switch you to an active, paid plan.
Does Holistiplan offer mobile and cloud-based accessibility?
Yes, Holistiplan provides mobile and cloud-based accessibility, allowing clients to access their financial information, communicate with advisors, and execute financial tasks in real-time.
Holistiplan - Conclusion and Recommendation
Final Assessment of Holistiplan
Holistiplan is a highly regarded AI-driven tax and financial planning software that has garnered significant attention and accolades within the financial advisory community. Here’s a comprehensive look at who would benefit most from using it and an overall recommendation.Key Benefits
- Efficiency and Time Savings: Holistiplan stands out for its ability to read and interpret tax returns in seconds, eliminating the need for tedious manual data entry. This significantly reduces the time advisors spend on tax planning, allowing them to focus more on strategic advice and client relationships.
- Comprehensive Financial Insights: The software generates detailed, personalized reports that provide a clear picture of a client’s tax obligations and opportunities. It identifies key planning opportunities such as Roth conversions, tax-efficient withdrawals, and charitable giving strategies.
- Client Engagement and Satisfaction: Holistiplan helps advisors deliver more value to their clients by providing actionable planning points and customized reports. This enhances client satisfaction and engagement, as clients can see the direct impact of the financial planning on their financial health.
- Advanced OCR Technology: The use of advanced Optical Character Recognition (OCR) technology ensures accuracy and efficiency in processing tax returns, which is crucial for providing reliable financial planning advice.
- Integration and Accessibility: Holistiplan integrates well with other financial tools such as investment platforms, accounting software, and CRM systems. It also offers mobile and cloud-based accessibility, allowing clients to monitor their financial information in real-time.
Who Would Benefit Most
- Financial Advisors: Holistiplan is particularly beneficial for financial advisors who need to manage a large client base efficiently. It helps them provide comprehensive and accurate tax planning services quickly, which can lead to better client outcomes and increased client satisfaction.
- Financial Planning Firms: Firms looking to streamline their tax planning processes and deliver more value to their clients will find Holistiplan highly useful. It scales well with growing client rosters and can be adapted to various levels of wealth and financial needs.
- Individuals with Complex Financial Situations: Clients with complex financial situations, such as those involving multiple income sources, investments, and estate planning, can benefit from the detailed and personalized reports generated by Holistiplan. This helps them make informed decisions about their financial future.