Using RetireWare for fee-only practice

Question:

I'm in the process of trying to scale my fee-only/advice-only planning practice. With enough clients that I'm reaching significant overload, I'm looking into Canadian planning software that I can use for my clients - but not necessarily with my clients.

Answer:

If you use the professional version, you create and control the files and your clients do not have any access.

The collaborative version has more CRM functionality, such as exportable client lists, but not to the extent of exchanging information with billing and other CRM systems. For the collaborative, you can turn off the social media and referral components.

By: RetireWare / Equisoft On 5:06 PM

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Collaborative Version

Question:

I recently purchased your software and understand I could share it with my clients ( I bought the professional collaborative version with up to 200 files).

How can I do this and how does the client login?

Answer:

When you create a new file on the first tab of the File Manager (the landing page after logging in), you can enter your client's email address and send an automated invitation.

The invitation has a link where the user can choose a password to access their account. Once this is completed, the user can login and access a simplified version and work on or review their retirement plan.

I suggest you use a personal email to try and see the experience from the user's perspective. This will help in understanding how it works.

If you need further information, there are a few You Tube videos at the following link:

https://www.youtube.com/user/retireware

The videos can also be a helpful reference to your clients trying to get familiar with the user interface.

By: RetireWare / Equisoft On 11:28 AM

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Activity Report for Professional Collaborative Version

Question:

Just curious if there is any way to see if a client has logged into their file or are using it at all ?

Answer:

After logging in, click 'Network' on the left toolbar, then click 'My Network'. At the bottom there is a user list with some basic information.

Then click 'Activity' on the same toolbar. On the 'Activity' tab, toward the bottom of that page there is a section called 'Recent Activity' that shows a list of new users and recent visitors.

By: RetireWare / Equisoft On 8:19 PM

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Differences Between Professional and Collaborative Versions

Question:

My understanding of the RetireWare software is that the Professional Version is used by the financial professional to prepare a retirement plan for the client.  The client is then not able to access the plan to update its progress. Is that correct?

My understanding of the RetireWare software is that the Collaborative Professional Version is used by the financial professional to prepare a retirement plan for the client. The client is then able to access the plan via the web to update its progress. Is that correct?

Answer:

Your understanding of the difference between the Professional and Collaborative versions is correct.

With RetireWare, you will get a financial plan for retirement that includes a cash flow forecast, odds of success, assessment of the exposure to each of the main post-retirement risks. The output is the same regardless of the product between the Pro and Collaborative version. Note that with the Collaborative version your users get a simplified version and reports in order not to overwhelm them with too much complexity and details.

The Pro version is more suitable if you want only to create reports and transmit a PDF to your clients. If you want to build a user base via referrals, then the Collaborative version is the way to go.

By: RetireWare / Equisoft On 4:31 PM

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Compliance

Question:

Does this software comply with IIROC Guidelines?

Answer:

A review of IIROC's Guidance Note 11-0349 "Guidelines for the review, supervision and retention of advertisements, sales literature and correspondence" indicates that it is not in breach of the policy.

However, you may want to ask your compliance department. If you do, give a link to this blog post for background.

What is RetireWare?

RetireWare a Web-based risk management and retirement planning collaborative software for advisors designed to build referral networks using social media.

The software provides an assessment for the main post-retirement risks: market, longevity, inflation, health care costs and early death and others.

It also integrates in the analysis an investor risk profile questionnaire, budget and net worth statement and detailed retirement goal setting.

All results are based on accurate income tax calculations, OAS clawback and income splitting between spouses.

Relevant links on the Website

How it works for advisors:

http://www.retireware.com/advisors.aspx

How it works from the user's point of view and also some information on privacy:

http://www.retireware.com/overview.aspx

Data security:

http://retirefaq.blogspot.ca/2012/12/question-im-bit-concerned-about-having.html

Product features for advisors:

http://www.retireware.com/features.aspx

By: RetireWare / Equisoft On 6:29 PM

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