Many financial advisors and their staff ask us for guidance about which financial planning software is best. NaviPlan and MoneyGuide Pro are the two most popular and most used programs. Although we tend to recommend NaviPlan, it generally comes down to personal preference and needs for each advisor and their team. To aid you in your own decision, here are some of the similarities and differences between them.
Features and Functionality
Both NaviPlan and MoneyGuide Pro offer a wide range of features for financial planning, including retirement planning, goal setting, investment analysis, estate planning, and more. Some notable difference include:
- NaviPlan has more functionality and cash flow abilities pre-retirement phase while MoneyGuide Pro focuses on the retirement period.
- NaviPlan is more cash flow based, while MoneyGuide Pro is goals centric.
- Because NaviPlan is more cash flow based, it does require more data entry, but also produces more robust plans and recommendations. It also lets you create customized reports.
Other than that, advisors often choose one over the other based on their specific needs and preferences regarding functionality and how they approach financial planning.
User Interface and Experience
The user interface and experience can vary between NaviPlan and MoneyGuide Pro, and again is largely influenced by personal preference. This is one area where we lean more toward NaviPlan, but many advisors who have been using MoneyGuide Pro for years and are comfortable with the software prefer to stick with what they know.
- MoneyGuide Pro is often seen as easier to adopt and use, thanks to its goals focused design. It also has interactive capabilities that let you manipulate client data and demonstrate different scenarios in a client meeting without affecting their overall plan.
- NaviPlan offers more detail and customization, which other advisors prefer. They also have scenario/recommendations features that you can share in a client meeting.
Many advisors tend to stick with what they know and aren’t prone to switching especially financial planning software.
Cost
Pricing structures for NaviPlan and MoneyGuide Pro are comparable and based on factors such as the number of users, level of support, and additional features included. Financial professionals typically consider the cost of each platform in their decision-making process, although functionality, ease of use, quality of deliverables, and support are most important to them. Advisors can also get special discounts for the software and integrations for it via their BD/Custodian and through several professional organization such as the FPA.
Integration and Compatibility
Both platforms offer integrations with other software systems commonly used by financial professionals, such as CRM (Customer Relationship Management) software, portfolio management systems, and client portals. Regarding Plan Production, we largely work with Ameriprise advisors and both programs integrate with the Ameriprise ecosystem.
Training and Support
The availability and quality of training and support resources can vary between NaviPlan and MoneyGuide Pro. Financial professionals may consider factors such as training materials, user forums, and customer support when evaluating each platform.
- MoneyGuidePro provides virtual, in-person, and on demand training as well as coaching. They also offer customer support via phone, email and chat.
- Naviplan also provides onboarding training and ongoing support, as well as some other support with customization.
Ultimately, the choice between NaviPlan and MoneyGuide Pro often comes down to individual preferences, specific business needs, and the level of comfort and familiarity that financial advisors and their team have with each platform. Our Financial Plan Production team works in each system, which allows us to provide additional support and guidance to our clients about what software best fits their needs and how to maximize its use. What matters most is that your team is comfortable with the software and can use it to generate the plans and client experience you desire.
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