Advicent Reveals NaviPlan Updates Tied to Tax Cuts and Jobs Act

Advisers generally are not qualified to represent their clients before the IRS, and so they generally must shy away from offering tax advice; but that doesn’t mean they can afford to ignore the broad or specific implications of recent tax reforms for their clients.

Ken Lotocki, product director at Advicent, sat down with PLANADVISER a few months ago to discuss the late-2017 passage of the Tax Cuts and Jobs Act—and how his firm was working to adjust its flagship offerings as a result.

Today some of the changes are being made public via the rollout of NaviPlan 18.0, announced with tax updates as well as new client reports and client portal functionalities. As the firm spells out, these revisions reflect the tax code changes introduced by the Tax Cuts and Jobs Act of 2017, and NaviPlan “now empowers advisers with the choice of planning for the law’s sunset provisions or not.” 

In addition to these changes, the latest release offers improved goal reporting functionality and additional client report options, the firm says. Further, Advicent has updated the Narrator Clients portal with the new “explore your options” functionality and enhanced net worth listings.

John Heinen, chief technology officer at Advicent, notes that some of the key changes to 2018 federal taxes include basic tax brackets and rates; standard deductions; personal exemptions; capital gain tax rates; and business and estate tax changes. He suggests the updated client portal will “empower advisers to complete a detailed analysis of every client’s financial situation; provide easy-to-understand information and advice; and give their clients access to their plan information 24/7, reinforcing a deeper, trusting client-adviser relationship.”

NaviPlan also now includes several new client reports available in both the U.S. and Canada, each going into various detail on asset allocation earning rates, class weightings, and questionnaire responses.

More information is available here.