Advicent Reveals Strategic Partnership with Janney Montgomery Scott

Janney will utilize Advicent’s NaviPlan financial planning software along with its expanded retirement income evaluation tools. 

Advicent and Janney Montgomery Scott announced a new strategic partnership aimed at combining the firms’ capabilities in comprehensive financial planning software, Department of Labor (DOL) fiduciary compliance, and other areas of practice management.

Specifically, Janney will implement NaviPlan into its workflow with both prospects and clients, with the goal of improving “account aggregation, comprehensive goal-based assessments, detailed cash-flow analysis programs, and scenario simulation calculations.”

With the new DOL fiduciary regulations slated to unfold in April, the firms are just the latest to announce adjustments to processes and products.

“The ability to remain transparent with clients and prospects is key to any financial services business, especially given the future changes expected from the DOL,” observes Martin Schamis, vice president and head of wealth planning at Janney.

In addition to the partnership announcement, Janney says it is also “upgrading and reconstructing” its proprietary Retirement Income Evaluator (RIE) tool through the NaviPlan Presentation Module. This will “allow Janney to mold financial planning tools and custom presentations to fit their process and branded specifications.”

Firms widely anticipate making these types of moves amid the new fiduciary environment—building new partnerships to rapidly bring online new capabilities in client service and fiduciary control.

Phil Cunningham, CEO at Advicent, concludes that the partnership is particularly timely, and that it remains crucial to reinvest in “a variety of efficient and effective technology-based opportunities” to find success in the new DOL environment.

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