The Integrated Wealth Planning Solution is NorthStar’s planning methodology designed for wealth advisers to fit into their daily workflows, the company said in a release.
The wealth management industry has historically used standalone financial planning, asset allocation, or portfolio accounting applications as specific point solutions and/or point-in-time solutions, the company said. With this software, NorthStar “offers a more focused solution to integrate financial planning directly into the portfolio planning, implementation, servicing, reporting, and monitoring processes,” the release said.
NorthStar said the solution addresses the adviser challenge of integrating the three components of advice:
- financial plan: providing a financial plan by modeling the cash-flow requirements associated with a client’s goals;
- client hierarchy and wealth profile: modeling and implementing the ownership structures and account registrations associated with the contractual requirements of a client relationship or a household;
- investment policy: allowing the capture of investment strategy and policy criteria of a portfolio leading to portfolio implementation, reporting, and monitoring.
Available on-premise or on-demand, the NorthStar Wealth Planning Solution enables firms to generate the following types of wealth plans depending on client needs, according to the release: asset allocation planning, goal planning, education planning, major purchase planning, pre-retirement planning, in-retirement planning, and total return planning. NorthStar said its solution also allows for the creation and monitoring of an investment policy statement.