SunGard has created a series of five financial planning applications, available through Windows Store, to help people improve their chances of reaching their financial and retirement savings goals. The tools run quick assessments of an investor’s position to achieve their retirement objectives, show strategies to improve retirement funding, and illustrate basic financial planning preparedness.
Individuals can use the results to quickly visualize their financial situation and decide if they want to consult an adviser. The apps, created in collaboration with Microsoft Corp. and based on tools available through SunGard’s WealthStation Financial Planning, help with the following areas:
- Social Security: An optimizer tool evaluates the best time to file for benefits;
- Risk tolerance: A questionnaire helps determine an appropriate asset allocation;
- Sustainable retirement income: The app assesses the amount that can be safely withdrawn from assets each year during retirement;
- Earnings potential: One app illustrates an individual’s earning potential between now and retirement; and
- Drawdown: The tool displays three tax-efficient ways to balance withdrawals from tax-deferred, taxable and Roth accounts during retirement.
According to Andrew Tognela, managing director of banking and capital markets at Microsoft, providing financial planning apps expands the reach of these tools so that more individuals can use them, and become more educated and engaged in retirement planning. “People want something more than a calculator,” he says. “They want a way for those calculations to be meaningful to them, and provide continuity with advice.”
Offering self-service tools can help advisers acquire new clients and strengthen their relationships with existing clients, even though it might seem counterintuitive, says Scott Parry, executive vice president and general manager at SunGard’s wealth and retirement business. “These tools provide a very simple yet valuable solution to prospects or clients, enticing them to regularly assess their financial goals and performance, engage in a more detailed and meaningful discussion and analysis, as well as identify the need for additional services,” Parry says.
The incorporation of Windows 10 gives users touch functionality on a range of devices. Apps can be used on a PC. According to Microsoft, the merging of a tablet and a laptop or desktop reduces computer sprawl.
Wealth Station Financial Planning is available free at the Windows Store for Windows phones or devices. Computers must upgrade to Windows 10 to run the app.
SunGard provides software for financial services, the public sector and education.