FAQ

Q: Do you guarantee that advice produced in finPRO™ will meet legal and professional requirements?

A: No. finPRO™ tools and templates have been carefully designed to cover these requirements, and our regular updates should keep them up to date, but we cannot guarantee that there are no mistakes in the software, or that the advice you produce using it will comply.

Q: Will the finPRO™ tools always work?

A: No.  Like any set of tools there will be some jobs the finPRO™ tools just won’t be right for. But in our experience they can help with most kinds of financial advice, whether the advice covers just one, a few, or a comprehensive range of areas.  We are also constantly working on improvements and enhancements, often as requested by users.  These are passed on to all users as part of our regular updates program.

Q: How do I get the updates?

A: We send these out by email, CD ROM or via a web link as soon as they become available.

Q: What skills do I need to start using the tools?

A: Users need basic Excel skills.  If you are not already competent using Excel, we suggest you do a course like ACE Training's Excel Essential Skills 2007-2010.

Q: What are the system requirements?

A: You need Microsoft Office 2007 or a later version to operate the finPRO™ tools.

Q: Can I get help while using the tools?

A: Yes. Context sensitive help and our User Guide will cover most needs. We can also provide a limited amount of email or telephone help in the month following your workshop. If you require personal help after that, this can be arranged via an 0900 number at $2.81 per minute (incl GST).

Q: Can I network the tools around our firm?

A: Yes, but a firm must purchase a licence for each “AFA” adviser who works there.

Q: There are six advisers in our firm. How much will it cost us to purchase the finPRO™ tools?

A: Firms with more than three advisers can qualify for group discounts.  Click here for group rates or contact us for more information

Q: I am based outside New Zealand, can I access the finPRO™ tools?

A: At this stage finPRO™ is designed for New Zealand based users, but please contact us if you would like to discuss a partnership or joint venture in your country.

Q: How do the finPRO™ tools work?

A: There are three parts finPRO™ tools two Excel files and a Word file. 

One of the Excel worksheets is a stand-alone data collection booklet: fPdata.  You print this data collection booklet and fill it in with your client, then enter the data into the client's stand alone fPdata file and save it.  Then you click a button to import this data into the client's copy of the main Excel file: fPwork.

Once the data is in fPwork, and as it is added to and/or modified by the user, Excel goes about its job performing a range of tasks generating words, phrases, whole paragraphs, values, graphs, tables and projections that end up as content of the finished SOA. 

The finPRO™ tools are designed for integrated, comprehensive advice covering all the main financial planning components (financial and debt management, insurance, retirement, investments, estate and tax planning) but users can also limit the advice, covering just one or some of these areas as required.

The tools integrate the advice process using an ‘iterative’ process.  This means that a change in say the client’s budget can lead to changes in how much they can save for retirement, and in how much life insurance they need, and hence their budget... etc.

Once the data has been entered the adviser is guided through a series of ‘advice blocks’ where they review the facts, consider their advice, and draft it (still in Excel).  Editable drop down boxes suggest sentences and paragraph they may want to use – some of which are ‘smart’: incorporating the results of calculations or in other ways reflecting the actual data and advice decisions as these are made along the way.  The ‘drop down’ options are there to use, modify or simply ignore as the adviser works through the process.

Once the ‘advice blocks’ have been worked through the user adds/reviews fee and/or commission details, reviews two main scenarios graphs (‘No changes’ and ‘As advised’ – others can be added), (optionally) reviews the advice, completes a small range of extra tasks, saves and just clicks a button to create a draft SOA – with (optional) covering letter and invoice.

The draft SOA is a Word document and fully editable.  But it usually only needs to be proof read – before it’s ready to convert to a PDF and emailed to the client – or printed off to be posted or personally delivered to your client.

With a little practice, an AFA with the finPRO™ tools can create a simple SOA (say covering just savings and investment) in two hours (an hour each of clerical and AFA time).  Adding insurance and debt could make this three or four hours.  In our experience it would take more than a full day to create a comparable SOA manually. 

Not only do you save a lot of time – you can produce a SOA that is full professional and compliant, with your consistent look and feel.

Q: Do you have another question?

A: Please contact us