CCH Canadian promises financial planners a new level of precision and forecasting ability with the launch of its software FP Solutions.

“Today’s investors are understandably frustrated with poor rates of return and are consequently demanding more from their advisors. The lack of faith on the client-side coupled with the fact that many financial planners are using out-of-date, inaccurate software programs, means there is a real crisis occurring in the Canadian financial planning sector,” said Dave Faulkner, senior developer, CCH Canadian.

According to Faulkner, the new software provides realistic scenarios and sophisticated, intelligent algorithms.

CCH is rolling out the software in four packages.

“Basic” is a general package for sales and concept-focused financial planners. The software contains advanced sales concepts, T1 tax calculations, data entry wizards, an electronic fact finder and task wizards that save time and increase efficiency.

“Plus” includes all all the features of “Basic”, with the added ability to analyze a client’s entire financial situation. More modules are included at this level like Estate Capital Needs and Disability Capital Needs to determine the correct amount of insurance required per client.

“Advanced” comes with a detailed cash flow analysis. This enables advisors to calculate advanced income, cash flow and net worth projections. Advanced also contains a planning assistant to walk through the entire financial planning process and a common planning strategies tool with over 20 planning strategies to do the work for things like income splitting and tax deferrals.

“Business” contains all of the features and benefits of “Advanced” plus corporate planning modules and a business fact finder. The corporate modules allow for many different business planning scenarios including Estate Freezes, Family Trusts, share redemptions, and shareholder loans, among others.