Wealth Planning Solutions
Below is a list of our technologies that wealth managers use for comprehensive financial planning and client acquisition/engagement.
1. Social Security Maximizer™
2. Social Security Turnkey Program
This package is a powerful combination of:
- - Premium version of Social Security Maximizer™
- - Social Security Checkup, a separate branded online tool for advisor websites to generate leads and gather client data, and
- - Branded marketing collateral, and customized client reports.
This product independent package has been approved by several major broker/dealer firms.
3. Personal Financial Index®
OMYEN Corp. is credited with the invention of Personal Financial Index® ( PFI ), a comprehensive financial health benchmark. The PFI application is an advisor branded tool that allows individuals and families to benchmark their personal financial health, discover the financial gaps, and to get the PFI Score. Financial advisory firms use this education based technology to efficiently acquire new clients from their target market. A highly engaging user experience motivates the prospective clients to create their profiles and discover the need for professional advice. The advisor view of PFI is used to create and review client/prospect profiles for onboarding and cross selling opportunities. It is equipped with rules based alerts for an efficient client acquisition and onboarding. It is also a very good web traffic generator. The integration of PFI with OMYEN's other suites eliminates the need for data reentry and enabling an engaging advisor-client collaboration.
4. Wealth PlannerTM
- 2a. Sustainable Retirement Income Plan (SRIP): The SRIP module allows advisors to educate their clients on the retirement lifestyle that can be supported by their retirement portfolio. It is suitable for clients who are nearing retirement as well as for those who are already in retirement.
This module captures the personal and lifestyle information, retirement savings/contribution, different economic and market factors, and advisor selected withdrawal order to minimize the tax consequences. No data reentry is required if a particular data element has been captured elsewhere in the Wealth PlannerTM platform or entered by the client in the Client Information Center (client portal) product. This module then generates the estimated net income projections from all sources against the expected discretionary and non discretionary expenses during retirement. The healthcare expenses from Retiree Healthcare Planner (licensed separately) can be included in the plan with just one click. The projected income also takes into account the income from Social Security, pensions and annuities, estimated taxes, and required minimum distribution.
This module also plans for longevity risk and legacy. This analysis helps advisors to decide the right portfolio mix and insurance products to protect retirement income needs of their clients.
The simulations involve different life expectancies and varying annual rates of return during each year of a particular life expectancy. They allow the advisors to easily perform the probability analysis on retirement success.
Beside sustainable retirement income plan, the Wealth Planner also features "regular" retirement income planning. This functionality allows advisors to identify the timeframe when a client may run out of money if a client has limited assets and the plan has to pay retirement expenses in full. The Monte Carlo simulations allow advisors to vary: life expectancy, rate of return on portfolio, and inflation.
- 2b. Savings Plan: A savings plan is a prescriptive approach toward saving for different financial goals. Financial advisors use this functionality to serve younger promising clients (children of older clients) without compromising on their margins. For younger clients, this plan helps establish a savings discipline and budget management. A savings plan is based on OMYEN's proprietary optimization of a client's competing financial goals, lifestyle, and income constraints. OMYEN's Savings plan is a highly efficient and scalable way to serve younger clients. If a client has already gone through the PFI based financial checkup, the Savings Plan can be generated with just one click. It's that simple!
- 2c. Retirement Savings Plan: The Retirement Savings Plan (RSP) module allows advisors to develop a comprehensive retirement savings plan that features different contribution rates and retirement timeframes for joint clients. It also gives them the ability to use different rates of return before and during retirement, and Monte Carlo simulations based on different rates of return to develop a robust retirement savings plan. Rates of return can also be dervied dynamically from a changing portfolio mix.
- 2d. Risk Capacity Index (RCI): Unlike most risk profiling systems, this proprietary risk profiling functionality is designed to assess a client's risk capacity using structural and psychological perspectives. These concepts minimize the volatility in a client's risk profile due to market fluctuations. Based on the RCI Score, a client is assigned one of five risk profiles. The RCI results are automatically integrated into the Asset Allocation module. Financial advisors who pay separately for risk profiling tools can save money with the Wealth PlannerTM .
- 2e. Asset Allocation: The Asset Allocation engine offers advisors two choices: OMYEN's proprietary asset allocation and the ability to use their own custom allocation models. This module of Wealth PlannerTM generates the asset allocation for a financial goal at two different levels: asset category level (equity, fixed income, and cash) and asset class levels. It also provides an estimate of the expected annual return and risk for the current and suggested portfolios. These allocations are based on an individual's RCI and time horizon for a financial goal. Advisors with proprietary asset management process can upload their custom asset allocation models and leverage the asset allocation optimization functionality to develop custom portfolios with highest expected risk adjusted returns. Similar to the RCI, there aren't any separate charges for the asset allocation engine.
- 2f. Insurance Planning: This module allows you to quickly analyze your client's exposure to life, disability, and other potential risks. The analyses and recommendations are presented in an easy to understand and actionable format.
- 2g. Lifetime Cash Flow Analysis: The Wealth PlannerTM is designed in a unique way to easily capture the data and present lifetime financial projections for a client. It is designed to handle a wide variety of client's varying income and expenses with different timeframes. The overall cash flow including distribution from different assets assigned to different financial goals, and cash flow requirements to support lifestyle expenses and to pay for future financial goals, provides a true cash flow based financial planning. Whether it is executive compensation or ownership in stock options and limited partnerships, the Wealth PlannerTM allows you to manage it seamlessly.
- 2h. Executive Compensation Planning: The Executive Comp. Planning module of Wealth PlannerTM allows you to model different types of grants and different types of events on those grants. You also have the ability to review projected cash flow from different grants as well as their projected valuation. Results of this module are integrated into the detailed cash flow planning.
- 2i. Estate Planning: The Estate Planning module of Wealth PlannerTM simplifies the complex world of estate planning. Its intuitive user interface allows advisors to decide on applicable trust and other estate planning strategies that are based on a client's needs and preferences and offer efficiencies for income, gift, and estate taxes. Advisors can run different 'what if' scenarios to review estate taxes and wealth transfers.
- 2j. Client Reporting: This module allows financial advisors to organize different client report sections. They use the flexibility of copying and pasting an executive summary in client reports to effectively communicate the action plan. The client report can also be branded to produce a customized financial plan. Certain client reports can also carry a company specific additional disclosures.
5. Retiree Healthcare PlannerTM
6. Client Information Center (CIC)
The Client Information Center is a visually rich client portal that advisors can make available to their client in a branded format. This portal allows clients to maintain their detailed financial information, securely store and optionally share important documents with advisors, and review different reports from advisers. The personal financial information section of CIC is tightly integrated with the Wealth PlannerTM to reduce data entry for advisors and effectively plan for client meetings. This information can also be integrated into different CRM systems.
Storing and sharing of some important documents with advisors is seamless and equipped with advanced alerts. Conversely, advisors can easily share Wealth Planner financial plans and reports from other systems with clients.
Retirement Plan/Workplace Solutions
Below is a list of our technology products that are used by retirement plan advisors to effectively educate retirement plan participants and offer them 1:1 financial plans. Employers also license some of these technologies directly.
1. Enterprise Retirement Planner™ For Retirement Plan Advisors
2. PFITM For Retirement Plan Participants
A customized version of PFI for workplaces provides unbiased financial education to plan participants. This tool influences people for increased plan participation and ERISA compliance.
3. Investment PlannerTM
An efficient solution offering plan participant specific asset allocation across widely accepted asset classes, based on participant specific risk profile and time to retire.
4. Investment Planner PlusTM
An efficient solution offering plan participant specific asset allocation across plan specific investment choices, based on participant specific risk profile and time to retire.
5. Retirement and Lifetime Finances
There are many financial education and guidance tools available to retirement plan participants from plan providers and technology vendors. However, they are hardly used by the participants due to fragmented guidance, too much content, and poor user interface. OMYEN's Retirement and Lifetime Finances platform offers to-the-point and actionable guidance to plan participants. It is also designed for a highly engaging user experience. The ongoing user focus group studies allow us to optimize the user experience.
This platform gives plan participants access to an array of actionable guidance and tools to make fast decisions on their long term as well as short term financial goals. This product independent financial education and communication platform allows employers to have more productive employees and to cost effectively meet ERISA compliance requirements.
This platform is also configurable and allows employers and benefit consultants to choose the right configuration from a set of modules. The modules include complete financial health checkup via PFI, retirement, college education, insurance, home mortgage planing, taxes, and estate planning.
Webinars and Product Demonstrations
Suitability of technology products to a particular business is very important. In order to help you better understand our technologies, we run web based product demonstrations on an ongoing basis. The demonstrations are every hour ( 8AM - 6PM Eastern). Please email us at firstname.lastname@example.org or call us at (617) 4-OMYEN1 to schedule a demo for your firm. When you contact us let us know the products you would like to see and your availability for a week. We attempt to organize the demonstrations for individual firms. This allows individual firms to discuss their business workflows as they relate to our technologies. However, sometimes we are forced to have more than one firm attend a joint demo. Listed below are some guidelines around the length of demo by product for our wealth management products. For workplace benefits ( retirement and healthcare ) our typical demonstration is about one hour long.
|Product||Product type||Approx. length of demonstration|
|Personal Financial Index® (PFI)||Marketing/Client Acquisition||15 - 20 minutes|
|Wealth Planner™||Comprehensive Financial Planning||40 - 45 minutes|
|Retiree Healthcare Planner™||Retirement Plannng||15 - 20 minutes|
|Client Information Center||Client Portal||15 - 20 minutes|
|Enterprise Retirement Planner™||Retirement Planning (Plan Participants)||20 - 30 minutes|
|Social Security Maximizer™||Social Security Planning||20 - 30 minutes|
|Social Security Checkup Package||Marketing/Client Acquisition||20 - 30 minutes|
|Life and Healthcare Cost Planner||Marketing/Client Acquisition||20 - 30 minutes|
OMYEN's technology strategy is to come up with products that are unique, create significantly more value than any of its competition, offer an engaging user experience, and are less expensive. In order to execute its technology strategy, OMYEN Corp. conducts an in-depth market research on consumer behavior, workplace benefits, and trends in the financial services and technology industries. Once a product idea is conceived, a team including subject matter experts outside of OMYEN review the concept and guide the design team. The product is designed to fulfill the above criteria and for an intuitive user experience: Any Device. Anytime. Anywhere.
All OMYEN products follow widely accepted methodologies such as those recommended by CFP Board of Standards (an independent organization, not affiliated with OMYEN Corp.). The products are then designed to provide the maximum efficiency and an engaging user experience. We then conduct focus group studies to refine the product design. Each product is then field tested before it is made available to the users. The consumer facing products go through multiple focus studies to optimize the experience. All OMYEN platforms are driven by a set of powerful and secure engines incorporating proprietary models, sound financial methodologies, and practices.