With input from the client, I am able to easily run multiple scenarios and tweak factors such as how much to save, the year of retirement, and asset allocation to gauge the financial affect. MGP really does a nice job of addressing client fears about the affect of investment losses, inflation, longevity, and health care.
The information used in the program includes:
- Desired retirement income
- Goal Builder
- Social Security estimator and maximizer
- Aggregates all assets including investments, bank accounts, property, business ownership/equity, stock options, pensions, etc.
- The impact of receiving lump sums or periodic payments
- Net Worth calculator
- What if scenarios
- Budgeting
- Customized asset allocation models
MGP runs 10,000 simulations for each scenario to give a probability of success. If the score is less than 75% then important changes are recommended. But, if the score is 90% or higher, current spending or retirement income can increase or we can add other goals such as funding college for grandchildren, charitable giving, etc.
Risk management is important feature of MGP. I can quickly examine if a family or an individual is likely to meet their retirement goals with a lower risk portfolio. They also have a fully integrated module for analyzing life insurance, disability and long term care.
The client reports are great to read because they highlight what is important and give clear directions on any recommended changes. They use bright color graphics and pictures to engage clients and helps make the process more enjoyable.
It really is amazing all the features and calculations they have inside of the MGP program. They have made it much simpler and more enjoyable for financial planners and their clients to execute the complex task of creating personalized financial plans.
