The Financial Planning Association announced an agreement with Omyen Corp. to license Omyen's technology platforms, including financial planning, client acquisition, workplace advice and guidance technologies, at discounted prices for FPA members.
Omyen, which is based in Westwood, Mass., specializes in developing technologies for comprehensive financial planning and client education. The technology will be added to the FPA Practitioner Resource Guide, which is a directory of solutions and benefits to help FPA members build their business.
"We are excited to bring Omyen's efficient and client-friendly Wealth Planner to FPA members so they can access a high quality tool that will enhance their practices," said Dinesh Sharma, Omyen's CEO. "Planners appreciate innovative applications like this and they can also use the PFI benchmark as a revealing and informative supplement to their client discovery process," noted Sharma.
"FPA is committed to help its members grow and thrive professionally by providing them with access to the latest in practice management tools," said Lauren M. Schadle, FPA's associate executive director and COO. "FPA members will now have a cost effective option to leverage Omyen's financial planning and workplace technologies to more effectively guide their clients," added Schadle.
Omyen's Wealth Planner can be used by advisors to provide clients with comprehensive, cash flow based financial planning. It allows advisors to offer a prescriptive financial plan to younger clients within minutes and, for clients nearing retirement, the Wealth Planner is equipped with specific retiree healthcare expense planning tools to help clients maintain a sustainable retirement income. Advisors have a choice of either using the standard asset allocation or using their custom allocation models. Along with covering all aspects of financial planning, the Wealth Planner also provides detailed cash flow and other financial projections.
FPA members seeking new clients can utilize Omyen's Personal Financial Index technology. This tool takes about 10 minutes to educate prospective clients on their overall financial health via a Personal Financial Index score and motivates them to work with the advisor. From search engines to centers of influence, the Personal Financial Index allows advisors to get qualified leads from different channels, collaborate with prospective clients, and improve compliance. The client information automatically flows into the Wealth Planner to avoid the reentry of data.
Omyen's Retirement Savings Planner generates participant specific retirement savings plan with suitable asset allocations across a plan's investment choices. Advisors can deliver the retirement plans to participants either face to face or in an automated fashion.