Raymond James Financial Inc. says its recent adoption of SunGard Data Systems Inc.'s financial planning platform will help it compete by making it easier to tailor service to clients' individual needs.
Other companies already using the platform include Wells Fargo & Co.'s private-client services unit; Stifel, Nicolaus & Co. Inc., the St. Louis regional brokerage firm; and Securities America Inc.
SunGard's PlanningStation platform replaces the in-house financial planning software at Raymond James, a St. Petersburg, Fla., financial services provider, said John Catalano, the firm's manager of financial planning software. SunGard introduced PlanningStation in 2001. It includes more than 50 financial planning modules or calculators.
"We felt that technology had improved to such a point where it was advisable to look for an upgrade," Mr. Catalano said. "The new software simply improves the technology available to our advisers and their clients."
It also includes administrative tools that help advisory firms address compliance concerns, said Troy Hirschi, a vice president of product design at SunGard in Wayne, Pa. Companies can control which employees have access to which clients' data, and they can track how advisers are using the platform, he said.
The platform can also store data according to the requirements of a company's compliance department, he said.
One aspect of PlanningStation that impressed Raymond James officials was its ability to generate different levels of financial plans, from comprehensive cash-flow evaluations to plans dealing with a single financial issue, such as long-term care, Mr. Catalano said.
"Advisers can do low-level, medium-level, or high-level planning to tailor their work for clients' needs," he said.
The platform's planning modules allow advisers to generate plans based on specific needs and concerns, such as estate planning, debt management, education, or retirement.
"Each client has individual needs … , and PlanningStation gives advisers the ability to meet their needs on all of those different fronts," Mr. Catalano said.
PlanningStation's ease of use for advisers also attracted Raymond James, he said. The platform shares data among planning modules so that the adviser need not reenter data for the same client. Advisers can click on icons representing different planning needs to address the modules.
"We wanted to minimize repetitive clicks," he said.
PlanningStation's ease of use for clients also prompted Raymond James' selection, Mr. Catalano said. The platform lets advisers develop financial models based on different projected scenarios for clients and generate interactive, educational presentations to help clients understand the scenarios.
