Create a Free Financial Plan

free_planI have previously written about free retirement and financial planning resources. This post is more specifically focused on tools you can use online to create a financial plan and, optionally, obtain the assistance of a financial planner. Since writing that first post, I have learned about two other sites where you can create your own plan in an expert environment, for free!

Voyant Online Financial Plan Generator

Voyant is a fascinating site because it enthusiastically embraces the concept of do-it-yourself financial planning. At the same time, the site provides an easy way for you to enlist the help of a financial planning professional to complete of fine tune the plan. They call this “AdvisorConnect.” But that is optional. Everything else is free.

Voyant uses a series of planning “wizards” that emphasize a “game-like” user interface. Using them, you can plan for a variety of different life events that are important to baby boomers, such as retirement or putting kids through college. You can run “what-if” scenarios and view charts and graphs that show your goals and progress.

SimpliFi Virtual Financial Planner

SimpliFi is in beta release and promises:

The easiest way to get independent, comprehensive financial advice on the Internet. No big words or complicated formulas. No boring spreadsheets. Just tell Sophie where you are and where you want to go, and she’ll do the rest.

The unique feature of SimpliFi is “Sophie” the virtual financial planner.  ”She” guides the user through the online planning process. If you get to a point where you don’t what to do next, you click on Sophie and she is supposed to tell you what you need to know.

The site will provide details on how much you need to save to reach your goals. You are given “Goal Point Averages” to measure your progress.

SimpliFi will also recommend investments for you to consider. Because of that, the site is actually registered with the Securities and Exchange Commission.

When you’ve completed the financial planning process online, Sophie the virtual advisor will send emails you to remind to update your plan.

I like the fact that you do not have to input any account numbers or other high risk information to create a financial plan on the SimpliFi site. Only account balances are used.

Final Thoughts on Creating Free Financial Plans

Related financial planning tools that I have mentioned before include Financial Fate software (free) and ESPlanner Basic (also free).

I haven’t yet run a complete plan through Voyant or SimpliFi but it’s on my list.

Give these a try and let me know what you think.

Image Credit: Thomaseagle


Leave a Reply

Your email address will not be published. Required fields are marked *