Release Notes: Financial Planning
With this new tool, you can post important updates such as links to quarterly statement uploads, Event Based Notifications, custom RSS feeds, video market commentary, and more—directly to the client portal homepage, ensuring your clients see the updates immediately upon logging in.
As a part of our continued efforts to rebrand Advizr to Orion Planning, the Advizr app in Orion Connect has been renamed to Orion Planning.
Each new tax year ahead ushers in a host of planning changes and updates. Included in this release are updates to marginal tax brackets for earned income, standard deductions, retirement and HSA contribution limits, and social security earnings limits and bend points. These updates will occur in early January 2022.
Orion Planning has added JP Morgan’s 2022 forward-looking Long-Term Capital Market Assumptions. In addition to being able to customize these CMAs at the firm level, clients can still enjoy the ability to revert to the 2020 and 2021 assumptions. These updates will occur in early January 2022, followed closely by updates to historical return data.
We have added a Roth Conversion What-If to our retirement goal. This will give advisors the ability to show clients the impact of converting up to a certain tax bracket, doing a recurring dollar amount conversion or a lump sum conversion. An output will also appear once the Roth Conversion What-If is applied to the plan. We have also added a Roth Conversion column to our Advanced Reports functionality. Please note, the Roth Conversion output is not available as part of our PDF yet and we hope to release that in the coming months.
Users will now have the ability to import their models from Orion Connect directly into Orion Planning to use for financial planning purposes.
In Orion Planning you’ve always been able to use our What Ifs to create multiple plan scenarios. Now you will be able to highlight up to 4 plans on one page and show the clients how changing key assumptions will impact their overall plan success. Please note, the Side by Side Comparison will only be available for the Retirement Goal initially and we will look to add this comparison for other goals in the future. The ability to include this comparison page will not be available in the PDF but we will look to add this option in the near future as well.
In Orion Planning you have the ability to create custom outputs using our Advanced Reports functionality and then include these reports in your PDF output. Based on feedback we received, we improved the text color to be darker so that it is easier to read.
Orion linked accounts will now sync the custodian name as it appears in Orion Connect into the financial institution field in Orion Planning. For accounts with DST, DTCC, Fund Direct, Byall or Quovo listed as the custodian in Orion Connect we will now bring over the fund family field from Orion Connect to make it easier for clients to identify the financial institution their accounts are held at.
Previously when updating a what-if in a retirement goal, the Monte Carlo result that calculated upon making the change would recalculate after clicking “Apply To Plan”. With this update, the result that appears after updating the what-if will remain even after applying to the plan.
As part of our continued integration of the legacy Advizr platform into Orion’s technology suite, we have updated the branding in the Planning web application to reflect the name “Orion Planning.” We will continue to make updates to other logos and verbiage over the coming months.
We have added historical returns as a CMA option in firm settings to go along with the 2021 and 2020 JP Morgan forward looking assumptions. This allows firms to have a greater variety of options to choose from in addition to being able to fully customize their own capital market assumptions.
We have updated the Federal tax brackets, standard deductions, and contribution limits for 2021. Also included in this update is the Social Security earnings limit and updated bend points.
With the release of JP Morgan’s 2021 Long-Term Capital Market Assumptions, we have updated these forward-looking assumptions in Orion Planning. In addition to being able to customize these CMAs at the firm level, this year we’ve also included a toggle to revert to the 2020 assumptions. See a summary of the assumptions here.
Within Orion Planning, you’ve always been able to earmark the proceeds from a Business sale or Real Estate sale to help fund your client’s goals. You are now able to earmark proceeds from the sale of a Miscellaneous Asset to help fund your clients goals as well.
When sharing a plan with another advisor, as you start typing you will see suggestions of other advisors in your database. This is a firm level setting that can be disabled which will require you to type the full email address of the advisor with whom you wish to share the plan.
This month, we improved the way your firm is able to model certain cash flow projections by building in the ability to add distribution scenarios at the account level. This includes indicating whether the client will be withdrawing a percentage of the account or a specific dollar amount. This update could be helpful, for example, when modeling required distributions from Trusts or when working to illustrate such strategies as taking distributions from an IRA prior to the client filing for Social Security or withdrawing their RMDs.