Features are the core components of Filiphant’s holistic financial plans. Features correlate to financial products and concepts we all use every day.
Learn more about the features by reviewing the edition comparisons and linking to further explanations below.
- Features correlate to real-world financial products, such as bank accounts, brokerage accounts, retirement accounts, loans, life insurance, or any other financial products.
- Features also correlate to physical assets, such as homes, cars, jewelry, or any other physical asset of significant value.
- Important financial concepts also have dedicated features, such as net worth and financial success indicators.
- The intersection of all of these features in the real world is what can make financial planning a complex and intimidating task.
- Filiphant's financial plans automatically link these financial features together in an intuitive and straightforward way to simplify the complexity of these interactions.
Compare Editions
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Feature Details
A further explanation of each of Filiphant’s features can be read below….
- Household Dashboard
A dashboard is provided to allow you to quickly glance at your plan to ensure your current financial life situation is as you would expect. You can also quickly see if your plan is on track for the future using the lifetime graphs and the plan’s future success probability. Everything on the dashboard is automatically calculated based on the information you enter for each feature.
- KPI History/Forecast
There are financial life key performance indicators (KPIs) provided to allow you to quickly assess your plan’s future success probability. Each of the KPIs relate to generally accepted financial milestones that typically ensure a successful financial life. All of the KPIs are automatically calculated based on the information you enter for each feature.
- Net Worth History/Forecast
Understanding your net worth is a core financial concept that’s needed to assess your overall financial life progress. Your net worth is simply the value of all of your assets (cash, home, etc) minus your debts (loans). There are some minor variations that may be considered when calculating net worth, such as whether or not your primary home should be included in the calculation, so our software provides a few of these variations for you.
- Risk History/Forecast
With understanding your net worth, you also gain an understanding of your total debts (loans). A core financial concept is understanding your financial life risks, which generally arise from your debts. Life insurance is a financial product used to minimize risks from your debts. You can assess the amount of life insurance that is appropriate to cover your debts.
- Budget History/Forecast
Budgeting is a central feature that coordinates information from all other features to provide a default budget that you can further customize to your exact situation. The budget uses what Filiphant™ calls a yearly month-budget that simplifies the process of creating a budget for every month of a year. While budgeting may not be everyone’s favorite activity, we hope that our budgeting methodology makes it easy for you to create and maintain your budget that is central to our holistic financial planning.
- Debt History/Forecast
Being in control of your debts (liabilities) and ensuring they’re paid off in a timely manner is a core component of a successful financial life. You can individually add your debts to incorporate them into your holistic financial plan. You’ll be able to see the payoff schedule of each debt and even run what-if scenarios for each debt.
- Asset History/Forecast
Understanding the value of all of your assets and how they each contribute to your net worth is a core component of a successful financial life. You can individually add your assets to incorporate them into your holistic financial plan. You’ll also be able to plan for any ongoing maintenance that may be required for your assets, which affect how you plan for emergency expenses.
- Income History/Forecast
You can individually add your income sources to incorporate them into your holistic financial plan. You’ll be able to see what kind of income growth you can expect for each income source and plan for any future expected income.
- Retirement History/Forecast
Planning for retirement is a core component of a successful financial life. You can individually add your retirement accounts to incorporate them into your holistic financial plan. You’ll be able to see how your current and future retirement contributions are expected to perform and how prepared you’ll be for retirement.
- Investment History/Forecast
You can individually add your investment accounts to incorporate them into your holistic financial plan. You’ll be able to see what kind of investment returns you can expect and how they may play a role in planning for retirement or financial independence.
- Banking History/Forecast
You can individually add your bank accounts to incorporate them into your holistic financial plan. A core component of a successful financial life is having an emergency savings account, which should be a cash account to cover several months worth of expenses, should an emergency arise. Our software makes it easy to ensure you always have enough saved in an emergency saving account or any other bank account.
- Child College Investment History/Forecast
An important question for parents is how much to save for their child’s future college costs. While there are many variables to consider when deciding how much to save, our software makes it easy for parents to enter their child’s college funding goals and then automatically calculate how much to save, which is then automatically included in the budget. You can individually add a child college fund schedule for each child.
- Goals / What-ifs / Events
When you first setup your holistic financial plan, you’ll be asked some questions about your high-level goals and events you expect for your life. Once you have a base financial plan in place, you can make a copy of that plan and run as many scenarios as you like. Once you settle on a new financial plan you would like to follow, you can simply make that your new base financial plan.
Products
Whether you’re an individual interested in making a financial plan for yourself or your household or you’re a professional financial advisor or planner, Filiphant has a product for you:
Filiphant® Professional is for financial advisor or planner use for unlimited households on one computer with Microsoft Excel*.
* No Microsoft Excel skills necessary.