PlanTools Enters Wealth Management Arena

With the release of Version 3.5 of the PlanTools Risk Management System, PlanTools now offers a standards-based investment reporting and risk management system that includes open-end mutual funds, exchange-traded funds (ETFs), group and individual variable annuities, separate accounts, collective investment funds (CIFs), and market investment indexes in a database of more than 112,000 unitized investment products, according to a press release.

Reported investment data is provided by Morningstar. Additionally, PlanTools said its users can upload customized investment data on investments not supported by Morningstar—which might come in handy to address stable value, hedge funds, group annuity separate accounts, separately managed accounts, and risk management portfolios.

Fiduciary Risk Assessment, LLC, bought PlanTools, LLC from The McHenry Group in January, and has made two upgrades, with a third on the way, the company said. “Broadening the investment database is key to the success of PlanTools’ users as they service both institutional investors and individual wealth management clients,’ said Ward Harris, McHenry’s CEO and the original architect of PlanTools, in the release.

The release said PlanTools has leveraged cost-effective technology in order to permit advisers to capture uncompensated time. The system also allows for customization and branding in order for an adviser to stand apart from the competition.