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The Best Free Financial Planning Software for Individuals

Westwood, MA based OMYEN Corp. has developed the Personal Financial Index® or PFITM. This online financial planning software allows an individual or a family to take a 360o view of their finances and get an actionable financial plan. The PFI software offers a highly intuitive user interface for financial planning. In about 10 minutes of so, this financial planning software allows you to enter a bit of your personal information, assets, liabilities, income, expenses (budget), college education plans for kids, any major purchases in future e.g. saving for the downpayment of a home, and how well you have protected your loved ones with different types of insurance. Using a set of comprehensive rules based on CFP Board of Standard's methodology for financial planning, PFI produces your overall financial health score, financial analysis, and a concise actionable plan. You can launch the PFI software by clicking on the PFI icon on right. You can also watch a brief video clip on PFI by clicking on the video icon on the right side.

Comprehensive Financial Planning Software for Financial Advisors

OMYEN Corp. has also developed the Wealth Planner™, a sophisticated yet easy to use financial planning software for financial advisors. Wealth Planner offers both goals-based financial planning as well as more advanced cash-flow based financial planning. Any data entered in the PFI automatically flows into the Wealth Planner. This avoids any data reentry. Learn more about the Wealth Planner and OMYEN's other wealth management products

PFI Steps

You’ll notice that determination of your PFI Score doesn’t require keying in numbers. It’s done with sliders to make input easy.

  • PFI starts with basic Personal Details like your age, the size of your family, and whether you own your home.
  • Then it moves on to Net Worth: What are your assets? What investments do you have? What are your liabilities?
  • If I change an input, say the value of my primary home, I immediately see the impact on the values in the right column. And if I change them far enough in wrong direction, the picture of the tree starts to look less and less healthy.
  • From Net Worth it takes you to Cash Management, which covers income and expenses toward financial budgeting.
  • Retirement section allows you to determine how much your will spend and need to save during retirement.
  • College Education section will help you know how much your children’s college will cost and what you need to save. The financial health tree represents the extent to which your are on track in accomplishing a goal.
  • Major Purchases allows you to assess your savings plan for significant purchases down the road. Some of the examples of major purchase savings include: saving for the downpayment on a home or a vacation home, or buying a boat, etc.
  • Protection deals with whether you have the insurance you need to protect your finances and your loved ones. It also allows you to check for most important documents related to an estate plan e.g. Wills, Trusts, Living Wills, etc.
  • Together, these inputs allow us to calculate a PFI Score. The score is made up of three major components:
    • Debt Management
    • Savings Discipline
    • Risk Management

PFI Reviews

Several leading financial publications and financial advisors have reviewed the PFI tool across different characteristics of a financial planning softwere. Several articles have been written up in these publications to cover the unique aspects of PFI. These articles have appeared in Investment News, Financial Advisor, Financial Planning, REP, Retirement Income Journal, etc.

PFI Availability

Several employers are offering the PFI to their employees as an employee benefit. Employees use PFI software to create financial check up on their own. This software also helps employers offering a qualified retirement plan meet their ERISA compliance requirements. PFI is also available from many financial advisors across the country. Their prospective clients use the PFI for financial health check up and personalized financial education. Finally, you can access the PFI by going directly to www.personalfinancialindex.com.