Discussion Posts

    • Shopping for replacement to DBCams+

      • Posted by sgarrison
      • on August 20, 2008 11:05 AM EDT

      With the recent acquisition of DBCams by Morningstar, we are preparing ourselves for the possibility that DBCams will no longer fit our needs.  As I started looking for replacements, I am finding that cost basis reporting is a bit of an issue for some of the packages.  Does anybody have a suggestion (good or bad) in regards to which systems to look at or stay away from?  To be honest, we are a pretty sizeable firm and we are looking for a Cadilac...  If you would feel more comfortable sending me a personal email rather than posting on the sight, please feel free to send it to sgarrison@teamfas.com.

       
    • Re: Shopping for replacement to DBCams+
      • Posted by KTAZ
      • on October 14, 2008 6:53 PM EDT

      sgarrison,

      I can't say that I have a solution for you. If anyone does know of a site with comparative reviews of functions and pros and cons of professional financial planning software I would appreciate it. Mstar will likely do a decent job with DBCAMs but charge an arm and leg for it.

      I've tried eMoney 360 and was very disappointed in the complexity of the data intergration and found the day to day tracking of clients accounts cumbersome. They also promised live online training which crashed and was never replaced. The tech department was pretty responsive but no one else was despite complaints. They may have a "robust" planning software but you need dedicated staff or a lot of time on your hands to make it work.

      I've also used Naviplan Pro in the trial version. We were able to get data to integrate after lots of behind the scenes work with Albridge and Webex and Naviplan. Both are required, as in lots of other platforms, and cost extra depending on your broker dealer. I didn't proceed with Naviplan because of a glitch in downloading variable annuity positions. Otherwise I was impressed and I might use them in the futrue with a single plan since my firms has a month-to-month fee arrangement.

      I've looked at IAS.(http://www.iassoftware.com).  It's a totally integrated comprehensive package, They have been around a long time and don't seem to get much press.

      Their trial, however was a demo only with no live data from your own sources. That maked it impossible to see how it would work in real life. They were also pretty expensive the last I checked.

      As for Morningstar I think they will probably do a good job with integrating DBCAMs, BUT they, in my experience, increase prices significantly without improving anything. I have found the online Mstar version very slow at times, and we had a bear of a time to get Albridge data to integrate with Workstation Enterprise Edition. Because Workstation is internet based it can be extremely slow sometimes. Your connection can make a big difference.

      (John? Do you think I can bill these companies for troubleshooting their software?)

      KTAZ