eFinPLAN, LLC

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Overview

eFinPLAN is a Columbus, Ohio-based firm that develops web-based financial software solutions for individuals and institutions. eFinPLAN.com consists of comprehensive financial planning software and educational information designed for consumer use.  eFinPLAN.com is a revolutionary platform that has been designed for people to take control of their financial future.  eFinPLAN is the first and only web-based, comprehensive, affordable and understandable program on the market for consumers to use in planning virtually all of their finances in the convenience of their homes.

Purpose

eFinPLAN.com was created to help people of all income levels have peace of mind about their finances. Wealthy people have and need fee financial planning.  The vast majority of people need financial planning however they often do not have a written plan that they follow.  There are many reasons for this, and cost is one of the key factors. The cost of eFinPLAN is priced at a level virtually anyone can afford.

eFinPLAN was built with the consumer in mind to “Take the Mystery Out of Financial Planning.^SM”  It walks consumers through computer input of information in an easy-to-understand conversational format, without technical jargon. The entire eFinPLAN process is educational.

We created eFinPLAN as an affordable means for everyone to receive a financial plan, without the potential for financial product bias or pressure to purchase a product.  eFinPLAN does not replace the consumer’s team of professional trusted financial, legal and tax advisors but complements them by the reliance on them for plan implementation.  Those that are better informed about financial matters and their own circumstances are better enabled to work with professionals and make better decisions.

Mission

eFinPLAN.com was created to help people because help is needed now more than ever. 

Indicators of American’s financial health are showing challenging trends.  For example, home foreclosures are up 90% compared to last year (May ’07 figures at realtytrac.com).  Household debt has risen 150% since 1990 (80% when adjusted for inflation), the average savings rate is the lowest than since the Great Depression, and average inflation adjusted incomes have not increased when compared to our parent's incoms.  In addition, statistics are indicating that a large percentage of baby boomers have not saved enough for retirement. The reasons for the daunting statistics are many; however we believe financial planning and education will help many people achieve their goals, avoid traps, and provide the knowledge to recover from financial difficulties.

Software

Financial planning software until now has been designed for and used exclusively by financial professionals. eFinPLAN has been designed so that consumers can easily complete the questionnaire and understand the 60-plus-page financial plan report.  The software has been designed to cover virtually all of the main areas that comprehensive financial plans cover and some new areas.  The software is very robust and will continually be enhanced.

Marketplace

eFinPLAN is currently the only provider of consumer web-based comprehensive financial planning software. Until now, the only consumer-based financial software has been for accounting, tax preparation, and simple internet retirement calculators.  Financial planning commentators have been predicting for some time that consumer-oriented software would eventually be available. That time has arrived.  eFinPLAN truly represents innovation because it combines knowledge and technology to help people where they may need it the most – with their overall financial plan.

Distribution

eFinPLAN has many platforms for distribution:

• Direct to the consumer via eFinPLAN.com

• Offered by employers as part of their employee benefits package

• Provided by retirement plans for their participants

• Sponsored by financial, legal and tax advisors or institutions who do not already provide such services

Target Markets

Most financial services companies are pursuing the wealthiest people.  The eFinPLAN software solution is aimed primarily at the underserved middle market, although it is designed to help people of all income levels.  Research indicates only  1 - 2% of 108 million households (lower end of mass affluent, middle market, and mass mainstream market) are currently being served by professionally accredited financial planners (Financial Planning Association of Certified Financial Planners – CFPs), according to the May 2007 Edition of the Journal of Financial Planning (http://www.fpanet.org/journal/articles/2007_Issues/jfp0507-art5.cfm).  The same article references information from Cerulli Associates (the predominate financial services research company) that suggests that this market could be served by technology-based support (like eFinplan).

Background

Kent Irwin - 25 years of experience in the financial services industry began upon his graduation from The Ohio State University.  In the early 1990’s Kent earned the designation of Chartered Financial Consultant (ChFC) and Chartered Life Underwriter (CLU).  In 2004 Kent earned the designation of Chartered Advisor in Philanthropy (CAP).

Kent’s extensive career includes being a financial advisor for twelve years in private practice, and Vice President in the trust, investment and marketing departments of an investment banking firm.  In addition Kent was an Advanced Markets Consultant with Nationwide Financial® where he served with a staff of attorneys, accountants and financial planning experts supporting advanced estate and business planning needs for over 60,000 independent financial services professionals.  While at Nationwide Kent also participated in software, marketing and product development.  Prior to founding eFinplan, Kent was a Vice President and senior financial planner for a fee-only financial planning firm.

In addition to his professional life, Kent volunteers his time giving financial counseling and teaching various financial planning classes through the Vineyard Community Center.

Kent has been a member of the Society of Financial Services Professionals, serving on the board as the Professional Development Committee Chair and the Central Ohio Planned Giving Council.  Kent is also a member of the Financial Planning Association of Central Ohio, National Planned Giving Counsel, and National Association of Advisors in Philanthropy.

Contact Information

Please contact us for more information.

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