Meet Joshua Sorensen, a financial advisor for Buckman-Mitchell Financial & Insurance Services. Based in California, Joshua works with qualified plan sponsors and individual clients who need financial planning. His typical plan sponsor has assets of $10-20 million. Joshua uses TRAK for retirement planning and business development.
“TRAK’s Batch Gap report is one of the first things I show to plan prospects,” explains Joshua. “It helps them understand that we’re not the kind of company that merely shows a PowerPoint once a year. The report demonstrates that we’re offering real retirement planning.” TRAK's Batch Gap report provides a one-page gap analysis so that clients can examine how well their retirement is funded—and how closing a potential shortfall will impact their take-home pay. In Joshua’s case, the Batch Gap reports help him inspire plan sponsors to provide more tailored education materials for participants.
Joshua likes that the Batch Gap report provides realistic suggestions for closing the retirement income gap. “The software is dynamic, with a limit on how much it suggests for contribution increases,” he says. “Then it makes up the difference by dynamically adjusting other variables, such as the retirement age or retirement income.” In cases where there is a gap, TRAK suggests a reasonable contribution increase. “I can even set certain thresholds,” says Joshua.
Joshua previously used a competing software product, but it involved more steps and required between 30 and 60 minutes. “Now I use TRAK and in 5-10 minutes the report is complete,” says Joshua. “It has all the essentials I need—and nothing more to complicate things.”
Recently Joshua was working on a Batch Gap report and needed to create different classes of employees, each with different profit sharing levels. He sent his idea to Trust Builders, TRAK’s creator, and within a week the software was updated with the new feature.
“The software development was so fast that I was able to apply the new feature to the report I was working on at the time,” explains Joshua. “If I had been dealing with a larger software company, my idea wouldn’t have been implemented for years.”
“I recommend TRAK because it’s a great product,” says Joshua. “It’s very reasonably priced and it helps me stand out among other financial advisors.”