Monthly Archives: July 2014

The “New Version” Dilemma

Kevin Whalen, CPA, CGMA, MST, MSRED


When you hear a company announce a new product or version, potential customers often feel conflicted: Should you buy the current product in order to immediately begin addressing your needs? Or, should you wait until the newer, more advanced version is available, so you don’t miss out on the increased functionality? Fortunately, the recently unveiled new version of Financial Navigator family office software allows for the best of both worlds.

No Need to Settle

To be sure, Financial Navigator 10 (FN10) offers numerous time-saving features not available in its predecessor, Version 9.5. We’re excited about the increased convenience and performance. However, FN10 is not yet fully complete. While it can already meet the needs of many users, certain functions currently offered in 9.5 will not be available in FN 10 until later this year. These include:

  • Check printing
  • Electronic retrieval of investment and banking transactions (BrokerLink/BankLink)
  • User profiles and permissions
  • Retrieval of current market prices

As a result, it makes good sense to get started on our system today with 9.5. Then, when FN10 becomes fully functional to meet the demands of even power users, it will be a straightforward, and free, matter to upgrade.

The Process Takes Time

It’s also worth remembering the simple reality that it will take time for you to change over to a new family office accounting system. The process entails far more than just installing the latest software. It typically requires several weeks and includes the following steps:

  • Mapping out all entities and their relationships to each other
  • Developing the Chart of Accounts for each person, partnership, LLC, foundation, etc.
  • Establishing user permissions
  • Receiving training on how to use the software
  • Determining which reports are needed and formatting them appropriately

These steps will be required no matter which version you select. Licensing 9.5 today allows you to start the process immediately and begin using our solution to address your needs as soon as possible. When you are ready to upgrade to FN 10, all the 9.5 data and settings will be carried over, so the procedure will be quick and easy.

The Most Important Step

In short, there is no need to wait. If FN 10’s functionality doesn’t currently meet your needs, it soon will. In the meantime, 9.5 will provide a leap forward in your ability to track and report on your clients’ financial activities. Either way, the most important step is the first one: Get started!