Covisum
Retirement income planning software built for advisors
About Covisum
Covisum is a retirement income planning platform for financial advisors, built around four tools: Social Security Timing, Tax Clarity, Income InSight, and SmartRisk. Advisors use it to compare Social Security claiming strategies, model retirement taxes and Roth conversions, sequence withdrawals, and analyze portfolio risk, then present the results in client-ready reports. Founded by practicing advisor Joe Elsasser, CFP, the company is based in Omaha, Nebraska.
Pros & Cons
Pros
- Specialized depth on Social Security claiming, retirement taxes, and withdrawal sequencing that general planning software covers only lightly
- Tools can be bought individually, so advisors pay only for the analysis they need
- Client-facing reports use clear visuals that help explain trade-offs to non-expert clients
- Built by a practicing CFP, with support staff who can answer planning questions as well as software questions
- Month-to-month billing with no contract and a 10-day free trial
- Associate licenses let support staff share access without a second full subscription
Cons
- Advisor-only product; not designed for individual consumers planning their own retirement
- The full Suite at $300/month is expensive for a solo advisor compared with single-tool subscriptions
- Reviewers note that data entry can be tedious for complex client cases
- Point solutions rather than a full financial plan; most firms still need a core planning platform alongside it
- Subscriptions are single-user, so each extra team member adds $39.99/month
Key Features
Social Security Timing
Compares claiming strategies for individuals and couples, including survivor benefits and the earnings test, to show the impact on lifetime benefits.
Tax Clarity
Visualizes a client's tax landscape and effective marginal tax rate, flags sub-optimal tax situations, and models Roth conversions over time.
Income InSight
Builds a retirement income plan that coordinates income streams and the sequence of account withdrawals, with stress tests for down markets, inflation, early death, and healthcare events.
SmartRisk
Analyzes portfolio risk and downside expectations so advisors can show clients whether their allocation fits their income goals and risk tolerance.
Client-ready reports
Generates visual reports that explain strategies and alternatives to clients; most reports run in about five minutes.
Roth conversion modeling
Shows the effect of Roth conversions on taxes, Medicare premiums, and plan sustainability across multiple scenarios.
Associate licenses
Adds team members under a primary account with access to all tools in that subscription for $39.99 per user per month.
Practice growth resources
Includes practice management and marketing material, such as a field-tested PowerPoint presentation and script for client seminars.
Expert support
Phone and email support covering both software questions and retirement planning concepts, plus an online help center and training resources.
Pricing
- $599/year billed annually
- Social Security claiming strategy comparisons
- Earnings test calculations
- Client-ready reports
- Unlimited client cases
- $599/year billed annually
- Portfolio risk analysis
- Downside expectation modeling
- Client risk communication reports
- $899/year billed annually
- Effective marginal tax rate analysis
- Roth conversion modeling
- Multi-year tax landscape reports
- $1,400/year billed annually
- Retirement income and withdrawal sequencing
- Stress tests for market, inflation, health, and longevity events
- Roth conversion impact
- Social Security Timing
- Tax Clarity
- Designed to complement an existing financial planning tool
- Social Security Timing
- Tax Clarity
- Income InSight
- SmartRisk
- Integrated retirement income planning workflow
- Multi-advisor and enterprise pricing
- Integrations
- Tailored support options
Best For
Social Security claiming advice
Advisors compare claiming ages and spousal or survivor strategies to show clients the lifetime benefit difference of each option.
Roth conversion planning
Tax Clarity and Income InSight model when and how much to convert, including the effect on tax brackets and Medicare premiums.
Retirement withdrawal sequencing
Income InSight shows which accounts should fund spending each year and stress tests the plan against adverse events.
Portfolio risk conversations
SmartRisk helps advisors show clients realistic downside expectations and move them toward a suitable allocation.
Prospecting and client seminars
Advisors use Social Security reports and the included presentation material to attract retirement-focused prospects.
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