Alex Murguia, a principal at McLean Asset Management in Virginia, has established a firm that offers software solutions for financial planners.

InStream Solutions, the new company, features software that is designed to obtain data from portfolio management programs and update Monte Carlo projections on the odds of a certain plan's success. Alerts are generated whenever a plan falls outside the pre-set parameters. The software, which contains more than 30 calculators pre-populated with client data, is now being tested by 80 advisors, the firm said in a statement. 

In another innovation, InStream is also working on a new technology that enables the software to push data into a custom mindmap, which can then be used to graphically illustrate scenarios on a mobile device such as a tablet computer. 

InStream Solutions was created by McLean Asset Management Group advisors throughout 2009 and 2010.