Software for Financial Planners: Streamline Your Planning with Technology

The Importance of Technology in Financial Planning 🚀

Welcome to our comprehensive guide on software for financial planners. In today’s world, technology is an essential component of almost every industry, and financial planning is no exception. In fact, software for financial planners has become increasingly vital in recent years, as it can help to streamline and automate many of the more tedious parts of the planning process, allowing financial planners to focus more on client relationships and providing tailored advice.

Furthermore, the COVID-19 pandemic has highlighted the need for financial planners to be agile and efficient in dealing with their clients’ rapidly changing needs. In this scenario, utilizing the right software tools can help you stay connected with clients and provide them with valuable insights as they navigate through these uncertain times.

In this article, we’ll explore the top software solutions available to financial planners, which features to look for in your ideal software, and how to choose the right software for your needs. So, let’s get started!

The Top Software Solutions for Financial Planners 🥇

There are many different software solutions available for financial planners, each with its own strengths and weaknesses. Here, we’ll take a closer look at some of the top software options, in no particular order:

Software Name	Features	Pricing
AdvisorEngine	Portfolio management, financial planning, CRM, rebalancing, compliance reporting, billing, client onboarding	Custom pricing
Envestnet	Portfolio management, trading, financial planning, billing, rebalancing, proposal generation	Custom pricing
Riskalyze	Risk assessment, proposal generation, client engagement tools, retirement income planning	Starting at $150/month
MoneyGuidePro	Retirement planning, cash flow planning, goals-based planning, tax planning, investment planning	Starting at $1,295/year
Orion Advisor Tech	Portfolio management, financial planning, trading, billing, client communication, compliance reporting	Custom pricing

AdvisorEngine 👩‍💼

AdvisorEngine is a comprehensive software solution with a range of features designed to make financial planning more efficient and effective. It offers portfolio management, financial planning, CRM, rebalancing, compliance reporting, billing, and client onboarding tools, all in one place.

AdvisorEngine’s customizable dashboards allow you to monitor your clients’ accounts and positions in real-time, giving you valuable insights into their portfolio performance. The platform’s portfolio management tools also enable you to easily rebalance your clients’ portfolios, minimizing the need for manual intervention and saving you time.

Furthermore, AdvisorEngine’s financial planning capabilities allow you to create detailed, personalized financial plans for your clients, with integrated Monte Carlo simulation tools and advanced tax planning features.

Envestnet 📈

Envestnet is another comprehensive software solution for financial planners, offering portfolio management, trading, financial planning, billing, rebalancing, and proposal generation tools. Envestnet’s platform is designed to be easily scalable, so it can grow with your business as your client base expands.

One of Envestnet’s standout features is its rebalancing tool, which uses an algorithmic approach to rebalancing portfolios, rather than relying on manual intervention. This can help minimize the risk of errors and make the rebalancing process more efficient.

Envestnet’s financial planning tools are also robust, with advanced features like tax-efficient drawdown strategies and tax-efficient asset location analysis. The platform also offers proposal generation tools, enabling you to create detailed investment proposals for your clients.

Riskalyze 📉

Riskalyze is a software platform that specializes in risk assessment and retirement income planning. Its risk assessment tools help you to identify your clients’ risk tolerance and create investment portfolios that align with their individual needs and goals.

Riskalyze’s proposal generation tools also enable you to create detailed investment proposals that are tailored to your clients’ unique risk profiles. The platform also offers a range of client engagement tools, such as a risk questionnaire and a client portal, to help you build stronger relationships with your clients.

MoneyGuidePro 💰

MoneyGuidePro is a financial planning software solution designed to help you create detailed, goals-based financial plans for your clients. Its intuitive, step-by-step planning process takes into account a wide range of variables, including retirement income, cash flow, and tax planning.

MoneyGuidePro’s retirement income planning tools are particularly robust, with advanced features like Social Security optimization and Monte Carlo simulations. The platform also integrates with a range of third-party tools, such as Morningstar and RedTail, to help you streamline your workflow.

Orion Advisor Tech 🌌

Orion Advisor Tech is an all-in-one software solution that offers portfolio management, financial planning, trading, billing, and client communication tools. Its award-winning client portal, Orion Connect, allows your clients to view their account balances, performance, and other important information in real-time.

Orion Advisor Tech’s compliance reporting tools are particularly noteworthy, with a range of features designed to help you stay compliant with SEC and FINRA regulations. The platform also offers a range of automated trading tools, enabling you to execute trades quickly and efficiently.

Features to Look for in Your Ideal Software 🔍

With so many different software solutions available, it can be challenging to know which one is right for you. Here are some of the key features to look for when selecting your preferred software:

Integrations 🤝

Many financial planners use a variety of different tools and services to manage their workflow. Your ideal software should integrate seamlessly with these tools, allowing you to streamline your workflow and avoid duplication of effort.

Customization 🧑‍🎨

Every financial planner is different, and your software should reflect that. Look for a software solution that allows for customization of reports, planning processes, and portfolio management tools to match your unique style and approach.

Data Security 🛡️

Financial planning involves handling sensitive client data, so it’s essential to choose a software solution that prioritizes data security. Look for a platform with robust security features, such as two-factor authentication, encryption, and regular data backups.

Client Communication 📞

Effective communication with your clients is key to building strong relationships and providing valuable advice. Look for a software solution that offers client communication tools, such as a client portal or messaging system, to facilitate collaboration between you and your clients.

How to Choose the Right Software for Your Needs 🔍

Choosing the right software for your needs requires careful consideration of your specific workflow and business needs. Here are some tips to help you find the perfect software solution:

Assess Your Needs 🤔

Before you start looking for software, take the time to assess your current workflow and identify any pain points or inefficiencies. This will help you to identify which features and tools are most important to your business.

Consider Your Budget 💰

Software solutions for financial planners can vary widely in price, so it’s essential to consider your budget when selecting a platform. Look for a software solution that provides the features you need at a price you can afford.

Try Before You Buy 🧪

Many software solutions offer free trials or demos, allowing you to test the platform before committing to a purchase. Take advantage of these trials to ensure that the software meets your needs and integrates seamlessly with your current workflow.

Get Feedback from Other Planners 🗣️

Finally, don’t hesitate to reach out to other financial planners to get their feedback on different software solutions. The financial planning community is supportive and collaborative, and many professionals are happy to share their insights and experiences.

Frequently Asked Questions (FAQs) ❔

1. What is financial planning software?

Financial planning software is a type of software that helps financial planners streamline and automate many of the more tedious parts of the planning process, such as portfolio management, rebalancing, and financial plan creation.

2. Who can benefit from financial planning software?

Financial planning software can benefit a wide range of professionals, including financial planners, wealth managers, and investment advisors.

3. What features should I look for in financial planning software?

You should look for financial planning software that offers a range of features, including portfolio management, rebalancing, financial planning, proposal generation, and client communication tools.

4. What are some of the top financial planning software solutions?

Some of the top financial planning software solutions include AdvisorEngine, Envestnet, Riskalyze, MoneyGuidePro, and Orion Advisor Tech.

5. How much does financial planning software cost?

The cost of financial planning software varies widely depending on the platform and the features included. Prices range from several hundred to several thousand dollars per year.

6. How do I choose the right financial planning software for my needs?

You can choose the right financial planning software for your needs by assessing your business needs, considering your budget, trying before you buy, and getting feedback from other financial planners.

7. How can financial planning software help me better serve my clients?

Financial planning software can help you better serve your clients by streamlining your workflow, enabling you to provide more personalized advice, and facilitating collaboration between you and your clients.

8. Can financial planning software help me stay compliant with regulations?

Yes, many financial planning software solutions offer compliance reporting tools that can help you stay compliant with SEC and FINRA regulations.

9. What should I look for in terms of data security?

You should look for financial planning software that prioritizes data security, with features such as two-factor authentication, encryption, and regular data backups.

10. How can I make the most of my financial planning software?

To make the most of your financial planning software, you should take advantage of all the features and tools available, customize the software to match your unique workflow, and stay up-to-date on new features and updates.

11. Can financial planning software help me during the COVID-19 pandemic?

Yes, financial planning software can help you stay connected with your clients and provide them with valuable advice during the COVID-19 pandemic, particularly with features such as client communication tools and remote collaboration capabilities.

12. How often should I review my financial planning software?

You should review your financial planning software periodically, particularly after major updates or changes to your business needs. This will help you ensure that the software continues to meet your needs and provides the features and tools you require.

13. Can I use financial planning software on my mobile device?

Many financial planning software solutions offer mobile apps or responsive web designs, allowing you to access the platform on your smartphone or tablet.

Conclusion: Choose the Right Software for Your Financial Planning Needs 🚀

Software for financial planners can be a game-changer, enabling you to streamline your workflow, provide more personalized advice to your clients, and stay compliant with regulations. Whether you’re looking for portfolio management tools, financial planning capabilities, or client communication solutions, there is a software solution available to meet your needs.

When selecting your ideal software, be sure to assess your business needs, consider your budget, and try before you buy. And don’t forget to get feedback from other financial planners to ensure that you make the most of your chosen software solution.

So what are you waiting for? Start exploring the top financial planning software solutions today and take your financial planning business to the next level!

Closing Disclaimer: Stay Ahead of the Game with the Right Software 💪

Investing in the right software for financial planners is essential for staying ahead of the game in today’s ever-changing financial landscape. With the COVID-19 pandemic causing disruption across the industry, it’s more important than ever to have the right tools at your disposal.

However, selecting the right software can be a daunting process, with many factors to consider. We hope that this comprehensive guide has provided you with the information you need to make an informed decision and choose the software that best fits your needs.

We wish you all the best in your search for the perfect software solution, and encourage you to stay proactive in your business to continue serving your clients’ financial needs with excellence.