Without technology, it is difficult to recall a time when financial planning and portfolio management were practiced. Independent financial advisers, registered agents, and accountants have grown to rely on sophisticated financial tools to assist them in developing proper investment and retirement plans for their customers.
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| Financial Advisors' Favorite Financial Planning Software Tools |
Applications for Financial Advisors
Typically, financial software packages offer a wide range of helpful information and features. Among the most popular software programs are:
- Software for managing customer relationships groups client data simplifies communication methods and streamlines workflows.
- Cash flow analysis, long-term planning, and tax strategy plans are all provided by financial planning software.
- For a better understanding and administration of your client's overall asset holdings, portfolio management software offers extensive reporting features.
- Portfolio transactions are automated and coordinated by trading/rebalancing software.
- Software for investment analytics offers comprehensive data and archival information on securities and other assets.
- Hidden and recognized portfolio risks are identified, navigated, and quantified using risk tolerance software.
- The recovery of signatures from documents or their storage is made simple by document management software.
While many businesses utilize some of the software groupings mentioned above, others are extremely specialized for financial advisers. Solutions for customer relationship management, risk tolerance, and document management are ubiquitous across sectors.
We'll look at the top five financial planning software applications used by financial advisers in this post. MoneyGuidePro, eMoney Pro, RightCapital, Orion Financial Planning, and eMoney Plus are the top five financial planning software products used by professional financial planners in terms of market share.
MoneyGuidePro
MoneyGuidePro is the most popular financial adviser software product in terms of market share, accounting for 36.82% of the industry's market share by the user in 2021. MoneyGuidePro, which debuted in 2020, is regarded as one of the most complete tools.
MoneyGuidePro's success may be credited in part to its visually appealing, user-friendly presentation. The primary gateway is intended to completely engage the client, featuring a Play Zone where the customer may enter various choices and options to view potential outcomes.
The adviser retains complete control over the software, including what sections of it the customer is permitted to view.
Three levels make up Envestnet's MoneyGuide product line.
- For advisors who are new to financial planning software and are just starting out in their profession, MoneyGuideOne makes financial planning simpler.
- Custom report templates, estate planning, net worth statements, and risk management tools are among the most complex products offered by MoneyGuidePro.
- Dynamic income modeling, tax planning quantification, and annuity strategy modeling are just a few of the high-level services that MoneyGuideElite provides.
eMoney Pro
A highly comprehensive tool is available from eMoney, which is renowned for its in-depth cash flow analysis feature. eMoney Pro's market share for 2021 was 29.7%, up from 18.7% in 2020.
eMoney's financial feed, which offers real-time data, alerts, and news to assist advisers to keep on top of crucial customer and market circumstances, is one of its strengths. The eMoney client site (emX), which enables users to get a printout of their accounts at any time, is another significant feature.
In terms of client satisfaction, eMoney is the highest-ranked financial software product.
To assist financial advisers at various levels of service, the eMoney product line also offers a variety of independent solutions and APIs.
RightCapital
With 9.71% of the market, RightCapital finished 2021 in the third position. It is a relatively young software, having been founded in 2015, especially when compared to the other software leaders. When it comes to newer, smaller advisers, RightCapital competes quite well with the leaders—MoneyGuidePro and eMoney Pro.
RightCapital was developed to reside in the middle ground between too-limited and too-comprehensive planning tools, and it typically caters to millennial clientele who need help with budgeting.
It has several interfaces with CRM systems, performance reporting solutions, custodian/clearing businesses, and analytics software applications. RightCapital's offering also includes the following features:
- Integrated business intelligence software called RightIntel.
- An integrated client billing system called RightPay.
- Clients receive customized plan summaries in the form of snapshots.
Orion Financial Planning
With 6.3% of the market in 2021, Orion Financial Planning ranks fourth. With over 10% of the market share in 2021, Orion Financial stands out as a top choice for businesses with assets under the control of between $4 million and $5 million.
After acquiring Advizr in 2019 and rebranding it as Orion Financial Planning, Orion Advisor solutions has had a tremendous development in recent years. Orion has increased its assets under management by 50% after the acquisition. Orion Financial Planning more than doubled its market share between 2020 and 2021.
Tax administration, financial reporting, client billing solutions, security trading, company analytics, and financial planning are among the Orion Advisor tech solutions.
eMoney Plus
eMoney Plus, another eMoney solution, ranks sixth with a 6.1% market share in 2021. The program is a step down from eMoney Pro, focused on basic planning with a more simplified range of solutions as opposed to the more comprehensive planning capabilities of eMoney Pro.
eMoney Services
eMoney Plus
- Utilize simple, goals-based solutions that are intuitive to foster more planning-driven interactions and provide more plans to more customers.
- Basic access to the eMoney platform, fundamental planning, and sophisticated analytics are examples of solutions.
eMoney Pro
- Utilize advanced planning to give the most complete cash-flow-based capabilities to meet the most complicated planning demands of clients.
- Advanced platform access, advanced planning, and advanced analytics are examples of solutions.
The majority of eMoney Plus's success comes from dual-registered advisers. eMoney Plus represented 7.5% of the industry market share for these users (Only MoneyGuidePro and eMoney Pro are more popular).
How Do Financial Advisors Use Software?
MoneyGuidePro is one of the most widely used financial planning software programs. Financial advisers may also employ document management programs, trading/rebalancing software, portfolio management tools, and portfolio management tools.
Which Financial Planning Software Is the Best?
Each financial adviser will function best with software that complements the requirements of their clients. Some advisers are better served by simpler, less expensive systems that allow them to explain client portfolios.
Others demand more powerful analytical skills or managerial tools. In either scenario, a financial adviser should think about their client's requirements and determine whether a financial planning software solution is enough to meet those requirements.
What Tools Are Frequently Used in Financing Planning?
MoneyGuidePro was the most widely used financial planning software product for financial advisers in 2021. Two of the top five financial planning tools were also provided by eMoney.
There is a financial planning software product best suited for your clients, whether you are a small business just starting out or a bigger firm wishing to upgrade to a complicated, highly competent analytic solution.
Think about what you need to do to best meet your client's investment needs, then look into a solution (One of our more popular picks on the list, possibly) to manage your client's assets more effectively.
