Business Finance

How to Select Comprehensive Software for Financial Planning?

Financial advisors come up with a financial plan to get a deep understanding of their clients. This understanding not only applies to the client’s finances and their family and societal norms and what they see money as. With this knowledge, they have the power to effectively govern their client’s money and instill in their financial strength. However, to create a detailed and explicit financial plan, comprehensive software is needed.

Factors to consider when choosing a financial planning software

To select the best financial planning software as a financial advisor, you need to consider the following.

1 Know your needs, whether it’s cash-flow-based software or goal-based software.

An expert says that an excellent way to begin when sourcing comprehensive financial software is to classify financial planning advice as cash-flow-based or goal-based.

Goals-based financial software matches the client’s money to a specific financial goal, and the software also foretells whether the client will attain his goal. But this method has a downside, which is the inability of the software to ultimately trace the entire revenue and the destination of every dollar spent. Then, as the financial advisor, your role is to deduce if your client can reach the goal.

On the other hand, cash-flow-based software traces every dollar coming in and going out of your client’s home. Instead of majoring in cash flow towards particular goals, cash flow-based software tracks how your client’s resources are streaming across all spending sectors. This creates a more detailed examination than goals-based tracking, though it’s monotonous to include and propel every dollar.

2. Have an understanding of your client’s needs.

When searching for financial software, you need to understand your client’s needs, enabling you to find a tool that works in their favor. Financial advisors with a client base of complex families require different software than those working mainly with simple families. In the same vein, clients with higher net worth have planning needs different from those with lesser assets to invest in

3. Consider how your client chooses to obtain their financial plans, for instance, in digital or paper form.

There exists a variation among the nature of planning tools. If your clients choose Paper communication over digital, it means that you may have to search for supporting software for this. An expert says that ” When the process involved in planning software is complex, there is an increase in frustration and a decrease in practice.”

There are other vital standards to consider when choosing financial software to use for your clients. These standards include whether the software can run a financial report package at any given time and provide reconciliations of financial data taken from various custodial accounts to offer one view to the client.

4. You should source intuitive software supported on all devices.

As a financial advisor, you should also search for software capable of running Monte Carlo Simulation Analysis. This analysis is used to deduce the likelihood of a variety of possible results.

5. Evaluate the benefits of ancillary planning services such as a client portal or an account aggregation.

Experts suggest that ancillary planning services such as a client portal or account segregation should be considered as a component of your offer as a financial advisor and find software that makes such services available.

6. Be attentive to security.

Financial advisors are now migrating to cloud-based planning, and as a result, the need for client security is vital. Software’s with tight security protocols such as two-factor authentication are essential in protecting client’s data.

Recommended Financial Planning Software’s to Consider

If you’re looking for suggestions as to what financial planning software you should get, take a look at the following:

1. Financial mappers software

The Financial mappers software helps you with your financial plans. Financial mapper’s creative functioning lies in bringing together all the nitty-gritty of a person’s finances and goals. The reports would display the precise financial position of the client, and you’re able to change the entire plan in an instant. People will comprehend their finances, financial advisors will be committed to their clients, and firms will assist in establishing healthy relationships with a vast number of clients.

2. Moneytree

The Moneytree was founded in 1981 to give financial advisors and planners mathematically improved tools, which enables them to create a constant planning process.

3.eMoney Advisor

eMoney advisor software assists you in planning, engaging, streamlining, and growing your business. Among the potencies of eMoney advisor software is its financial feed that shows the data at the time, alerts, news, enabling advisors to keep tabs on valuable client and market conditions.

4.MoneyGuide pro

MoneyGuide pro is a flagship version of Envestnet’s financial advisor software that offers goal-based planning with custom report templates and detailed plan analytics. The primary portal is crafted to fully occupy the client, including a play zone where the client fills in various preferences and alternatives to see possible results. However, the financial advisor oversees the entire program and controls the part of the program the clients are allowed to see.


NaviPlan makes available simple goal-based examination and advanced cash flow planning analysis. It comprises goal finding, suggestions, demonstrations, and regulating abilities.

6. RightCapital

Software developers created RightCapital for investors who need a particular thing between extensive and straightforward. RightCapital makes available intuitive financial planning capabilities and tax planning techniques. It also features a Budgeting and student loan debt, making it easy for the younger clients coming up in their respective careers.


Financial organization is a complex task. Occasionally, human errors often result in undesirable outcomes. An excellent option would be the digitalization of the economic space. Industrialization is a considerable remedy, particularly for large companies that handle the real estate or transportation.

Although the best financial planning software is subjective, some software is rated above the rest. Endeavor to consider your needs and those of your client’s when choosing the best financial planning software for you.