Top 5 Financial Planning Software Tools Used by Financial Advisors

J.B. Maverick is an active trader, commodity futures broker, and stock market analyst 17+ years of experience, in addition to 10+ years of experience as a finance writer and book editor.

Suzanne is a content marketer, writer, and fact-checker. She holds a Bachelor of Science in Finance degree from Bridgewater State University and helps develop content strategies for financial brands.

Maintaining and Growing Your Practice

1. Financial Advisor Career: Pros and Cons
2. 5 Growth Strategies for Financial Advisors
3. Top Referral Tips for Financial Advisors
4. 9 Client Events to Grow Your Financial Advisor Practice
5. Top Tips for Young Financial Advisors
6. More Advisors Are Going Independent, With No Regrets
7. Top Reasons Why Advisors Should Go RIA

Maintaining Your Practice

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2. What is Regulation Best Interest?
3. How Financial Advisors Can Protect Themselves Against Lawsuits
4. FA Profession: Accountable for Lack of Diversity
5. Ethical Issues for Financial Advisors

Resources for Advisors

Tips for Advisors

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2. Tax Tips For Financial Advisors
3. 4 Professional Associations Financial Advisors Should Join
4. 4 Senior Certified Designations Worth Pursuing
5. 5 Traits of Successful FAs

What's Next for Financial Advisors

1. What does the Future Hold for Advisors?
2. Tips for Advisors Who Retire and Sell Their Practice

It's hard to imagine the days of financial planning and portfolio management without spreadsheet software, charting software, and other tools that are commonly used today. Independent advisors, registered representatives, and accountants have come to rely on sophisticated financial software to help them devise appropriate investment and retirement plans for clients. They also have a slew of other tools and apps at hand to handle other parts of their practices.

Below, we have compiled a list of the top tools used by financial advisors.

Key Takeaways

• Financial advisors rely on a suite of software to manage and analyze client relationships, portfolios, trades, and investment data.
• Platforms like eMoney Advisor and MoneyGuidePro are popular financial planning applications that help advisors complete many tasks with one app.
• Financial planning software enables advisors to present complex financial scenarios in visually engaging ways, fostering deeper client understanding and collaboration.

Platforms and Apps for Financial Advisors

Financial advisors have various platforms and apps for use in their practices. Here are some of the more widely used:

• Customer relationship management (CRM) apps: Modern CRMs offer features beyond managing your contacts, such as automated client communications, task management, and full integration with other financial tools. Notable options include Salesforce Financial Services Cloud, Redtail Technology, and Wealthbox.
• Financial planning tools: These platforms offer cash flow analysis, retirement projections, and tax optimization. Top choices include eMoney Advisor and MoneyGuidePro, which incorporate AI-powered features to streamline analysis and personalize plans.
• Portfolio management apps: These platforms provide analytics, performance reporting, and risk assessment tools, giving advisors different vantage points on their clients' portfolios. Orion Advisor Tech, Morningstar Office, and Black Diamond are widely used in the industry.
• Trading and rebalancing platforms: These tools help ensure that your clients' portfolios are in line with their investment strategies and goals by trading and rebalancing portfolios automatically. Platforms like BlazePortfolio, iRebal, and TradingFront are notable in this area.
• Investment analytics: These tools provide advisors with in-depth data and research on a wide range of securities and asset classes, making due diligence and generating investment ideas far easier. FactSet, YCharts, and Refinitiv are popular choices.
• Risk tolerance analysis: These tools assess client risk tolerance using questionnaires and sophisticated algorithms, helping advisors build portfolios that align with their comfort levels. Riskalyze and Tolerisk are well-regarded options.
• Document management: Securely storing and managing client documents, taking care of electronic signatures, and streamlining compliance are vital features of these platforms: DocuSign, ShareFile, and NetDocuments.

1. MoneyGuidePro

Holding about a third of the market share of financial advisor users in 2023, MoneyGuidePro is the most popular set of apps in this space. The platform aims to simplify gathering client data, analyzing their finances, and developing strategies to help them reach their goals.

A notable feature of MoneyGuidePro is its ability to generate "what-if" scenarios. Advisors can modify variables such as retirement age, investment returns, and inflation rates to illustrate the potential impact on a client's long-term financial outlook. This interactive approach helps clients understand the consequences of their decisions and enables them to make more informed choices.

2. eMoney Pro

eMoney is an in-depth program known for its detailed cash flow analyses. The market share for eMoney Pro was about 28% in 2023. One of eMoney's standout features is its financial feed, which provides real-time data, alerts, and news. You can use this to stay current throughout the day on client portfolios.

Another noteworthy aspect of eMoney is its client portal, emX. This grants clients secure access to an overview of their finances anytime. In addition to its flagship product, eMoney offers a range of stand-alone products.

3. RightCapital

RightCapital had about 16% of the market share in 2023, up from 12% in 2022. Founded in 2015, it's relatively new and generally appeals to millennial clients who need help with budgeting. RightCapital was created to offer a middle ground between overly complex products with information clients don't need and products that are too simple to be of much use to them.

It also includes RightIntel, a built-in business intelligence product; RightPay, an integrated client billing system; and Snapshot, which provides personalized plans for clients.

4. eMoney Plus

Another eMoney offering, eMoney Plus, had just over 5% of market share in 2023. The software is a step below eMoney Pro and focuses on foundational planning with a more simplified suite of products.

eMoney Plus vs. eMoney Pro

• Focused on foundational planning with streamlined, goals-based interfaces
• Basic platform access, foundational planning, advanced analytics
• Targets clients with less complex financial needs

• Focused on more advanced planning with cash-flow analysis
• Fuller platform access, more sophisticated planning, and analytics
• Targets clients in more complex financial situations requiring sophisticated planning tools

5. Asset-Map

Asset-Map had just under 5% of the market share in 2023. It's worthwhile for financial advisors who want to engage better with clients. It takes a visual approach to laying out household finances and tracking progress toward financial goals, making it more accessible and understandable for clients.

Asset-Map provides two primary services:

• Asset-Map Pro: All of the Asset-Map features for financial planners
• Asset-Map Essentials: The features of Asset-Map Pro, without Target-Map service, which provides the visuals for financial planning goals

How Might Financial Advisors Use AI?

Tools powered by artificial intelligence (AI) could help automate routine tasks, such as data entry, portfolio rebalancing, and compliance monitoring, freeing up advisors to focus on more strategic activities and meeting with clients. For example, AI can analyze large data sets to identify trends and provide insights that help advisors make more informed investment decisions. In addition, by analyzing client preferences, AI can help advisors tailor their recommendations to each client.

What Role Does Cybersecurity Play in the Tools Financial Advisors Use?

Given how financial advisors rely on digital platforms to manage client information and conduct transactions, the risk of cyberattacks and data breaches is significant. Robust cybersecurity measures are essential for any platforms and apps advisors use. In addition, advisors need to follow data protection and cybersecurity rules, such as the General Data Protection Regulation.

What Is the Best Financial Planning Software?

Every financial advisor will be best suited for software that meshes well with their client's needs. Some advisors are better suited with simpler, less expensive solutions that can more easily explain client portfolios. Others require heavier analytical capabilities or more robust management tools. In either case, a financial advisor should reflect on their client's needs and determine whether a financial planning software tool fits that need.

The Bottom Line

Gone are the days of relying solely on pen, paper, and basic calculators. To stay competitive, advisors often use sophisticated financial planning applications. Whether you have a new, small firm or a larger firm looking to upgrade to a complex, highly capable analytics platform, there is a financial planning software tool best suited for you and your clients.

The top five tools used by financial planners help them maintain efficient workflows, produce visually appealing reports for clients, and improve client engagement.