![]() We use HiddenLevers (now part of Orion Risk Intelligence) for this type of analysis. Part of your fiduciary duty is to measure a client’s comfort with risk, and there is software that can help you do this easily. You can pull those accounts and manage them under the same planning paradigm that you use for a client’s other investment accounts held by your firm. Pontera gives you the ability to manage a client’s held-away assets, such as those in a 401(k) or another workplace plan. You upload a client’s tax return, and the software will find missed tax opportunities and offer planning suggestions. There are several specialized advisor software options that help you go beyond general financial planning.Ĭarson’s tech stack includes Holistiplan, which analyzes a client’s tax return to find optimization strategies. For Carson Partners, our tool called Gameplan allows you to set up these steps and workflows during a client’s annual review. As you set up steps for your client’s financial plan, you can use these programs to create workflow steps on the CRM for other members of your team.įor example, you tell the operations person in your office to withdraw money for a client out of one of their accounts based on their plan needs. While each software can handle both types of planning, generally those are considered their specialties.īoth programs also do an excellent job connecting with Customer Relationship Management (CRM) software like Salesforce, especially for workflow management. eMoney works well for cash flow-based planning, where you track all of a client’s income and spending, then design their financial plan and possible goals off that. MoneyGuide is better for goal-based planning, where the client sets specific goals first, like “retire at age 60,” and then you figure out the steps they need to reach those goals. When comparing the two, one consideration is the type of planning you typically do. Both allow you to design, customize and track financial plans for your clients. MoneyGuide and eMoney are two of the most popular options for general financial planning software. Of course, with enough time and money invested, you can probably solve integration issues, but there are likely more cost-effective options.Īs you plan out your firm’s tech stack, consider which financial advisor software fulfills your needs, integrates well with your other technologies and is user-friendly for your team. Just like different parts of a financial plan need to coordinate, so do the different parts of your tech stack. The best software not only does a good job serving its designed purpose, but also integrates well with other software. Most firms are looking to handle five to six common needs. ![]() This flexibility can be nice, but also overwhelming with hundreds of options to choose from.Īs you design your tech stack, think again about what you’re trying to accomplish. ![]() On the other hand, if you’re an RIA working independently, you could use any combination of software you’d like. ![]() The challenge is figuring out just what combination of software programs would best deliver this result.Īdvisors who work for a major broker-dealer are usually limited to what’s allowed by their company. ![]() With the right tech stack, you can deliver a better client experience, improve your financial recommendations and run a more efficient firm. The financial advisor software landscape continues to evolve, with new digital tools hitting the market each month. ![]()
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