The Money Tree Software TOTAL planning suite combines three financial planning solutions into one comprehensive package. Lastly, MoneyGuidePro offers compliance controls and a built-in Risk Tolerance Questionnaire and Portfolio Probability Matrix. The client-centric solution also integrates with a long list of software including MorningStar Software, Upswing, Ameritrade and Advisor Products. This solution does a great job of catering to clients with risk assessment solutions, a robust client portal and tools like My Snapshot, which lets clients see how they’re doing in conjunction with their long-term goals. MoneyGuidePro is a top-rated financial planning solution that’s been ranked as the most-used financial planning software for a number of years by Financial Planning. Here are three financial planning systems that financial advisors and small finance firms can use to attract more clients and better plan for the future. Lastly - and most importantly - one’s financial planning software must help an advisor stay compliant with regulations.ģ Financial Planning Software Solutions Advisors Will Love Customer relationship management is the cornerstone of any single advisor’s operations, and any inefficiencies in this area will directly impact the advisor’s bottom line. At the very least, the financial planning software should deeply and effortlessly integrate with CRM software. Financial advisors also need software that integrates with the current solutions they’re using, be it performance reporting solutions, risk profiling software, trading solutions or calendar management tools. Top-of-the-line financial planning software streamlines data entry, allowing financial advisors to focus on growing their books instead of manually plugging in numbers. Solutions that can graphically illustrate these potential scenarios are best, as they make it easy for advisors to show clients how certain changes will affect their long-term financial position. Planning for retirement is one of a financial advisor’s most important tasks, so they need to be able to easily create retirement plans using what-if scenarios. Financial advisors should be able to see how different factors could affect their clients’ goals by using scenario planning and competitive analysis tools. The best financial planning software is both client-centered and goal-based. Since financial advisors from massive firms - we’re talking Merrill Lynch and Morgan Stanley - have an arsenal of financial planning software at their convenience, the key features (and related solutions) in this blog post are primarily geared toward financial advisors operating alone or within a small business environment. Key Features Advisors Want in a Financial Planning Solution The software can alert advisors to potential problems before they happen, and will provide an audit trail should an issue arise. With built-in tools to help advisors operate within regulations, the right financial planning software takes the guesswork out of what advisors can and cannot do. Instead of tracking regulation changes on their own, advisors can rely on their financial planning systems to monitor rules and regulations. Software that’s designed specifically for financial businesses provides tech-savvy advisors (and other financial employees) with a serious advantage. Either way, failing to comply is bad for business, which is why financial planning software is so important. Depending on the value of the assets you manage, as a financial advisor you may be regulated by FINRA, the SEC or local organizations. One of a financial advisor’s biggest concerns is keeping up with ever-changing rules and regulations. To provide clients with the best service possible (and to keep from going crazy), these individuals need top-rated financial planning software.įinancial Planning Software Ensures Compliance A financial advisor works as a jack of all trades, building a stable client base, managing large amounts of money and staying up-to-date in a world where regulations can change at the drop of a hat. Although financial advisors aren’t running Wall Street, their job is no easy task.
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