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Maverick Updated June 8, — 1: Independent advisers, registered reps and even accountants have come to rely on sophisticated financial software designed to help them not only devise appropriate investment and retirement plans for clients but help them better engage clients as well.
Such programs typically provide historical data; the ability to directly compare two investments and visually represent the comparison in a way that is easy for the client to grasp; and a variety of equity evaluation formulas for stocks, including risk and volatility measures such as Sharpe, Beta and Sortino ratios.
Other common features include the ability to back test and show the effects of rebalancingdividend reinvestment and various taxation scenarios. The top five financial planning software programs used by professional financial advisers, according to a recent survey conducted by T3, Adviser Perspectives and Inside Information are: This survey polled over one thousand advisors with industry experience ranging from a few years to more than two decades, representing firms that rely on software for CRM, portfolio management and financial planning services.
Considered one of the most comprehensive programs and launched in by PIETech, it quickly rose to the top of the ranks and shows no signs of losing market share.
The main portal is designed to fully engage the client, including Play Zone where the client can input different choices and options to see potential effects.
However, the advisor retains ultimate control of the program, including what parts of the program the client is allowed to see. MoneyGuidePro offers more interactive interfacing with third-party programs, listing more than 40 on its website.
One criticism of the program is that, because it does not rely on cash flow analysis, its stock performance projections may be less reliable. Inthe company unveiled myMoneyGuide, a sales presentation tool for financial advisors. Of over one thousand respondents who reported using financial planning software, Another noteworthy feature is the eMoney client portal emX that allows clients to access a printout of their finances at any time.
For being a relatively new software, it was among the best rated 7. In addition, it ranked third for programs that people are thinking about adding.
RightCapital is the market leader for newer, smaller advisors, but has made inroads recently with larger, more mature firms. It does more than some applications that are intended for one narrow purpose, like retirement projections or education savings.
At the same time, it never compromises the user interface experience or a great client experience. Much of the initial plan creation for new clients is automated.
This feature simplifies the basics and makes lots of information readily available. However, there is plenty of opportunity for customization, and the ability for advisors to create illustrations and models for clients is one feature that adds to the appeal of RightCapital.
It is also the most popular software for veteran firms who have been in business for over 20 years. It offers good flexibility in its basic approach capabilities in that it can be focused on various goals, such as retirement, estate planning or educational funding plans.
While not as comprehensive as some other programs, Silver is graded high on ease of use and integration with third-party programs, as well as its module for evaluating insurance programs. In addition to this, Money Tree — Total offers both goals and cash flow based planning projections, an extremely useful feature that meets the unique needs of various clients.
A cash flow based program, NaviPlan is most popular among dually-registered advisors as it is easily scalable to a differing number of clients and varying net worth. It includes retirement analysis of accumulations and distributions and comprehensive analysis of assets and liabilities, including debt.
NaviPlan offers one of the most detailed cash management modules and visually superior side-by-side onscreen comparisons of investments, as well as Monte Carlo scenario simulations to help keep information up to date.
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