5 things your financial planning software should do
Introduction
Besides price, compliance / security requirements and other basic considerations, there’s a lot to think about when picking a planning software for your firm. While word of mouth is important, what may be the best software for other advisors may not be the best software for you. With so many players in the market, here’s how you can pick the best product for your business.
Criteria you should consider when choosing a planning software:
Meets your needs: By far, the most important thing to do is to identify what features are must haves for the software and what your planning style is. Does your firm take the goal based or cash-flow based approach to financial planning? Do you need a detailed planning software that may take more time to onboard clients, or do you need a simple, high level one with quick onboarding? Are there certain third party softwares such as a CRM platform that you already use that you want integrated into your planning software? Can the planning software run a Monte Carlo simulation? Make a list of your must haves to begin ruling out some of the softwares.
Meets your clients’ needs: Now that your needs are met, make sure your software can address your clients’ needs. For example, if your clients tend to come to you for help with tax planning strategies, make sure your software has those capabilities. Identify what your clients value so that you can look for those features in the software.
Showcases your value: Your software should be additive to your practice, helping you show the value of your services to your clients. For example, graphics may help you get your points across to clients or the software’s analysis may find areas where your clients’ finances can be optimized. Find a software that you can leverage to support you and highlight your strengths as an advisor.
Has a client facing component: Your clients prefer to be informed about their finances. With how easy it is to access most other financial information, clients will expect that they’re able to access their financial plan just as easily. Make sure that the client facing software is intuitive: you don’t want to be taking calls from your clients with questions about how to use the app or website. For those clients who are less tech inclined, make sure there are still features that help you with your client facing interaction such as pre populated pdfs of financial plans that are easy to email to your clients.
Has great customer support for you and your clients: Your software is an extension and reflection of your firm. We know your financial planning software can become integral and core to your business. If your clients have any issue with the platform, you want their issues to be addressed as soon as possible just as you would want your issues addressed quickly.