And financial planning software companies are always trying to come up with the next new differentiating feature and approach. The real differentiators for financial planning software in today’s marketplace are about what can be accomplished when using the tool live, collaboratively, in real time with a client. Yet the reality is that while the origin of financial planning software was simply a complex “financial planning calculator” tool, in today’s environment being able to effectively calculate projected outcomes is merely the “ table stakes” that any financial planning software must be able to achieve to have a seat at the table. Key Sections Of This Guide: FP Software Factors To Consider | Financial Planning Software Reviews | Financial Planning Software Pricing Comparison Chart The Challenge In Selecting The Best Financial Planning Softwareįinancial planning software is an essential tool for any bona fide financial advisor, in a world where projecting the long-term impact of financial trade-offs – necessary for any consumer/client to make a good financial decision – is far too complex to be done without technology to assist. Good planning software fills the void by doing the requisite ‘number-crunching’ necessary to calculate projected outcomes, so that a client can evaluate the consequences of any particular financial trade-off or decision. In 2010, Michael was recognized with one of the FPA’s “Heart of Financial Planning” awards for his dedication and work in advancing the profession. In addition, he is a co-founder of the XY Planning Network, AdvicePay, fpPathfinder, and New Planner Recruiting, the former Practitioner Editor of the Journal of Financial Planning, the host of the Financial Advisor Success podcast, and the publisher of the popular financial planning industry blog Nerd’s Eye View through his website, dedicated to advancing knowledge in financial planning. Michael Kitces is Head of Planning Strategy at Buckingham Strategic Wealth, which provides an evidence-based approach to private wealth management for near- and current retirees, and Buckingham Strategic Partners, a turnkey wealth management services provider supporting thousands of independent financial advisors through the scaling phase of growth. I hope this guide is helpful to you in considering whether you're got the "right" financial planning software, or whether there may be an alternative solution out there that's a better fit for your business and client needs! Also included are the pricing details of the various financial planning software packages, which still have a remarkably amount of variance for what are nominally "similar" financial planning software tools! In addition, as someone who's seen virtually every financial planning software company in the landscape - including some that aren't even around anymore - the end of this guide includes my own brief high-level review of each of the leading financial planning software packages (including some of the newest players, too), to give further context to each software package's strengths and potential weaknesses. the reality is that no financial planning software is the "best" at everything, so trade-offs must be considered. Whether it's the distinction between goals-based and cash-flow-based retirement projections, to the ease of input, the depth of the output (especially in technical areas like detailed income and estate tax projections), available integrations to other components of the financial advisor technology stack, or the availability of account aggregation and "PFM" tools. In this financial advisor's guide to the best financial planning software, we attempt to clarify what the important criteria are in choosing financial planning software in the first place, in recognition that what might be a crucial "deal-killer" required feature for one advisor may not even matter to another. in part because advisors vary in how they use financial planning software in the first place, which means what is the "best" software for one advisor may be a terrible match for another. Yet the reality is that it's incredibly difficult to determine what is the best financial planning software. Good financial planning software is an essential tool for today's financial advisor.
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