Conclusion – Top 5 Best Financial Planning Software for Advisors. For the most part, our list of the top five best financial advisor software includes programs with free trials. You don’t like it, you put it “back. Top 4 Financial Planning Software 1. This is financial planning software that specializes in the creation of digital advisory software and platforms for financial advisors. It was created in 2000 by a financial advisor who wanted to create a single practice management tool that made financial advisory that much more efficient. Mint is a free online budget planner from Intuit, the makers of TurboTax and Quickbooks.
Having a plan for your finances is crucial, and a comprehensive financial plan may include budgeting, saving, investing, paying off debt and creating a roadmap to retirement. Working with a financial advisor can be helpful in creating your personal money plan, but DIY types might prefer to use a financial planning software instead. There are a multitude of options to choose from and each one has a different range of features. If you’re a financial advisor yourself, there are also plenty of software options that you can use to help you build plans for your clients.
Financial Planning Software for Individuals
|Best For||– Those who want to integrate their investing needs with a financial plan|
Personal Capital is a popular financial planning software option for both beginners and those more experienced with money management. The free version of the software includes all the features necessary for basic financial planning, including:
- The ability to link all of your financial accounts, including retirement and investment accounts, in one place
- A “net worth” tracker
- A tool to find hidden fees you might be paying for your investments
- Budgeting and cash flow tools to track spending
- Goal trackers for your spending and savings targets
- Tools for forecasting retirement and college savings outcomes
These features are included in the software at no charge and offer a comprehensive view of your finances. If you need help choosing investments, Personal Capital also offers robo-advisor wealth management services for a fee.
|Fees||– Plans start at $34.99|
|Best For||– Users looking for a simple software|
Quicken offers multiple financial planning software solutions, depending on what exactly you want to do with your money. The Starter version, for example, lets you view all of your accounts in one place, create a budget, track your spending, manage your bills and categorize your purchases.
If you want to take a deeper dive into your finances, the Premier version may be more appropriate. This version lets you do everything the Starter version does, while also adding in some additional features and tools, such as:
- The ability to track loans, investment and retirement accounts in one place
- Access to Morningstar’s® Portfolio X-ray® tool
- Automatic bill pay
- Market comparison and investment tax planning tools
There’s also the Home & Business version, which might be helpful if you need a streamlined way to manage business and personal finances.
|Best For||– Existing Intuit customers|
– Anyone with multiple bank accounts
Mint is one of the most popular free financial planning tools on the market. There’s a lot you can do with Mint, including:
- Tracking all of your bank and credit card accounts in one place
- Setting your monthly budget
- Tracking and categorizing expenses
- Monitoring your credit score
- Tracking your investments
- Setting up bill pay reminders
“Mint is an incredibly popular online personal finance tool that’s great for all kinds of users. Aside from it being a great budgeting tool, it has a plethora of money management tools that you can also use,” says Brian Meiggs, founder of millennial finance site MyMillennialGuide.com.
Mint is more focused on basic budgeting and money management than it is on investing. You also can’t pay your bills through the software. Still, it’s got a good user interface that’s easy to navigate, and it’s great for users who are mainly interested in tracking their spending and keeping on budget. The app works on both mobile and desktop, so it might also be good for someone who wants to manage their finances on the go.
|Fees||– $229 to $309 for first year|
– $169 to $269 for renewal
|Best For||– Those looking for more in-depth analysis|
– Smaller advisory firms that want plenty of support
WealthTrace is a financial planning program that both individuals and advisors can use. Individual users can choose from three package tiers: Basic, Advanced and Deluxe. The cost of the software ranges from $229 to $309 for the first year, with lower rates for subsequent annual renewals.
What WealthTrace offers in exchange for these prices is the ability to budget your money and set specific savings goals. You can plan for both retirement and college savings, as well as attain some insight into how to minimize your tax liabilities.
Like some of the advisor-focused programs on the market, WealthTrace also allows you to run scenarios on things like market downturns, life insurance needs and retirement income. If questions come up as you use the program, you can connect with a WealthTrace expert by phone, email or live chat to get help.
Financial Planning Software for Financial Advisors
|Fees||– $50 to $175 per advisor, per month|
– $500 to $2,000 per advisor, per year
– $400 to $660 per year for various add-ons
|Best For||– Solo financial planners|
– Individual RIAs
MoneyGuidePro is a client-centered financial planning software used by professional financial advisors. It’s focused on alternatives to the standard methods of retirement planning. One of the features that’s integrated within this software is called Play Zone, which utilizes sliders for retirement age, financial goals and more to illustrate how financially successful a client’s retirement could be.
This software comes in three forms: One, Pro and Elite. One is the most basic version, as it comes with a risk tolerance assessment tool, financial and lifestyle goals planning and more. Pro boasts all of the features of One, as well as a bunch of extras, like risk management, estate planning and Social Security optimization. The Elite edition offers everything, in addition to secure income modeling, total income modeling and advanced lifetime protection.
In March 2019, Envestnet purchased MoneyGuidePro for $500 million and took over its operations. Envestnet is a large financial services company that focuses on various advisor-centric wealth management platforms.
|Fees||– Varies depending on the needs of the advisor or firm|
|Best For||– Firms looking for a complete set of advisory services and programs|
eMoney Advisor offers a hefty suite of financial planning services for advisor firms and large advisory enterprises. The program is based around three distinct packages of services (Plus, Pro and Premier), with a fourth tier reserved for customized enterprise relationships.
Customers who purchase the Plus tier receive bare-bones access to eMoney’s customer website and mobile app, foundational financial planning services and advanced financial analytics. If you need more than that, the Pro version upgrades the basic foundational financial planning services for an advanced level, in addition to advanced financial analytics. Premier customers gain access to everything that eMoney has to offer.
eMoney Advisor can be integrated with other popular advisory services from Morningstar, Salesforce, Fidelity, Envestnet and more.
|Fees||– $495 to $1,345 per advisor, per year|
|Best For||– Multi-advisor firms|
Money Tree is an advisor platform that uses a three-pronged approach to financial planning. The software allows advisors to complete a big picture, in-depth and advanced cash flow analysis for their clients.
With Money Tree, advisors can create a financial plan independently of, or in collaboration with, their clients. The software also features an interactive tool that allows advisors to quickly and easily run “what-if” scenarios to determine different outcomes. The program’s design is also capable of helping advisors pinpoint the potential shortfalls in their clients’ financial plans and find solutions for closing the gap.
|Fees||– Basic tier: $124.95 per advisor, per month|
– Premium tier: $149.95 per advisor, per month
– Platinum tier: Call for pricing
|Best For||– Larger financial planning and wealth management firms|
Advisors can use RightCapital to develop financial plans through an innovative platform. It’s the software Jason Ball, a CFP at Ball Comprehensive Planning in West Linn, Oregon, uses for his clients. What he likes best about the software is its “ability to integrate accounts, client vaults and strategic tax planning for retirement planning.”
RightCapital also offers a mobile-friendly user-interface, which tech-savvy advisors may appreciate. The inclusion of tax planning tools is one of the most important things that sets the software apart from its competitors.
Whether you do it yourself or work with an advisor, it’s important to build a comprehensive financial plan. Fortunately, there are several online services that make it easier to build a financial plan and track your saving and spending.
Before you make a firm decision as to which software you want to partner with, it might be worth writing down what goals you want to plan for. By doing this, you can ensure that the benefits of whatever software you select align perfectly with your overall needs.
Financial Planning Tips
- Consider working with a financial advisor to build a financial plan that’s tailored to your life. While financial planning software can help you get control of your money, it’s not a complete substitute for the human touch. SmartAsset’s advisor matching tool can connect you with up to three suitable advisors in your area. Get started now.
- Before selecting a financial planning software, assess your needs. For instance, are you looking for a program that focuses on weekly and monthly budgeting? Do you need something that includes long-term retirement planning and other tools to help you grow your wealth? The answers to these questions will lead you to the best options for you.
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Money affects basically every aspect of our lives. However, learning to properly manage your money isn’t always easy to do. So how can you learn about personal finance while also getting advice that applies to your specific financial situation? One strategy is to work with a financial advisor. A financial advisor can help you create and execute a financial plan no matter where you are in your life. This can get expensive though. Luckily, if you can’t afford a financial advisor, there are free tools, calculators and software that can act almost like having a free financial advisor.
Should You Consider a Financial Advisor?
First of all, a financial advisor is a professional who advises clients on how to best manage their finances. That could include general financial planning or advice on a very specific tax loophole. Regardless of your situation, working with a financial advisor can help you to achieve your personal financial goals.
The cost of a financial advisor will depend on what kind of advisor you work with and which services you use. For example, you may pay a one-time consultation fee if you need help creating a financial plan, but then you plan to handle your finances on your own.
More commonly, people work with a financial advisor to create and manage an investment portfolio. In this case, you would most likely pay the advisor a percentage fee based on the assets in your portfolio. The management fee for a traditional financial advisor is usually between 1% and 2%, but it could easily go higher. (Just as an example, if you have $100,000 in assets under management and your advisor charges you a fee of 2%, you would pay a fee of $2,000.)
Recent years have seen the rise of robo-advisors. Unlike a traditional advisor, a robo-advisor is completely online. You create an account, move money into the account and then the robo-advisor handles everything else digitally. There are usually very few or no human financial advisors on staff and that allows robo-advisors to charge lower fees. Most robo-advisors have management fees of 0.50% or less.
Free Financial Planning Software: Personal Capital
If you want help with financial planning but you don’t want to pay, consider a free account with Personal Capital. Personal Capital is a robo-advisor that serves two distinct sets of clients: people with millions of dollars to invest and DIY investors who want access to free financial tools.
With a paid account, Personal Capital will manage your investments for a fee of 0.89% on the first $1 million, down to a fee of 0.49% if you invest over $10 million. Those are high fees by robo-advisor standards and favor people with millions of dollars to invest.
However, creating an account with Personal Capital is free and it gives you access to a host of free financial planning software. That software includes tools to calculate your net worth, manage your cash flow and analyze your spending.
If you have investment accounts (even if you don’t invest through Personal Capital) you can link them all and monitor them through the Personal Capital Dashboard. You cannot buy or sell securities through your linked accounts, but you can see what’s performing well, what isn’t doing so well and how your investments project for the future.
Naturally, a free account will not give you access to all of Personal Capital’s financial planning software. You will get more if you use a paid plan. However, the free software is robust and will be enough for the average DIY investor to monitor and plan their personal finances.
Free Retirement and Tax Calculators
Another free way to manage your finances is through the use of online tools and calculators. The advantage to using these is that you can find tools and calculators to answer more specific financial questions. Something like the Personal Capital software will help you track what your doing and get projections. But a calculator can help you create a goal to start with.
For example, let’s say your employer offers a 401(k). You want to know if it will really make a difference to contribute an extra 1% of your salary in order to maximize your employer match (hint: yes, it will help). To start, you might want to use a free retirement calculator to create a retirement savings goal. Once you do that, you know exactly how much you need to save. Then you can go to a 401(k) calculator to see how making different annual or monthly contributions will affect your savings totals.
Another area that calculators can help you is with taxes. Consider property taxes. It’s great to have property taxes factored into your budget, but how do you know what your property taxes will be? Calculating assessed value and millage rates isn’t always easy. It also varies from state to state and even from town to town. It’s much simpler if you can just enter some personal info into a property tax calculator and get an immediate answer for how much you will be spending.
A budget is a great tool to keep you on track financially. The challenge is that your budget is highly personalized. Your bills are probably quite different from even a spouse or roommate. Bills also change from month to month. So as you think about how to budget, you could look to someone like budget expert J. Money. Not only can he give you tips on how to create a budget, he can also show you free budget templates on his Budgets Are Sexy blog.
You should also look through your bank’s and your credit card issuer’s websites. They may offer free budgeting software that you can link directly to your accounts.
Financial Planning Software For Advisors
The Bottom Line
Working with a financial advisor is a great way to set yourself up for financial success. However, you can also manage your money for free using a combination of free financial planning software and tools. The robo-advisor Personal Capital offers some great financial planning software that allows you to link your financial accounts and see everything in one place. Free online calculators, like what SmartAsset offers, can help you to answer specific questions about what your financial goals should be. The disadvantage to using multiple tools (instead of paying a financial advisor) is that you will have to use a couple of different sites and sources. However, you could also save yourself thousands of dollars over your lifetime.
Tips for Handling Your Own Finances
- One great way to save more money is simply by using a high-interest savings account. The truth is that the interest rate for an average savings account is very low. That means you won’t actually earn much from interest. By using an account with a high interest rate, you make your money work for you. You probably won’t earn nearly as much as you would through investing, but a high-yield account can certainly earn you more than the average savings account would.
- As you think about making a budget, remember to personalize it to your finances. Think about all your expenses, whether you make them weekly, monthly or annually. Consider all of your debts and their payment schedules. Don’t forget to list all your sources of income. That could mean a regular salary in addition to the $25 you make every month from the community bake sale.
- One tool that may help you track your financial progress is net worth. Calculating your net worth will give you a snapshot of your overall financial picture. Your net worth may not be very high to start, you should try to steadily increase it over time by paying down your debts and saving more. Ultimately, you just want your net worth moving in the right direction (i.e. getting higher). It can also be very encouraging to look back at the end of a hard year and see that you were able to push your net worth higher, even if just by $100!
- If you decide that you need more assistance, you may want to pay for the services of a financial advisor. A matching tool like SmartAsset’s SmartAdvisor can help you find someone who is a fiduciary. This program starts with 3,000 financial advisors but based on answers relating to your financial situation and goals, it narrows that down to up to three financial advisors who meet your needs. You can then read their profiles, meet with them on the phone or in person and pick the person you want to work with on your finances.
Financial Advisor Software Reviews
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