Advice Intelligence: Critical Questions to Ask About Financial Planner Software

Financial planner software helps financial planners and advisors manage their clients’ financial portfolios. It benefits independent advisors and those who work in-house at banks or other institutions.

Among other features, financial planner software helps with portfolio management, cash flow forecasting, and goal setting—but different platforms offer distinctive features.

You’ll need to ask the right questions to choose the appropriate software for your organisation’s needs. Thankfully, we’ve laid them out for you in this article!

Question #1: What Kind Of Planning Do You Want To Provide For Your Clients? 

Considering the type of planning advice you want to deliver is crucial in decision-making. These considerations will determine whether you’ll need goals-based or cash-flow-based software.

Goals-based and cash-flow-based approaches are the two main types of planning advice. Understanding the type of advice your team needs is the first step in selecting the right kind of software.

Cash-flow-based software is great for teams wanting to track every dollar coming in and out of their client base (across every spending category). This approach is more thorough, although projecting every dollar can be tedious.

Goals-based software lets your business set financial goals and project whether client dollars will meet these goals. You can use the software to make informed decisions about your client’s goals, but you won’t necessarily be able to track every dollar spent.

Question #2: What are My Clients’ Needs And Preferences? 

It’s also important to consider your client base’s needs and preferences here.

Your choice of software will depend on your core client base—larger, more complex families have dissimilar needs than smaller, simpler households. Your client base’s typical net worth is another essential factor.

Question #3: Does the Software Have Solid Security Features?

Tight security is necessary when dealing with client finances. Without shatterproof security, hackers can access sensitive and confidential client data, including personal information, banking details, and more.

This creates a substantial risk for your organisation because it could lead to identity theft and fraud. To keep your business and clients safe, you’ll need to choose financial planner software with modern, up-to-date, and ultra-tough security features.

Among other security options, good financial planner software should offer:

• A built-in antivirus
• Backup and restore capabilities
• Firewall features
• Regular updates

Question #4: Do I Need Integration With Third-Party Apps And Services?

Many financial planner applications offer extra features, like integration with third-party services and apps. These features can streamline the planning experience for yourself, your employees, and your clients.

For example, you may integrate your financial planner software with a third-party client portal so clients can easily access and update their account information.

Ideally, the software will also work across device types, including desktops, laptops, different smartphone models, and tablets.

Make an Informed Decision

Financial planner software will help you manage client portfolios, generate investment ideas, and create financial plans from a single pane.

Investing in high-quality financial planner software is essential in making the best financial decisions for your clients. Answering the questions we’ve listed here will help you make an intelligent, informed choice.