Top Financial Advisor Software Picks for 2024

If you’re an advisor looking to deliver the highest level of client service without adding more work to your plate, the right technology stack – whether it’s  financial planning software, investment management software, or estate planning software – can be an invaluable asset to your practice. 

From projecting retirement outcomes, to helping clients visualize the impact of different investment choices on their goals, to supporting clients in achieving their legacy goals, there is software out there that can fill nearly any gap.

But where do you start when it comes to finding the best software for your practice? To save you time, we’ve put together a list of some of the top financial advisor software solutions that can make your job easier when it comes to:

• Comprehensive financial planning
• Investment technology
• Performance reporting
• Estate planning
• Tax planning

We start with a list of comprehensive financial planning tools and then dive into more specific software solutions that allow you to deliver a great client experience while standing out from the competition.

Comprehensive financial planning software

Below, we present the top four comprehensive wealth management tools for financial advisors. Many of these tools integrate the capabilities of financial planner software with other capabilities such as performance reporting and investment management to provide advisors with the ability to  effectively help clients achieve their goals on one platform.

1. MoneyGuide

What it offers: 

MoneyGuide allows you to create detailed and personalized financial plans for clients using a goals-based planning approach. This means you can enter a specific financial goal within your client’s life such as buying a home, saving for education, or planning for retirement and MoneyGuide will automatically generate a plan to illustrate how a client could achieve these goals. MoneyGuide also offers scenario analysis, risk tolerance assessments, cash flow analysis, net worth statements, and a Social Security optimization tool.

How it’s different from other financial planning tools: 

MoneyGuide includes a feature called Play Zone to help clients visualize the potential effects of different decisions on their financial plan. The Play Zone allows clients to input their information and actively participate so they are more engaged in the planning process. You can also use this feature to demonstrate how various market conditions or investment returns could impact a client’s ability to achieve their goals.

Summary of key features:

• Goals-based financial planning
• Scenario analysis
• Cash flow analysis
• Interactive client collaboration
• Risk tolerance assessments
• Social Security optimization
• Integration with other financial planning tools

MoneyGuide comes in two versions – Pro and Elite. The Elite version includes everything offered in the Pro version plus tax planning, income modeling (including illustrating annuity benefits), and advanced lifetime protection strategies (modeling insurance benefits).

2. eMoney

What it offers: 

In addition to helping advisors create customized financial plans for clients, eMoney Advisor is a financial planning software that also includes investment management tools and cash flow analysis to help clients understand income, expenses, and savings patterns. eMoney allows for complete account aggregation so you can see all of your clients accounts in one place. In addition, eMoney gives clients access to document storage tools where your clients can upload and store important documents securely in one place.

How it’s different from other financial planning tools: 

eMoney includes a feature called the Decision Center, designed to help you uncover the needs and potential pitfalls within your client’s financial plan so you can recommend the best courses of action or solutions to help clients meet their goals. 

Summary of key features:

• Goals-based financial planning
• Interactive client portals
• Cash flow analysis
• Scenario analysis
• Risk tolerance assessments
• Document storage and management
• Integration with other financial planning tools

eMoney comes in three versions – Plus, Pro, and Premier. Plus focuses on goals-based financial planning, Pro focuses on cash-flow based planning, and Premier integrates goals-based and cash-flow based tools in one platform.

3. RightCapital

What it offers: 

Similar to the first two software solutions mentioned above, RightCapital allows you to create customized financial plans for your clients, including a detailed retirement planning analysis and optimized tax planning strategies. It also gives you the tools to model and analyze different investment strategies to align with clients’ financial goals and risk tolerance.

How it’s different from other financial planning tools: 

If you’re looking for a retirement planning software for advisors, RightCapital offers more advanced and comprehensive retirement planning analysis. The software gives you the ability to illustrate multiple retirement scenarios while helping your clients visualize the impact of their Social Security and Medicare benefits on their retirement cash flows. RightCapital also provides guidance on tax-efficient withdrawal strategies in retirement, as well as modeling for Roth conversions.

Summary of key features:

• Goals-based financial planning
• Interactive client portals
• Cash flow analysis
• Retirement planning analysis
• Insurance needs reviews
• Debt & student loan analysis
• Tax planning optimization
• Document storage and management
• Integration with other financial planning tools

RightCapital comes in Basic, Premium, and Platinum. In addition to everything that’s included in Basic, the Premium version also includes budgeting tools, transaction categorization, and account aggregation features. The Platinum version includes firm-level assumptions and models and custom asset classes.

4. Orion

What it offers: 

Orion is a comprehensive all-in-one software that allows advisors to follow up with prospects through its CRM, onboard clients, create goals-based financial plans, select investment strategies, manage portfolios, execute trades, and maintain essential filings for compliance. Orion also provides a client portal that lets clients access their financial information, performance reports, and other relevant data online. 

How it’s different from other financial planning tools: 

Compared to other financial planning software, Orion’s functionalities span a wide range of services that also allow you to use it as an investment technology tool, a performance reporting tool, and a CRM (Redtail CRM). Orion provides access to leading third-party strategists to help you select the investments needed to build solid portfolios for your clients.

Summary of key features:

• Proposal generation
• Portfolio trading and reporting
• Stress testing
• Risk analysis
• Portfolio modeling
• Integrated with Redtail CRM
• Goals-based financial planning
• Cash flow analysis

All individual features and services of Orion are combined under the Orion Advantage platform for an integrated user experience.

In addition to comprehensive wealth management software, advisors can also lean on software that fulfills more specific functions to aid in their work such as investment and portfolio management, estate planning, and tax planning.

Investment technology software  for financial advisors

Addepar

What it offers: 

Addepar is an investment management and portfolio trading financial software for advisors. The platform provides tools for portfolio analysis, allowing you to assess and optimize the performance, risk, and composition of investment portfolios in alignment with a client’s financial needs. You can also use Addepar to generate customized reports for clients, providing clear insights into their financial positions, investment performance, and overall financial picture.

How it’s different from other financial planning tools: 

Addepar lets you trade and rebalance portfolios for individual client accounts, households, portfolios, or your entire book of business. After consolidating a clients’ portfolio data from various sources including investment accounts, bank accounts, real estate holdings, and other assets, you can also use its scenario modeling and forecasting tools to project the effects of different investment decisions and market conditions on a portfolio.

Summary of key features:

• Account data aggregation
• Portfolio management and trading
• Investment scenario analysis
• Portfolio reporting and analytics
• Performance attribution analysis
• Risk assessment tools
• Data security and compliance
• Integration with other financial planning tools

Addepar offers software solutions for financial advisors, family, office, private banks, and broker dealers.

Performance reporting software  for financial advisors

Black Diamond

What it offers: 

BlackDiamond is a wealth management software that provides advisors with the ability to view, trade, rebalance and create reports for client portfolios. Its strength lies in assisting advisors with managing and analyzing highly customized solutions, proprietary portfolios, and alternative investments.  It provides tools for portfolio construction, rebalancing, and performance reporting. Advisors can customize portfolios based on client goals, risk tolerance, and investment preferences.

How it’s different from other financial planning tools: 

Black Diamond is known for its integration capabilities, connecting or partnering with over 70 third-party applications, custodians, and financial institutions to help advisors choose from a wide range of software integrations to find the one that best suits their practice. Black Diamond also provides billing services for advisors, including generating client invoices and calculating fees based on assets under management (AUM).

Summary of key features:

• Portfolio construction and management
• Rebalancing and trading
• Performance reporting
• Asset aggregation and accounting
• Fully customizable client portal
• Integrated CRM
• Billing and revenue management
• Integration with other financial planning tools

Black Diamond supports RIA, broker-dealers, trusts, family offices, breakaways, and foundations.

Estate planning software for financial advisors

One of the best ways to deepen relationships and bring value that will set you apart from other advisors? Support your clients with their estate planning needs and become a total wealth advisor!

While many people recognize the importance of having a solid estate plan, most haven’t taken the time to explore the vast array of estate planning strategies that could help them leave their legacy while minimizing estate taxes. That’s where estate planning tools can come in to make the job easier and help clients accomplish their legacy goals without the stress.

Vanilla

What it offers: 

Vanilla is an estate planning software that provides robust tools to help advisors support their clients with all aspects of their estate planning. In addition to helping advisors start important estate planning conversations through simplifying complex estate planning concepts, Vanilla allows advisors to visually illustrate the potential effects of simple and advanced estate planning strategies on a client’s estate plan. Vanilla gives advisors the power to model the flow of a client’s asset through their estate and allows clients to find the best ways to use different estate tax planning strategies to reduce their estate tax liability.

How it’s different from other financial planning tools: 

In addition to a comprehensive view of a client’s estate plan, Vanilla also offers a Document Builder feature that allows clients to create important estate planning documents such as a pour-over wills and revocable trusts. The software also allows clients to upload and organize their estate planning documents in one place which makes it easier for advisors to have a holistic view of their client’s assets so they can advise on all aspects of their wealth.

Summary of key features:

• Visualize current and proposed estate plans
• Organize estate information in one place
• Identify strategic estate planning opportunities
• Create estate planning documents online
• Estate planning scenario analysis
• Document storage and management
• Integration with other financial planning tools

For advisors wanting to expand their scope of services and stay competitive, Vanilla offers a one-stop estate planning solution to help clients maximize their legacy while minimizing estate taxes and potential headaches for beneficiaries.

Tax planning software for financial advisors

Holistiplan

What it offers: 

Holistiplan is a tax planning solution that empowers advisors to offer comprehensive tax strategies for clients to help them achieve their financial goals while saving on taxes. This tax planning software helps advisors identify opportunities to support clients with tax planning strategies, tax-efficient withdrawal strategies, charitable contributions, Roth conversions and more. 

How it’s different from other financial planning tools: 

Using Optical Character Recognition (OCR) technology, Holistiplan allows advisors to upload clients’ tax returns and quickly receive a report with observations and ideas for ways to help clients save on taxes. 

Summary of key features:

• Get tips to maximize tax savings
• Tax planning scenario analysis
• Roth Conversion analysis

Holistiplan comes in Standard, Premium, and Premium+. In addition to tax reports and scenario analysis, the Premium and Premium+ versions of the software also include cash flow visualizers, auto-generated tax preparation letters, Roth Conversion explainers, Qualified Charitable Distribution explainers and more.

Whichever financial planning tool you choose, integrating these solutions into your practice can not only enhance your ability to craft comprehensive financial strategies but also help you free up valuable time to focus on what truly matters – building meaningful client relationships and steering clients toward financial success.

The information provided here does not, and is not intended to, constitute legal advice or tax advice; it is provided for general informational purposes only. This information may not be updated or reflect changes in law. Please consult with your financial advisor or estate attorney who can advise as to whether the information contained herein is applicable or appropriate to your particular situation.