Which Financial Planning Software Is Best for You?


As a financial adviser, you’ll likely use a range of tools to support your clients, not least of which will be financial planning software. The question is: which one is best for you?

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Why Do You Need Financial Planning Software?

Good financial planning software can make your life easier and could be a big selling point when it comes to attracting new clients, because it can give them access to a range of tools, including budgeting, spending analysis, saving plans and scenario planning.

Financial planning software can help you, and your clients, make complex financial decisions, making the risks involved and potential outcomes much easier to understand. It can also take some of the pain out of your day-to-day work, removing the need to number-crunch and reducing the amount of time tasks might otherwise take.

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Considerations When Purchasing Financial Planning Software

Thankfully, there’s a wide range of software for financial advisers available dependent on your budget and the needs of your customers, including that offered by https://www.intelliflo.com/. When making your decision on which software to buy, you’ll want to consider:

– If you want goal-based or cash-flow-based planning.
– What models you’ll be developing – e.g. straight line or ‘what-if’ scenarios.
– How easy it is for you and your clients to use.
– Whether it’s web-based, meaning it can be accessed from anywhere.
– If it simply produces reports or offers a higher level of interaction, including modular options.
– Is there a separate client portal, allowing them real-time access to their financial information?
– What add-on tools are available as your business grows or if your client base changes?
– Does the software company offer added value, such as training or support to respond to changing legislation?

Try Out Different Options

Asking yourself these questions will give you a clear understanding of what type of financial planning software you and your clients need. Using the software, however, might throw up issues you hadn’t thought of or make you realise that the system isn’t as easy to use as you’d first thought. Look for companies that offer free trials or access to test sites. This will help you make the decision and ensure you have the right financial planning software for you and your business and clients.

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