In these times where the world has moved into machine learning and automation, it comes as no surprise that financial advisors must stay ahead of the game if they want to succeed. For this to take place, they need the perfect portfolio management software that works effortlessly and organizes their financial reports. Choosing the right portfolio management system isn’t easy.There are many to choose from and many different use cases.Let us go over three of the most popular solutions used by financial planners and independent advisory firms.
AdvisorEngine
One of the top portfolio management software systems is AdvisorEngine. AdvisorEngine is a software designed specifically to enable financial advisors to work effectively and efficiently while driving scale and onboarding new clients. AdvisorEngine’s platform is ideal for independent firms as it combines all the necessary modules in a complete platform that you’d need to run a firm. The process to set up an account is incredibly simple and the onboarding is painless. In addition to this, AdvisorEngine seamlessly integrates with tons of technology platforms and the biggest custodians. One of our favorite features was the performance reports as well as the detailed client/advisor dashboard. At any time, the advisor can easily see the complete picture of the client’s account health, which just makes everything much easier. Additionally, AdvisorEngine is fully customizable on all digital devices. It covers the complete advisor/client experience with financial planning, asset allocation, investment selection, impeccable billing capabilities, rebalancing, and tax management. It comes complete with integrated robo-advisor technologies that will save time you and help your clients. Two of our other favorite features are how much it simplifies compliance and the goal setting which makes it easier to track and achieve goals.
Quicken
Quicken has been around for many years and has earned itself a good reputation. It has an online app that helps financial advisors to perform money management whenever and wherever they find themselves. Quicken has a lot of basic features to keep track of money and investments. It can perform a risk/return analysis Quicken provides reports on your performance versus that of the market, your gains, tax reports, and even a retirement planner tool to keep you from the streets when you’re advanced in years. For a single advisor Quicken can suffice though it lacks many of the features for anyone wanting to run a professional advisory firm.
Personal Capital
Just like Quicken, Personal Capital is a digital portfolio management software that can be used on all types of devices. After set up, it works by synchronizing your accounts and bringing them together. It then analyzes how much you are making versus how much you are spending, analyzes your investments to decide whether or not they are feasible, and reviews your asset location. As an icing to the cake, Personal Capital automatically updates your portfolio and does an in-depth retirement analysis of your finances. Personal Capital is a good platform for those managing their own wealth or working within a business.
Depending on your goals you will need to find the right portfolio management software for you. Important questions to ask include:
1) What features are most important to me?
2) What is my long-term strategy and how will this platform help me get there?
3) How much money will I save by using this platform in increased efficiency, new clients or growth of existing revenue?It’s better to make the investment now that guarantees future growth of the business.
