There are plenty of tools on the market for registered investment advisors, certified financial planners, and other financial management professionals.
Unfortunately, not all of those tools are created equal.
If you’re still trying to nail down the perfect financial management software, this guide will compare some of today’s top solutions — as well as an easy-to-use complimentary platform that will power up your ability to connect with a whole new generation of clients.
Why The Financial Management Software You Choose Matters More Than Ever
Financial management tools have always been important in your trade. After all, they don’t just help you do your job well, they also help you communicate that job well done to your clients.
But in today’s changing world, there are even more reasons why having the right financial advisor software is vital to your success.
You’re Competing Against a Wave of Cheaper DIY “Financial Management” Tools
Just like they do in pretty much every industry, technological advancements continue to disrupt financial management.
Today, cool financial tech developments with automation and easy-to-use interfaces are available to everyone, which has inspired many modern consumers — especially those more budget-conscious ones — to take their financial planning into their own hands.
What can wealth management professionals do? Well, they certainly shouldn’t shy away from today’s cool tech developments. Instead, you should look into how you can leverage today’s tech as part of your overall offering to provide the modern, competitive experience for which the new wave of clients is searching.
Modern Clients Aren’t Looking for Their Grandparents’ Financial Management Experiences
Let’s dive deeper into something we just touched on in the above point — the importance of the financial management experience.
Post-pandemic, a large majority of consumers (80%) now report that the experience they have with a company is just as important as the services that company provides.
And what is it that makes an experience great? It’s consistency, personalization, innovation, and transparency.
Today’s financial clients are tech-savvy and aching to cut through the BS with their service providers. By working with the right modern financial software suite, you’ll be prepared to help them do just that.
Current Economic Uncertainty Is Driving New Clients Into the Market — Are You Ready to Impress?
Two not-so-shocking things happened in the financial management world as a result of COVID-19: More people went looking for financial advisors and relationships with financial advisors went mostly digital.
In fact, you and your colleagues may have already noticed a growing interest in your services. Now the question is — do your advisor tools make it easy to win over and quickly onboard new clients? And do they set up your firm in a way that makes a mostly digital future sustainable?
Comparing Leading Financial Advisor Software: eMoney vs. MoneyGuidePro
If you’ve decided it’s time to tap into a whole new world full of modern clients and experiences, you’re gonna need the right financial management tools to do it. The rest of the article will help you compare leading options and even learn about new ones so you can customize a suite that’s perfect for your services.
Let’s begin with the showdown: eMoney vs. MoneyGuidePro.
eMoney: A Comprehensive Solution for Advisors Working with HNWIs
eMoney’s platform for financial advisors hit the scene in 2000 and was acquired by Fidelity in 2015. Helping advisors from places like TD Ameritrade, New York Life, and more manage over $1 trillion in client assets; it’s no surprise that eMoney is a great fit for financial professionals who work with high-net-worth individuals (HNWIs) with $1 million or more in liquid assets.
And as such, they have no shortage of powerful features.
According to the wealth management solutions firm Ezra Group, eMoney scores 37 out of 40 points on the grading scale they developed that examines eight key categories for financial management software: User experience, financial planning features, analytics and reporting capabilities, the balance sheet, the client portal, integration and data aggregation, security, and cost.
It’s obvious from this score that eMoney has all the major attributes that make life easier for financial pros and their clients, which is why we want to shine a light on what we think is its most creative (and ungraded) characteristic — the custom marketing tool for advisors!
eMoney has its own integrated marketing solution called Bamboo (formerly known as Advisor Branded Marketing). With Bamboo, advisors can use automation and take advantage of pre-created content to build their own multi-channel marketing campaigns — no creative writing or marketing expertise needed. This functionality helps wealth managers generate leads and grow their business without taking a ton of time away from their main focus of advising clients.
MoneyGuidePro: Best for Advisors With Clients Who Are Working on Growing Their Wealth
Also launched in 2000 and purchased by Envestnet along with its parent company MoneyGuide, MoneyGuidePro’s financial planning software is used by over 40% of financial advisors according to a software survey by T3, Inside Information, and Advisor Perspectives.
To refer back to Ezra Group’s grading system, MoneyGuidePro gets a 35.5 out of 40. It comes in under eMoney on points like planning features, analytics and reporting capabilities, balance sheets, the client portal, and security. But when it comes to user experience, data aggregation and third-party integration, and cost it pulls ahead in the Money vs. MoneyGuidePro battle.
So what exactly is it that makes MoneyGuidePro so desirable for advisors? It’s probably the fact that the software is built to focus on financial goals, such as retirement. Compared to platforms that hone in on cash flow or estate planning, goals-based planning is best for clients who are still building their wealth and have fewer than $1 million in liquid assets. These types of clients make up a larger percentage of the population compared to HNWIs, making them the most readily available client type for wealth professionals.
MoneyGuidePro is also defined by features that show a commitment to client engagement.
The best example is one of their standout elements in our opinion — a feature they call the “Play Zone.” The Play Zone lives in MoneyGuidePro’s SMART Portal and enables clients to be a part of their own financial planning, with continued oversight from their advisor, of course.
In the Play Zone, clients can make adjustments to see how certain events and decisions will affect their progress on different goals. In addition, advisors can also use it to build models of how a client portfolio may react to market fluctuations, helping clients create plans that ride out the worst of the storms.
Introducing Kubera: A Must-Have Complement to Whichever Financial Management Solution You Choose
Finally, it’s time to introduce an outlier in the eMoney vs. MoneyGuidePro debate.
For you modern CFPs, RIAs, and other wealth management professionals (and your clients!), there’s one more tool that will completely round out your cutting-edge advisor suite — Kubera.
Kubera is the only all-in-one portfolio tracker that financial advisors can white-label and serve to clients as if it’s their own.
What makes Kubera a key tool for every wealth professional?
First of all, the fresh experience boost it provides.
Kubera’s interface is modern, clean, and easy to use. When implemented in conjunction with eMoney, MoneyGuidePro, or another platform; Kubera makes the experience of gathering client accounts and information much more pleasant — which we’ve learned is a priority for Millennials, Gen Z, and other young but growing client groups.
And the second feature that makes Kubera a must for financial advisors is the fact that it’s the only portfolio tracker in the world that monitors fiat, crypto, and DeFi assets side by side.
That’s right, Kubera makes it easy for your clients to account for everything from cash to crypto coins, real estate, collectibles, domain names, and even DeFi-based assets (which we have a great guide to here) using a single dashboard.
What does that mean for you? No more out-of-scope assets evading your advisor fees and no more incomplete financial view thwarting your ability to make informed recommendations.
With Kubera, more assets doesn’t even necessarily mean more work for you. We’ve done everything we can to eliminate the mundane tasks that come with wealth management.
For example, Kubera doesn’t just support all major currencies — we automate currency conversions so you and your clients always have a true understanding of the value of their portfolios.
In addition, Kubera connects with asset valuation experts (such as Zillow for homes, EstiBot for domains, and beyond) and has integrated stock and crypto coin tickers.
These features further ensure that you and your clients will always have the most accurate accounting of all assets so you can make informed financial plans.
And speaking of the cutting-edge experience Kubera provides, we’re committed to continually improving the features that make wealth easy to understand and easy to manage in order to reach key goals.
That’s why we haven’t just made it extremely intuitive to input assets and accounts into our spreadsheet-like software, but we’ve also created a recap screen that provide insight into portfolio performance, asset allocation, net worth change, and more.
Try Kubera’s White Label Solution Today
Kubera is finally here to help modern financial professionals have a great experience while providing a great experience to their clients.
Will you use Kubera to compete at the cutting edge — or will your firm fade into the background as the field of financial planning surges forward with the help of new tech?
If you’re still not sure, we invite you to see Kubera’s totally customizable platform in action today. Visit our page for finance pros to sign up for a free demo. Or, simply contact our small, dedicated team at firstname.lastname@example.org right now to see what our solution can do for the future of your business.