You already knew you couldn’t ignore technology when it comes to wealth management.
From independent investment advisors to family office firms to fund management professionals, technology plays a huge role in helping you not only provide guidance but create meaningful engagements with clients.
This very fact is why it’s vital that you continue to keep updating to the most modern tools that make these engagements even better for the people on both sides of the software.
Allow us to help you do just that.
In this article, we’ll compare some of today’s leading financial planning software platforms as well as introduce you to a new, all-in-one, white-label portfolio tracker that will help you keep up with even your most tech-savvy clients.
Why It’s Time to Reconsider Your Financial Planning Software
Here’s why what we said earlier is true — no great financial professional can afford to ignore technology and its steady improvements.
There’s a Renewed Interest in Financial Advisors
COVID-19 quite understandably rocked the financial world. One of the results of this was that the demand for personal financial advisors has grown. And, of course, these new relationships are mostly digital-first.
This means that advisors not only need to be using technology that is scalable but also built in a way that is extremely engaging and easy for first-time clients to use.
In fact, ease of use is actually now a selling point for clients looking for their first wealth management engagement!
To stand out from the crowd, you should be offering financial planning software that allows you to boast about its usability while still having all the features you need under the hood.
A Modern Financial Advisor Experience is in High Demand
A large percentage (80%) of consumers say that the experience a brand provides is just as important as its products and services.
What are the elements of a desirable experience? Things like a smooth consumer journey, personalization where it makes sense, sensitivity to security, and even innovation in the form of digital initiatives.
How can you deliver on these experiential elements that consumers, yes even those in the wealth management space, want?
By tapping into the wealth management tools that prioritize modern and comprehensive financial planning experiences and features.
Better Software Makes for Better Numbers
Another great thing about having a fully digital wealth management suite is the data.
When all the information about your client engagements is in one place, it’s a lot easier to look at them as a whole and find patterns that lead you to better business decisions.
For example, you might find that your profit growth last quarter correlated directly with a specific new client. Now you know where to aim your marketing efforts to win more clients just like that one.
In addition to being able to do this kind of deep-dive on your own with well-organized data, many of today’s financial planning software portals include analytics, insights, and other features that are aimed at helping financial advisors improve their performance.
Powerful Tools Level the Playing Field
Not every wealth professional works with a huge organization that enables them to access the most expensive and feature-heavy enterprise-level software platforms.
But thanks to the great equalizer that is modern technology, that’s O.K.
With a well-built solution, Jane Smith’s one-person independent financial advisor firm is able to provide just about the same level of service as one of Fidelity’s advisors who has trillions of dollars behind them.
Modern wealth management tools are helping to level the playing field. So, on that note, what do you say we finally get to talking about the tools themselves?
eMoney vs. RightCapital: Top Options in Financial Planning Software Battle it Out
On this blog, we love to compare software.
Today, we’re going to throw a new contender into the ring: RightCapital.
Interested in seeing how RightCapital compares to the incumbent eMoney when it comes to things like tax planning, cash flow projections, security considerations, and more?
Then just keep scrolling.
eMoney: Highly-Rated Financial Management Software for the Detail-Oriented
The earliest version of eMoney launched in 2001 as one of the first wealth management tools to leverage the internet. Along with its age in the industry, Fidelity’s acquisition in 2015 only helped boost its standing. As such, it remains a top-rated and highly-used financial planning software.
In the 2021 T3/Inside Information Advisor Software Survey, eMoney has a 29.71% market share and 7.90/10 user rating (which is higher than it sounds — most tools don’t make it to 10).
eMoney is known for providing a full suite of financial advisor services, especially for large and enterprise organizations. But here are its most standout features.
One of the things for which eMoney is known is the way it prioritizes keeping the financial advisor up to date with a “feed” of financial alerts, news, and real-time data related to your own clients. This means you’ll always be informed on the latest movements when it comes to the market and your clients, so you can react with speed.
Then there’s the cash flow planning process, something eMoney provides a lot of systems around. With eMoney, you can help clients fund expenses, reach goals, adjust asset allocation as needed, and of course understand the tax implications of their financial plans.
Speaking of taxes, tax planning isn’t something eMoney is exactly known for, but it of course keeps up with changing tax laws. This means you can make the most accurate projections possible and even answer the most common tax questions you get from clients.
eMoney is also unique in its focus on the business side of the financial advisor role with features that help advisors with client engagement, business management, and ongoing growth.
It’s really important to know that the availability of each eMoney feature depends on which tier for which you sign up.
Packages start with what they call “foundational” features and range up to enterprise solutions that require a consultation with eMoney’s team. At the time of this writing, those who have signed up for the mid-range tiers can expect to pay thousands per advisor each month. Most packages allow a free trial.
eMoney Security Features
From secure data transmissions to firewalls, data backup procedures, and even ongoing monitoring to catch any security concerns early on — eMoney doesn’t seem to spare any expense when it comes to security.
To see how eMoney compares to another key wealth management platform, read our guide on eMoney vs. MoneyGuidePro.
RightCapital: Newer Financial Planning Software for Newer Advisors and Client Types
RightCapital was launched in 2015 with the goal of providing a simpler, more modern experience for clients when it comes to wealth management reporting and interfaces.
And it hasn’t only done so for clients but for advisors as well, which is made apparent when you consider RightCapital’s market share of 9.71% and 7.78/10 user rating.
What is it that makes this relatively smaller and younger wealth management tool such a strong performer when compared to more mature solutions?
It certainly has to have something to do with their comprehensive financial planning for a modern client base.
When a new client comes on board, RightCapital helps automate most of the process of creating their basic financial plan. While this can of course be customized and made more specific as your relationship progresses, what it does in the meantime is make a lot of the client’s information and game plan available to both parties immediately. Advisors can use this information to quickly spin up models and illustrations, another feature that helps attract and engage today’s younger clients.
To dive deeper into some special features, RightCapital offers detailed cash flow reporting and asset allocation modeling, both of which pour into projections to make them more accurate. Another unique feature is that advisors can also choose between either goals-based or cash flow-based planning depending on individual client goals and needs.
And when it comes to tax planning, RightCapital focuses on helping financial advisors communicate the best tax-reduction strategies to clients, such as converting to a Roth IRA and exploring different decumulation methods.
A little simpler than eMoney, RightCapital has three packages. At the time of this writing, tiers start at $125 per advisor each month. Interested parties can sign up for a demo or contact the RightCapital team to learn more or get started.
RightCapital Security Features
RightCapital leans on Amazon’s security features for its physical data centers and also employs plenty of network and data security features. Vulnerability management, data backup, and disaster recovery capabilities round out a safe system.
Introducing Kubera: A Modern Addition No Matter Whether You Choose eMoney vs. RightCapital
And now for one of the newest players in the wealth management world — Kubera.
Named for the Hindu god of wealth, Kubera was launched in 2020 by a small team of serial entrepreneurs and modern investors who saw a need for a complete and easy-to-use wealth tracker.
What is a “complete” wealth tracker?
It’s one that empowers people to account for every asset — from cash to crypto to collectibles, stocks, homes, domain names, real estate, DeFi assets (learn more about DeFi coins here), and more — from a single dashboard.
What does this mean for financial planners?
Kubera is an auxiliary tool that will help you efficiently collect all the financial data you need through automation and an easy-to-use dashboard.
And when implemented alongside your financial advisor software of choice and white-labeled to fit your brand, Kubera will also enable you better connect to Millennials, Gen Z, and other modern market segments thanks to its modern interface and focus on cutting-edge assets.
What does this look like in practice?
How Kubera works is that clients first add their bank, brokerage, and other financial information to their dashboard, where it will be displayed and updated automatically. You can review the many financial institutions to which Kubera connects here.
For advisors, this ensures fewer assets remain out of scope so you can get a more complete view of clients’ portfolios.
In addition to connecting to most traditional financial institutions, Kubera also integrates with asset valuation plug-ins like Zillow for homes, EstiBot for domains, and more.
And don’t forget Kubera is also a crypto tracker, so your clients can even add their crypto and DeFi accounts. Special stock and crypto tickers mean clients can manually add any holdings that don’t connect automatically.
Speaking of manual entry, that’s the last phase when making sure you’re able to capture every single asset in your clients’ lives. Kubera makes it intuitive to add any outliers to a spreadsheet-like dashboard so that no asset or account goes unturned.
As the final step in helping you to provide cutting-edge communication and build stronger client relationships, Kubera automatically generates beautiful charts that you can use to help explain concepts like overall net worth, asset allocation, and more.
Kubera’s features are uniquely poised to give the absolute most information so you can create solid financial projections that will keep your clients coming back for more.
Kubera charges for a simple subscription for DIY users. Financial pros can contact Kubera to learn more about pricing and usage when it comes to the unique white-label client portal.
Kubera Security Features
Kubera’s commitment to security is prevalent in features like data encryption, external security audits, two-factor authentication, and a reliance on third-party aggregators that ensures their own staff doesn’t have access to client account credentials.
Kubera also promises never to sell user data, so clients will never receive annoying ads or upsells based on their personal information.
Try Kubera’s White Label Financial Planning Software Today
Wealth management doesn’t have to be boring or difficult for clients or their financial advisors.
With Kubera’s customizable portal, you can create a financial planning experience that’s fast and modern and maybe even a little fun for today’s generation of high-net-worth individuals.
But you’ll never know unless you try.
Or, if it’s more your style, just contact the Kubera team at firstname.lastname@example.org and see how easy it can be to level the playing field and build high-value client relationship