While the shift toward remote, technology-aided wealth management had of course already begun, the outbreak of COVID-19 certainly accelerated the pace at which investment advisors had to choose the right software to support their businesses and serve their clients.
If you’re still shopping around for your best fit, you’ve come to the right place.
Learn why the demand for digital portfolio management tools is only going up and our top recommendations on the best software for investment advisors, which we’ve chosen based on the expertise we’ve developed from working closely with financial professionals as well as DIY high-net-worth individuals (HNWIs).
Why Should Financial Advisors Be Picky About Their Financial Planning Software?
The uncertainty that the pandemic produced led many people with assets to protect to seek out financial advisor services for the first time. In fact, in 2020, over 70% of advisors noted an uptick in clients.
Notably, these new clients welcome technology that makes remote financial management possible. More than 60% of HNWIs report that they’re comfortable discussing financial information with advisors via virtual means.
However, that doesn’t mean just any old software is acceptable for the modern client.
Today, consumers demand and define convenience — and half of consumers believe that a company’s web presence is a pivotal element of its brand. Potential clients are shopping your site and the digital tools you work with to determine if you can deliver the digital experience they desire.
Ready to win over more of the growing pool of potential clients who are considering your services? Then keep on reading.
6 Top Portfolio Management Tools and Integrations for Financial Advisors In 2022
Here are some of the best portfolio management tools and add-ons to make your life easier while making your offerings even more appealing to the modern wealth management consumer.
3 Integrations That Make Life Easier for Investment Advisors
Looking to add some marketing magic and a contemporary touch to your client engagements? Add any or all of these options to your financial management platform to level up the experience you’re able to deliver.
Kubera is a sleek, user-friendly crypto tracker and wealth tracker that makes it exceedingly simple to organize and manage a vast variety of traditional and modern assets. With Kubera, users can track everything from stocks to DeFi coins and other assets, Fiat money, crypto holdings, antiques, NFTs, real estate, and more. To see a living list of many of the accounts and exchanges to which Kubera connects, see our Google Doc here.
While Kubera is not a replacement for full-fledged investment management platforms, it’s an affordable and complementary system that can help advisors get the most complete view of their clients’ holdings.
To get started, all your client has to do is add their assets to Kubera’s spreadsheet-like dashboard. Assets that are tied to an account with which Kubera connects will update automatically. For those that aren’t, it’s easy to add details from cost to current value, expenditures, investments, attachments, etc. On top of this, built-in integrations with other platforms (such as Zillow, etc.) go the extra mile to keep client dashboards updated with the real-time value of crucial assets.
To help investment advisors create reports and projections for clients, Kubera can also calculate the internal rate of return (IRR) for assets — and even compare them to popular indices and tickers so clients can get an easy-to-understand picture of asset performance. Layer in Kubera’s charts and you have all the basics you need to communicate portfolio performance and support any retirement planning or other financial planning recommendations you make.
Because Kubera knows how important branding and web presence are to today’s financial management consumers, we made it easy to white-label our solution. Create a cohesive client experience for all those tech-savvy HNWIs you’re pursuing.
Financial advisors, wealth managers, CPAs, RIAs, and any other type of pro in the wealth space can sign up for a demo or contact Kubera at email@example.com to find out if Kubera is a good fit for their business and create a custom pricing plan.
The Paladin Registry is a pretty cool marketing resource that helps financial advisors get their names in front of the people who are earnestly searching for their services.
The free matching tool allows users to put in their location and a few high-level financial details — planned retirement age, homeownership status, etc. Using this information, the registry then shows a list of financial advisors they think would be a good fit for your needs.
Paladin Registry’s listing pages are where investment advisors can share what their businesses have to offer, including credentials, experience, services, and more. Paladin only works with fiduciaries who fall into the 90th percentile or higher, according to their custom rating system.
Redtail is a customer relationship management (CRM) platform that was built to help modern advisory practices develop and maintain lasting, effective client relationships.
Redtail helps investment advisors set up custom workflows to automate certain tasks, offers the capability to build reports based on customer data, has a robust notes section attached to each client account, comes with a pipeline tracking tool to manage clients and leads, and more. The CRM is available via desktop and mobile devices — and it’s likely to be able to integrate with some of the other wealth management tools you already use.
3 Wealth Management Tools for Serving Modern Clientele
If you’re also looking to upgrade the primary platform you use for client portfolio management, these are our favorite modern wealth management tools.
According to the T3/Inside Information’s Advisor Software Survey, an annual report on the software financial advisors are using or are interested in, in 2021 RightCapital ranked third-best in market share and user ratings — only outshined by giants MoneyGuidePro and eMoney Pro.
RightCapital is most popular with newer financial planners, likely thanks to its inclusion in the ideal tech stack outlined by XY Planning Network — an organization that focuses on advisors with Gen X and Y clients, specifically.
What makes RightCapital an ideal fit for this newer type of advisor, and their often younger client base, is its balance of usability and robust but never bloated features.
With RightCapital, advisors can model interactive retirement planning, build optimal tax-efficient distribution strategies, conduct student loan management, evaluate insurance needs, help with estate planning, and much more.
One fascinating thing about RightCapital is how it prioritizes ease of use and automation in the client onboarding and initial plan creation stages. This makes it easy to wow clients right off the bat — and quickly grab all the information you’ll need to start creating more customized plans and reports to deepen the relationship.
Asset-Map has one goal and one goal only for the financial professionals it serves: “ … to make it easier for financial professionals to communicate with their clients and visualize the possibilities of what their money can do for them.”
And, according again to the T3/Inside Information’s Advisor Software Survey, it did just that in 2021 by grabbing the highest user rating out of the top ten tools in market share.
Asset-Map is focused on providing what it calls Asset-Map Reports. A report is a detailed visual overview of a client’s entire household, including family members and each of their financial assets, liabilities, cash sources, insurance policies, and so on. With this map of assets, advisors can better spot gaps in planning, risks, and opportunities that they can work with their clients to address. Asset-Map can be integrated with other digital solutions and used as an add-on in your arsenal of client-winning tools.
The visual-based experience that Asset-Map provides is what makes it stand out among other software for investment advisors when it comes to communicating with clients and empowering them to make strong financial decisions.
Moneytree is on the other end of the spectrum from RightCapital, catering to veteran financial advisors who have been in the game for decades.
This is perhaps due to its Advise (formerly known as Silver Online) product, which offers an affordable solution for planning for several different financial scenarios at once — including estate planning, retirement planning, education planning, and more.
Across the board, Moneytree’s products are recognized for their ability to create detailed models for various “what if” scenarios, goal-based reports for clients who are still accumulating wealth, and cash flow-based reports for clients near retirement who would benefit from predictions and parameters around their budget.
How to Choose Your Best Financial Management Software
Now that you know about all the above platforms and add-ons, how can you quickly determine which are perfect for you and/or your firm?
Here’s a quick guide to reviewing software and deciding which tools will serve you best:
Determine Your Goal: Knowing your business goals leads to understanding the functions you want your tools to perform.
Get Familiar with Features: Map your ideal functionality to the features that are common among wealth management platforms and integrations. This will help you narrow your list of potential tools.
Dive Into Your Top Options: Time to clean up your shortlist even further by diving into your top picks to determine budget fit, ease of use, security, etc.
Read Reviews: Before fully signing on with the tool or two you’ve chosen to work with, read independent reviews for one final fit check.
For the Modern Financial Advisor, The Choice is Clear
Kubera is a vital element of the modern wealth management flow and is sure to be a complement to any fully-featured platform you choose.
To add Kubera to your client-wooing financial planning arsenal, request a demo or contact Kubera at firstname.lastname@example.org today.