Financial planning is no longer a purely paper-and-pencil process as it once was.
It is critical to have a financial plan in place, and a complete financial plan may involve budgeting, saving, investing, debt repayment, and building a path to financial independence.
Abacuses and crank-operated calculators, fortunately for financial advisers, are technologies of the past. This has made it easier to do math, but it has also made long-term financial planning harder to learn.
When it comes to creating financial strategies for their customers, advisers nowadays need more than simple desk calculators. Modern financial planning necessitates the use of cutting-edge planning tools.
It is dependent on your present financial requirements that you choose the finest finance software. A variety of financial tools, ranging from budgeting and spending monitoring to tax planning, can help with investing portfolio management.
Important points to examine before opting for financial software
Follow these steps to assist you in selecting the most appropriate financial planning software:
- Decide whether you want software that tracks progress toward objectives or one that monitors the amount of money coming in and going out.
- Recognize the requirements of your customers.
- Evaluate how your customers like to get their financial plans—for example, whether they prefer them in digital or print format.
- It’s important to look for software that is easy to use and that works on a wide range of devices.
- Take into account the significance of supplementary planning offerings such as a customer portal or account consolidation.
- Don’t overlook the need for security.
Best financial software for the year 2022
When it comes to financial planning software, each person and family has unique requirements. Once you know what features you need, it’s time to seek a solution that meets those criteria.
Your money might be better spent if you take a systematic approach to budgeting and investing. Check out our list of the best financial planning applications to get you started.
- Advicent
It is suitable for whom:- Â professional money managers and investors who prefer to base their decisions on actual cash flow.
NaviPlan, a software package from Advicent, is by far the best tool for financial advisers when they want to plan.
In addition to making it simple for advisors to swiftly flip through the portfolios of many customers, NaviPlan employs a cash-flow based strategy for managing retirement funds and investments as well as borrowing and other obligations. Advicent is geared for financial professionals and is not a good fit for those who just want to keep track of their personal finances.
- Money Tree
It is suitable for whom:- Â A comprehensive desktop platform for professional planners, consultants, and company owners.
With Money Tree, bankers, entrepreneurs, and financial advisers may take advantage of a wide range of features and high-quality tools at a low cost.
In addition to meeting the majority of professional requirements, Money Tree’s Silver service is useful for tracking the progression of financial goals such as saving for retirement, estate management, and educational goals. By modifying stock and investment factors in Money Tree’s “what if” scenarios, you can see what your portfolio may do in the future.
If you manage assets for a lot of people at different income levels at the same time, Money Tree can help you figure out how to do that.Â
- MoneyGuide Pro
It is suitable for whom:- Â Professionals who are looking for more features and an engaging experience for their clients to use
Finance professionals utilize MoneyGuidePro as a client-centered financial management program. The emphasis here is on non-traditional approaches to retirement preparation. The “Play Zone” is one of the functions included in this program, and it uses variables for retirement age, financial objectives, and more to show how economically secure a client’s retirement may be.
A single version, a pro version, and an elite version are all available. When it comes to relating to economic lifestyle management and holistic stress testing in this edition, it’s the least comprehensive.Â
There are no differences between Pro and One other than the fact that Pro includes risk management, estate planning, and the ability to create a net worth statement.
- TurboTax
It is suitable for whom:- Customers seeking a low-cost alternative to a traditional tax preparation service that provides extra assistance and features.
Even if you don’t use TurboTax on a regular basis, it might be a lifesaver when it comes to filing your taxes. It’s one of the more expensive tax preparation programs, but it’s also user-friendly, taking you step by step through the process of preparing your taxes so you can submit them correctly.
To get started, you may import your W-2 information directly from your employer’s website or snap a photo of it with your smartphone and the program will automatically transfer the data into the form.
If you have used TurboTax before, the program will remember a lot of your personal information, which will let you know if there have been big changes.
- Mint
It is suitable for whom:- Â Consumers with a focus on personal finance and mobile devices.
Mint is a well-known budgeting and cost management application. In order to better manage your money, you may use the program to bring in your bank and credit card account information.
In order to increase responsibility, Mint enables you to set up notifications for factors like deadlines and insufficient balances, which will help you, stay on track. Using these tools will help you avoid costly bank overdrafts and late payment penalties.
If you have set up budget categories, Mint will provide you with real-time information on how much you can spend on items like food and petrol. On iOS and Android, as well as on the PC, Mint is available for free.
- eMoney Advisor
It is suitable for whom:- Â Individuals and organizations in the financial sector of all sizes
When combined with other tools, eMoney Advisor delivers a full planning-led strategy that provides a unique sort of experience and elevates planning partnerships to a new level.
As the requirements of their clients change, financial advisers may simply transition them from a simple, goal-oriented approach to the most extensive advanced planning solution available in the industry—all from a single platform. People who work for financial advisers might use eMoney to make their interactions with clients more fun and collaborative, which could lead to more knowledge and stronger relationships with their clients.
Client lifecycle planning, meaningful engagement, practice management, technology streamlining, and company growth are all possible with eMoney’s products and services. In the United States, the eMoney platform is used by over 70,000 financial professionals from a wide range of organizations to provide services to over 4 million households.
- Quicken
It is suitable for whom:- Â For intermediate and advanced users
You may customize Quicken to meet your specific financial planning needs by choosing from a variety of available financial planning software options. With the Starter edition, you can set a budget, monitor your spending, pay payments, and classify your purchases.
In the Deluxe package, things get even better. Making your own budgets and saving for specific goals are just some of the extra features that this version of the app has.
The Premier edition may be a better choice if you want to go even deeper into your finances. If you want to keep track of both your personal and company money in one place, the Home & Business edition is an option.
- Personal Capital
It is suitable for whom:- Beginning to mid-level financial planners who are looking for a cost-effective approach to keep track of their finances.
If you are a newbie or an experienced money manager, Personal Capital is an excellent financial planning software choice. Financial planning may be as simple or as complex as you want it to be, and the free edition of the program has it all.
It has the flexibility to integrate all of your financial records into one place, including your retirement and investments.
- A “wealth” monitor.
- Using this tool, you can discover hidden costs you may be paying in relation to your investments.
- With Personal Capital’s robo-advisor services, you may also get assistance picking assets.
Bottom Line
Building a thorough financial plan is critical, regardless of whether you handle it yourself or collaborate with a professional adviser. Building a financial strategy and keeping tabs on your spending and savings has never been simpler, thanks to the many internet tools at your fingertips today.
It’s a good idea to write out your long-term business objectives before settling on a software partner. Using this method, you can make certain that the advantages of any program you choose are completely aligned with your overall requirements.
Also Read: Automating Financial Analysis Using Python
