Factors to consider while choosing Financial Planning Software for advisors

 The days of crunching financial facts and figures with a pencil, paper, and a calculator are long gone. Finance management software is an intelligent way to make tailored financial recommendations, whether it's for individuals or for advisors. It is an indispensable tool to project any long-term financial trade-offs and make a well-informed decision. The right and best financial planning software for advisors eventually helps their clients in knowing more about their financial decision by bridging the gap between the number crunching and the projected financial outcomes. Are you looking for the best financial planning software? Then, let us tell you it’s not that easy. All financial advisors don’t have the same kind of clients, which means the financial planning approach may differ and depend highly on the situation. That’s why we cannot rate it to anyone as the “Best” financial planning software.



Instead of hunting for the best financial planning software for advisors, choose the one that is best suited for your clients and the way you want to integrate and interact with your existing technologies. This article will discuss the essential aspects you should look for when selecting financial planning software.  

  •   Goal-Based or Cash-flow Based  

One of the key differentiators among advisors' various financial planning software has been the goal- or cash-flow-based. Well, the goal-based financial planning software captures money allocated towards a specific goal or multiple goals and projects, whether the goal(s) is achieved or not. On the contrary, cash-flow-based tracks every dollar in the household, combining the total inflows and ensuring that they match with the total outflows.   

  • Is it Straight Line or Monte Carlo?  

This is another important aspect to consider while choosing financial planning software for advisors. Is it projecting straight-line outcomes or the wider range of returns using Monte-Carlo analysis? Some software only allows for basic assumptions regarding effective tax rates, while some others will provide detailed year-by-year tax projections. So, before purchasing any software, consider these decisions properly.   

  • Is it secure?  

Make sure the financial planning software for advisors is secure and safe to use as your client’s personal details are at high risk with you.   

  

Suppose you are looking for efficient financial planning software for advisors. In that case, Perfios is one of the industry’s leading finance managers applications that provide a 360-degree view of client’s portfolios in a single dashboard. It is safe and secure and comes with various features, enabling your clients to meet their financial goals.   

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