Financial advisors can benefit from software aimed at increasing their sales and performance, as well as providing market analytics and insights. There are tons of programs in the market and sifting through them can be a challenge.
Independent financial advisors, especially those who don’t have the benefit of a large firm or organization to provide software tools can benefit massively from using financial planning software.
Although there is a plethora of financial planning software tools available in the market, here are some that we recommend for independent financial advisors – NaviPlan, Snap Projections and Razor Plan.
RazorPlan is one of Canada’s leading financial planning software solutions. It was created in 2011 by Dave Faulkner, CLU, CFP, and provided tools to financial advisors through Financial Plan Advantage Ltd. (FPAdvantage). Dave is a pioneer in the financial planning software industry and the original designer of one of the most well-known financial planning programs available in Canada. It was recently acquired by Nest Wealth.
- Retirement Options Analysis
- Client Friendly Reporting
- Concepts and Calculators
- Client Facing Data Gathering
Pricing: $55 USD / month
Snap Projections is developing the financial planning platform of the future. By enabling nuanced financial planning calculations through a modern, intuitive, and powerful interface, Snap Projections equips advisors with a means to effortlessly implement both simple and complex financial plans, which can be easily adjusted in real-time during a face-to-face client engagement.
This modern, transparent and customer-centric approach made available by Snap is disrupting the traditional approach to financial planning, making it efficient, collaborative and impactful.
- Unlimited Clients / Scenarios
- Income Tax (T1), RRSP/RRIF/Spousal RRSP, LIRA/LIF, TFSA, DCPP, DBPP/annuity, custom taxable and non-taxable income streams
- Education Planning (RESP)
- Term, Whole Life, UL Insurance
- Reports with Advisor Branding
- Online Access from any Location
- Email Support
- 1-1 Phone Support
- Automated Pension Income Splitting
- White Labeling for Interactive Presentations
Pricing: $77 USD per user per month
While Advicent offers multiple products designed to suit a wide range of financial advisors' needs, NaviPlan is the most comprehensive and useful program available.
A cash-flow-based program, NaviPlan is most popular among dually registered advisors as it is easily scalable to a differing number of clients and varying net worth. It includes retirement analysis of accumulations and distributions and comprehensive analysis of assets and liabilities, including debt.
NaviPlan offers one of the most detailed cash management modules and visually superior side-by-side onscreen comparisons of investments, as well as Monte Carlo scenario simulations to help keep the information up to date.
Apart from providing a comprehensive list of features, NaviPlan also provides its user with training and an enterprise option.
Pricing: Not provided by vendor
There is something for every budget in this list and for most of these programs you can try them for free.
Technology has significantly impacted professional financial planning. Independent advisers, registered reps, and even accountants have come to rely on sophisticated financial software designed to help them not only devise appropriate investment and retirement plans for clients but help them better engage clients as well.
Is there a financial planning software you use that you love? Let us know and we will include it in the list.