As advisors grow more reliant than ever on software to track their clients’ accounts—and as the choice of products grows at a mind-bogglingly fast rate—Aite Group has released an in-depth report that rates 11 major technology players’ financial planning platforms.
The 90-page Aite impact report, “Evaluating Wealth Management Platforms: Financial Planning at the Core,” which costs $4,000 for non-subscribing members, names the most suitable software solutions for five unique segments of financial advisors.
The winners are:
- PIEtech MoneyGuidePro for clients with less than $1 million in investable assets and EISI NaviPlan for clients with more than $1 million in assets. Aite recommends these two software solutions for both “planning-focused” and “planning-selective” advisors.
- SunGard WealthStation for “planning-supported” advisors.
- AdviceAmerica’s AdvisorVision for “planning-challenged” advisors.
- Thomson Reuters’ Financial Planning solution from Thomson ONE Wealth Management for “investment-focused” advisors.
Overall, the report profiles PIEtech MoneyGuidePro, EISI NaviPlan and Profiles, PlanPlus Planit, AdviceAmerica’s AdvisorVision, Finantix Components for Financial Planning, Polaris Intellect Wealth FNA, Tata Consultancy Services TCS Bancs Wealth Management, SunGard WealthStation, Scivantage Financial Compass and Methuselah, Thomson Reuters Financial Planning, and Informa Investment Solutions WealthIQ.
Aite is a Boston-based independent research and advisory firm focused on business, technology, and regulatory issues. The firm’s report comes as the global market for financial planning software has seen a number of new entrants over the last decade from software firms worldwide. Several new solutions were introduced in the United States in the early 2000s to enable the democratization of financial planning driven by Web-based technology.
Planning-focused and planning-selective advisors view financial planning as more important than investment management, according to Aite. “Financial planning functionality and sales process support are likely to be more important requirements than integration with implementation and monitoring solutions for these advisors,” the report notes, adding that MoneyGuidePro leads