What Is The Best Financial Advisor Software And How To Choose The Right One?

A technologically advanced world comes with many benefits, including eliminating the need for manual work and increasing business efficiency. Advisors live in a complex world with many operational requirements, financial advisor software  can help any client that wishes to set and fulfill financial goals with maximum efficiency. A financial tool or software can do wonders for a firm and its client by minimizing the gap between them and automating otherwise complicated tasks like onboarding, reporting and compliance. If you’re looking for a platform to help you innovate you can find it at advisorengine.com.

What is financial advisor software, and who can use it?

financial advisor software can cover many aspects including digital onboarding, CRM, portfolio rebalancing. The portfolio management software can get used by financial advisors, investment managers and RIAs. It can help them control and optimize their client’s investments and financial goals while providing easy visibility in a single unified platform.

What are the functions of financial advisor software?

The following are the functions of a full-fledged financial advisor software:

Collects leads

Use of a CRM can help a financial advisor collect leads and process them through an automated workflow. The advisor can then get in contact with them and use a stage based workflow to help convert them to long-term clients.

  • It can help capture the lead details from several popular platforms and help reach out to them to sell your services.
  • Lead management function will help you keep the leads in check and fulfill and qualify the goals on time. Moreover, it can help track every element and the amount of progress the advisor has made.

Contact management

The financial advisor software can help the financial advisor keep track of the potential and existing clients information. The financial advisor can save the information in one place and search them with convenience. 

  • It eliminates the need to remember or record the contact details manually or in different databases.
  • The database can get easily searched without getting chaotic with all the details in one file.

Portfolio Management

One of the most important elements is an easy to use portfolio management software that still combines all the advanced functionalities and client side facing technology. With powerful portfolio software you can manage your client’s complete portfolio in a single place.


Every business requires data tracking in all aspects like effectiveness, profitability, earning, and others. But it can be unusually hard to track client details and information manually. The wealth management software can track this data quickly.

  • It is easy to record the information in one database and find it through the searchable feature.
  • Easy to highlight and keep track of the progress made with the client. Moreover, it can help analyze if the method of investment needs an update by combining powerful robo-advisor technology.


The use of  financial advisor software can also help manage the social media marketing aspects by helping control leads, progress, campaign tracking and campaign optimization, and others.

  • It can help reduce the costs of marketing by providing accurate data needed. It also helps promote marketing and control the leads.
  • Moreover, it can help improve the performance of the marketing initiatives takes by the organizations.

How to choose the best financial advisor software?

Choosing the best software can be difficult. The following are the must look criteria:

  1. Trusted by big firms: Is the software from an established player who is trusted by many big names in the financial advisory space?
  2. Does it have all the modules in one place or will it be necessary to combine multiple solutions? If so, does each solution have integrations with the others required? It’s always easier to find an all-in-one platform that covers the entire wealth management spectrum.
  3. Does it support the popular custodians?
  4. Does it have great customer support?

Independent financial advisors are faced with the task of finding the best software for their needs. By following the advice mentioned here they can get the software that will best support their clients and their abilities to grow revenue and support operational compliance.

Christophe Rude
Christophe Rude
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