Financial Planning Software
Financial Planning Software is a program that allows advisors to create and maintain an extensive financial portfolio for their clients. It enables them to create budgets, track progress, and make informed investment recommendations.
What tool can be used for financial planning?
According to the CFP Board, the first step is to select and prioritize goals. This is followed by determining whether they’re realistic, and then what needs to change for clients to achieve them.
As part of this process, you can simulate what-if scenarios that will help your client see how different choices impact their future. This can be a powerful tool when discussing different options with clients, as it can give you a better idea of how each option will affect their finances and lifestyles.
A good financial planning software also has the ability to connect clients’ investments with market performance so you can get a clear picture of how they will grow over time. This gives you a great way to demonstrate to clients how your full scope of services will support their goal-oriented plans and how you can make the best use of their money over the long term.
A financial planning software should be able to offer a high-quality client experience from start to finish. Ideally, it should have a savvy interface that presents aggregated account information in an easily navigable way and is mobile-friendly, so clients can view their financial data, plans and goals at any time. It should also allow for document storage and collaboration tools, so you can keep your practice up to date with current best practices in risk management and compliance.