Hi everyone, welcome to today’s post on financial planner software.

For today’s financial planner topic, an excellent financial planning software/tool is a must-have.

However, determining the greatest financial planning tool/software is really difficult since planners differ in how they use it in the first place.

Thus an “excellent” software for one planner may be a bad match for another.

After reading this article, we guarantee you’ll have proper knowledge of the benefits of using financial planning apps and tools that can make your tasks easy as a Financial Planner.

In addition, you will also gain firsthand knowledge of how to build Financial Planning systems.

At the end of this article, you’ll have understood:

What financial planner software is
The benefits of financial planner software
The best financial planning tools
How to build financial planner software

In the first place, we attempt to clarify what the important criteria are in selecting financial planning software.

We know you can’t wait further to unbox this outstanding information, so let’s hit the ground running!

What is Financial Planner Software?

In a technological world where estimating the long-term effect of financial flow balances – important for any customer to make a wise financial decision – no doubt, is much too complicated to be done without technical aid, financial planning software/tool is a vital tool for any bona fide financial planner.

A perfect planning software closes the hole by performing the necessary ‘number-crunching’ to compute expected outcomes, allowing a customer to assess the financial implications of any given financial decision or trade-off.

However, while financial planning software began as a complicated financial planning calculator, in today’s environment, having the capacity to effectively calculate projected outcomes is simply the main stake that any planning software must competently accomplish in order to be considered for a position at the stake table.

A true differentiator in today’s market for planning software is what can be accomplished while working with a customer interactively, in real-time, or virtually.

Financial planning software providers are constantly striving to create new methods to differentiate themselves.

Nonetheless, since not every financial planner serves the same kinds of customers, concentrates on the same sorts of problems, or analyzes and presents financial budgeting or planning scenarios to clients in the same way, identifying one unambiguous planning software is incredibly difficult.

Instead, selecting the best financial planning software program is all about figuring out what works best for your clients, and you.

It is also about how you’ll integrate the program into the financial planning process.

Key Features of Financial Planner Software

As a result of globalization, acquisitions, mergers, altering market conditions, business diversification, expansion, and other critical circumstances, a financial management software solution should empower a firm to address the increasingly complicated and multi-faceted processes and transactions it is faced with more effectively.

So, how does a financial planner software system accomplish all of this while boosting the productivity and efficiency of global financial operations? With a comprehensive range of functional features such as:

1. Mechanization and Management of End-to-End General Accounting Procedures

A perfect planner software ensures that all essential administrative, and financial activities, including accounts receivable, accounts payable, cash flow management, payroll, purchasing, and general ledgers, are streamlined and enhanced from start to end.

perfect planner software

2. Support for Worldwide Financial Processes

Financial planner software should blend activities that traverse multiple departments and trade units and enhance the management and execution of all financial duties across all global sites.

3. Forecasting and planning

Financial management software solutions should offer an improved ability to use previous data to forecast future financial activities such as income, revenue, and spending trends and patterns.

4. Managing and Tracking Cash Flows

Financial management software is expected to provide a complete, unimpeded, real-time view of cash flow status and all connected transactions by facilitating consolidations, allocations, budgets, and other cash flow management processes and operations across a whole business.

5. Advanced Analysis and Reporting

A fundamental aspect of today’s most popular financial management software solutions is the capacity to quickly generate detailed, consistent, and highly accurate balance sheets, profit and loss statements, budget allocations, and other vital financial reports.

The Benefits of Financial Planner Software

Let’s consider the genuine worth of Financial Planner Software software:

  • Startups can use financial software to forecast their growth. Every single penny matters in the startup industry. Professional CPAs can be costly, and they don’t always advise entrepreneurs about how their cash flow and spending are functioning
  • CPAs/CFOs can use financial technologies to complete their task more quickly and with fewer errors. Finance experts can now use software to do all of the heavy liftings for them, which saves time and ensures correct records for the company
  • Financial tools provide investors with more information about a company’s financials. The major concern of every investor when funding a firm is whether or not they will receive a return on their incurred risk
  • There are multiple dashboards for different types of finances. Unlike a traditional profit and loss statement, which often reflects only one financial company, cloud-based solutions allow data to be mixed and matched via a “dashboard” display
  • Real-time cooperation is possible with finance management software. Again, because financial planning is a tricky topic, having considerable cooks in the kitchen (balances and checks, etc.) to handle a company’s finances might be valuable

The Best Financial Planning Software

Do you intend to computerize your company’s finances by adopting orderly procedures for the management of financial transactions and related operations?

A financial management tool may bring uniformity to every department in the company.

Due to a large number of options available on the market, selecting the correct financial planning software for planners can be difficult.

To make your career path a whole lot more effortless, we’ve assembled a list of the finest financial planning software based on their overall service and performance.

Intuit Mint

Mint is actually one of the most largely employed free financial planning applications, and it is suitable for a wide range of users.

Aside from being an excellent budgeting tool, it also includes a number of money management tools. Mint allows you to do a multitude of things, including:

  • Keeping track of your entire bank accounts and credit cards in one convenient location
  • Establishing a monthly budget
  • Keeping track of and categorizing expenditures
  • Keep an eye on your personal credit score
  • Keeping track of your investments
  • Creating bill-paying reminders
Intuit Mint

Mint is actually more concerned with financial management and basic budgeting than with investing.

This tool is absolutely free.

You also won’t be able to settle your bills using the software.

It does, however, have an excellent user interface that is simple to use, and it’s ideal for faithful users primarily interested in budgeting and keeping track of their spending.

Because the app operates on both desktop and mobile, it could be useful for an individual who wishes to keep full track of their finances while on the move.


Depending on what you want to do with your money, Quicken offers a variety of financial planning software options.

For example, the Starter version, which goes for 35.99 dollars per year, allows you to have full control of all your accounts in one location, track your spending, set a budget, organize your purchases, and manage your payments.

The Deluxe package is the next level up from the Basic plan. This version includes everything in the Starter version, plus can build custom budgets, set and track savings goals, and manage and track debt.

The Premier version may be better appropriate if you wish to go even deeper into your personal finances.

This edition includes all of the features and tools included in the Starter version, and some new ones, such as:

  • The ability to keep track of all of your loans, investments, cash flow, net worth, wealth management, estate planning, and retirement planning accounts in one location
  • Morningstar’s® Portfolio X-ray® tool is available to you
  • Bill payment on a regular basis
  • Tools for market comparison and tax planning on investments

There’s also a Home & Business edition, which may be useful if you want to keep track of both your personal accounts and business in one place.

It’s also, by far, the most detail-oriented of the four Quicken packages and goes for 103.99 dollars per year.


Professional financial planners use MoneyGuidePro, a client-based finance planning program.

It focuses on other choices to traditional retirement planning strategies.

Play Zone is an attractive function included in this software, and it uses sliders for financial goals, retirement age, and more to show how financially booming a customer’s retirement could be.

There are three versions of this software: Elite, Pro, and One.

The first is the most basic, which includes merely a lifestyle and financial goal planning software, risk tolerance assessment tool, holistic stress testing, and other features.

Pro includes all listed features of One in addition to a slew of extras like estate planning, risk management, and the preparation of net worth statements.

Everything listed above is included in the Elite version, as well as total income modeling, secure income modeling, tax planning, and sophisticated lifetime protection.

Envestnet bought MoneyGuidePro for a whopping 500 dollars million in March 2019 and completely took on all its activities.

Envestnet is a large financial services firm that specializes in wealth management outlets for financial advisors.



Moneytree is a financial planning platform that takes a three-part strategy.

Planners can use the software to perform a comprehensive, advanced, and in-depth cash flow study for their customers.

Planners can use Moneytree to construct an attractive financing plan for their customers either alone or in partnership with them.

The software also has an interactive mechanism that allows advisers to conduct “what-if” scenarios to see how different outcomes might play out.

The program’s architecture can also assist advisers in identifying potential gaps in their customers’ financing plans and recommending strategies to close the gap.

Moneytree is actually one of the most costly advisor-based finance planning solutions in general.

The tool goes for an outstanding subscription price of 1495 dollars per planner per year.

The company, however, provides a 14-day test to interested businesses who want to give it a try to do so before committing.


RightCapital is an innovative platform that planners may use to construct financial plans.

It’s the software that a CFP in West Linn, Oregon, Jason Ball, utilizes for his customers at BCP (Ball Comprehensive Planning).

The software’s capacity to combine accounts, strategic tax planning for retirement planning, and client vaults is what defines it the best.

RightCapital also flaunts a mobile-friendly user interface, that appeals to tech-savvy planners.

A part of the rudimentary features that distinguish the software from its rivals is the presence of tax planning tools.

eMoney Advisor

For financial planning services and major advisory organizations, eMoney Advisor offers comprehensive financial planning services.

The financial planning software program is divided into four different service packages: Plus, Pro, Premier, and Growth.

Customers who purchase the Plus tier get basic financial planning services and advanced financial analytics, as well as bare-bones access to eMoney’s customer website and mobile app.

If you require more, the Pro edition increases the core financial planning services to a higher degree, as well as provides comprehensive financial analytics.

Premier users have access to everything eMoney has to offer, including basic, advanced, and advanced analytics planning.

Growth is the fourth category, which includes any of the above features as well as integration with marketing providers to assist advisers in building their firms.

It’s also integrated with Bamboo, a solution that helps advisors boost their web presence and increase customer acquisition.

Morningstar, Salesforce, Fidelity, Envestnet, and other prominent financial advice services can all be integrated with eMoney Advisor.

Factors Considered in Selecting the Best Financial Planner Software

Cash-flow-based vs. Goal-based

A fundamental differentiator among the sort of financial planning software has been “cash-flow-based” vs. “goals-based” for nearly 20 years.

The contrast refers to the software’s detailed assumptions about how a household’s sum total of cash or monetary flows is managed.

Objective-based finance planning software tracks funds assigned to a given goal (or many goals) and forecasts if the goal (or goals) will be met.

This could be predicted on a linear scale or demonstrated using a Monte Carlo methodology to account for uncertainty.

Monte Carlo methodology

However, with objective-based finance planning, there is necessarily no need to keep track of the household’s total income or where all of the dollars go; rather, the technique merely assumes that the dollars allocations are for specific goals.

Cash-flow-based finance planning software, on the other hand, accounts for every single dollar in the family, combining the entire inflows from multiple sources and making sure that they completely equal the total outflows.

The problem with cash-flow-focused planning software in the past has been that projecting and accounting for every single cash flow provides the most detailed analysis. However, it is mostly a time-consuming procedure, particularly for software that wasn’t all that user-friendly in the past.

The lines between objective-based and cash flow analysis financial planning software have become unclear in today’s environment. Goals-focused clients of financing platforms like MoneyGuidePro frequently flaunt many objectives, while cash-flow-focused platforms like NaviPlan now concentrate not only on the cash flows but also on the objectives towards which they’re being allocated.

What-If Sequence and Monte Carlo vs. Straight Line on Planning Software Models

Another significant difference in planning software/tools is actually how the projections are modeled.

How about the software’s ability to assess and project many “What-If” or alternative scenarios? Is it possible for the planning software to provide detailed comparisons of various balances that a customer might be thinking about?

Is the program capable of displaying “poor returns” events and advising the client on how to adjust spending to stay focused?

Is it simple to change the plan’s inputs to indicate how the plan’s result(s) may become more vulnerable to specific planning inputs or assumptions than others?

A related question that some planners (and some customers) are concerned about is if the program is the calculation motor or a complex system that can guarantee the digits the software generates as output.  

A whole lot of financial planning software/tools, such as MoneyTree, offer a complete audit plan that may be employed to validate the computation and source of every statistic in the output documentation.


The major result of financial planning software/tool, initially, was the financing plan — a long list of account printouts, sometimes tens of pages long, documenting the software’s assumptions and their outcomes.

Some financial planners might add so many extra sheets of the planned deliverable for customers to these printouts, including action items, their personal commentary and analysis, and possibly an executive or management summary.

On the other hand, the entire financial planning process is all about obtaining data, entering it into software, and delivering a report from the results.

Most planning software can still generate printed documented outputs in today’s environment, but as planning software evolves from a calculating tool for planners to a collaboration tool for customers, there is a growing focus on if and how the software can be used collaboratively by customers.

collaboration tool

Why does this really matter when it comes to choosing planning software?

Not all planning software was designed to allow for such a dynamic process of altering inputs on the go to observe how they affect the results.

Software Assumptions: Ease of Flexibility and Input

With the inclusion of focusing on the financial planning software’s output, a financial planner using the planning software is aware that the flexibility and convenience of the software’s input procedure are also important.

To a large extent, planning software’s ease of use is simply determined by the strength of its individual design process in the first instance.

The flexibility and convenience of the software’s assumptions, which will vary widely from a particular financial planning software outlet to the very next, is also important for many planners.

Design Module of Financial Planning Tools/Software

The majority of planning software focuses on estimating wealth accumulation and the following drawdown in retirement.

Many client needs fall into other modular design regions of financial planning, such as analyzing insurance coverage and deciding whether to begin Social Security.

Beyond the main accumulation/distribution estimates, planning software systems vary widely in the finance planning design modules they incorporate, which may likely flaunt:

Life Insurance

Based on predicted income, spending plans, and existing assets, conducting personal capital requires analysis to assess if the present amount of life insurance coverage is enough.

Timing of Social Security

What impact does it have on the plan if the retiree begins Social Security late or early, and what options are there for coordinating the Social Security timing claims with a duo?

A good percentage of Social Security calculators can also help calculate expected Social Security payments based on ongoing employment in the months ushering to (or during) retirement.

Retirement Drawdowns

No doubt, almost all planning software can at least show the fundamental effect of taking net removals from the investment portfolio. Notwithstanding not all software can do genteel modeling of tax-sensitive reductions from myriad kinds of retirement accounts or integrate the effect of annuities or get life insurance policy advance.

Tax Planning

Particular tax planning options, such as the effect of tax-subtle retirement income techniques, limited systematic Roth conversions, and so on, are examined.


When it comes to running a financial planning company, you have options: to get your finances in order, you might employ a professional financial planner, or you could also get some software and figure things out on your own with a few hands.

Financial planning software can assist you in preparing for the future. When you enter your data into a typical product, the software instantly provides reports that indicate your present financial situation and assesses if you’re on track to accomplish your long-term financial objectives.








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