7 Types of Software Every Financial Advisor Should Be Using
As a financial advisor, your main focus should be using your experience and knowledge of the financial profession to help your clients reach their financial and retirement goals, improve cash flow, and build long-term wealth.
By using the latest financial advisor software solutions and financial planning tools, you can more effectively deliver recommendations, align investment strategies with client needs, and provide a stronger client experience that supports comprehensive planning.
There are so many different types of software to help you run your business, manage client data, and streamline workflows that it’s easy to get lost in the options.
You’re doing this to optimize your processes, automate repetitive tasks, and reduce manual data entry so you can do better work. Yet at one point, sourcing out new tech turns into a distraction instead.
We’ll try to fish you out of the sea of confusion and back to solid ground using this list of must-have software for financial advisors, RIAs, CFPs, and wealth management professionals.
Types of Software for Financial Advisors
The tools we mention in this article either create a better client experience, enhance your ability to reach your client’s financial goals, support onboarding of new clients, or help you focus on doing your job. Each type of software serves a different purpose and helps financial professionals deliver better outcomes.
Here are seven types of software every financial advisor, CFP, or wealth manager should use to enhance their financial services and bottom line.
Customer Relationship Management (CRM) Software
Customer relationship management (CRM) software helps financial advisors manage client data, streamline communication, track follow up activity, and build stronger client relationships. A modern CRM supports client engagement by organizing workflows, automating tasks, and centralizing client information in real time.
A good CRM helps you deepen relationships by keeping you connected to the right people at the right time. It also gives you a clear view of your pipeline, sales activity, and AUM so you can focus more on serving clients and less on Excel spreadsheets.
There are countless CRM providers out there, including Salesforce, but the challenge is finding one built specifically for financial institutions and advisory firms. Generic tools often lack the functionality needed for wealth management, portfolio management, and compliance-driven workflows.
We pioneered the first advisor-specific CRM in 1986. That experience has now evolved into Altitude CRM, the industry’s first AI-native CRM built specifically for financial advisors. It combines practice management, marketing automation, integrations, dashboards, and intelligent workflows in one system.
Altitude CRM includes features like Pathfinder AI, opportunity management, automated follow-up workflows, and LinkedIn activity tracking to help streamline onboarding, improve client satisfaction, and turn client relationships into revenue.
Financial Planning Software
There’s a wide range of financial planning software available, and not all platforms offer the same level of functionality. Some tools focus on basic calculators, while others provide comprehensive financial planning software designed for retirement planning, tax planning, and net worth tracking.
To find the best financial planning software for your firm, start by outlining what you want to accomplish. Do you need retirement planning tools, cash flow modeling, Social Security analysis, or asset allocation optimization?
Your specialization matters here. Whether you work with business owners, high-net-worth families, or retirement-focused clients, your planning software should support client goals, risk tolerance, and long-term planning strategies.
Some of the best financial planning software options include Naviplan, Moneytree, RightCapital, MoneyGuidePro, and eMoney Advisor.
MoneyGuidePro from Envestnet offers comprehensive planning tools, including retirement planning, client portals, real-time data, stress testing, and interactive calculators that improve the client experience.
eMoney Advisor is another leading provider of financial planning software. It allows financial planners to manage client portfolios, visualize financial goals, and support comprehensive planning with deep integrations across financial services platforms.
Portfolio Management Software
Portfolio management software helps advisors manage client portfolios across multiple accounts, ETFs, and financial institutions. These platforms support portfolio analysis, allocation adjustments, and performance tracking.
By using portfolio management software, advisors can compare portfolios, optimize allocations, and ensure investment strategies align with client needs and risk tolerance.
A popular option is Orion Portfolio Management, which helps advisors monitor portfolios, rebalance investments, and optimize after-tax outcomes through features like tax loss harvesting.
Trading and Rebalancing Software
Trading and rebalancing software supports portfolio management by helping advisors maintain proper asset allocation as markets change.
Key features to look for include automation, optimization tools, and real-time monitoring to ensure portfolios remain aligned with financial goals and investment strategies.
These tools help advisors reduce manual effort while maintaining consistency across client portfolios.
Investment Analytics Software
Investment analytics software provides deep insights into securities, ETFs, and investment strategies. These tools help advisors evaluate performance, conduct due diligence, and improve decision-making.
Morningstar is a well-known provider offering real-time data, portfolio analytics, and research tools that support advisors in delivering comprehensive planning and improving client outcomes.
Risk Tolerance Software
Risk tolerance software helps advisors quantify client risk preferences and align portfolios accordingly. These tools typically use questionnaires to evaluate time horizon, financial goals, and emotional responses to market volatility.
Riskalyze/Nitrogen converts risk tolerance into a clear numerical framework, helping advisors explain allocation decisions and maintain client engagement during market shifts.
Document Management Software
Document management software helps financial advisors securely store, retrieve, and manage client documents. These platforms support compliance, streamline workflows, and improve the overall client experience.
Going paperless improves efficiency, supports remote access, and helps advisors better serve new and existing clients.
Popular options include DocuWare and Revver.
Bill Good Marketing Is Ready to Help
These seven types of software platforms help financial advisors streamline operations, improve client satisfaction, and grow AUM.
If you need help integrating your CRM, financial planning software, and portfolio management tools, Bill Good Marketing’s coaching program can help you build a system that supports growth and long-term success.
We take the guesswork out of growth. Get a custom strategy designed around your clients’ needs and your business goals. Call 888-495-7303 to get started.
