Financial Planning Software features explained
for Wealth Management
Comprehensive tools that help advisors create detailed financial plans for clients, including retirement planning, education funding, insurance needs analysis, estate planning, and cash flow modeling with scenario analysis capabilities.
Every feature we track for Financial Planning Software products, with a description of what each one means.
Advanced Planning & Analysis Tools
Sophisticated modules for detailed, specialized financial planning.
- Business Owner Planning Tools
- Specialized features for business succession, liquidity planning, and exit strategies.
- Complex Tax Strategy Modeling
- Simulates AMT, NII tax, and other complex tax impacts on plans.
- Complex Trust/Estate Strategies
- Ability to model GST, CRT, GRAT, ILITs, and similar advanced trust structures.
- Currency Support
- Number of supported global fiat currencies for multi-jurisdiction planning.
- ESG Portfolio Planning
- Allows for incorporating environmental, social, and governance factors in investment plans.
- Insurance Product Modeling
- Supports modeling of complex insurance instruments, including variable life and annuities.
- Multi-Jurisdiction Planning
- Handles planning for clients with assets, income, or heirs in multiple tax jurisdictions.
- Stock Option & Equity Compensation Planning
- Helps model and optimize corporate compensation (RSUs, ISOs, NSOs, etc).
Client Engagement & Personalization
Enables engaging clients with tailored content, tools, and experiences.
- Automated Financial Health Checkups
- Presents periodic summary insights and health checks to the client.
- Client Engagement Analytics
- Tracks client logins, interactions, and resource use.
- Educational Content Library
- Provides curated financial literacy and education materials for clients.
- Goal-Based Planning Tools
- Interactive modules for clients to set, adjust, and monitor their own goals.
- Personalized Client Dashboards
- Allows each client’s platform view to be customized to their needs.
- Personalized Notifications
- Delivers actionable, tailored push or email notifications to clients.
Collaboration & Communication
Tools to facilitate collaboration between team members and communication with clients.
- Advisor Notes/Annotations
- Allows advisors to make notes directly within client files or plans.
- Client Onboarding Workflow
- Features streamlined, automated workflows for new client onboarding.
- Digital Signature Integration
- Supports e-signatures for important documents within planning workflows.
- Document Collaboration
- Supports co-editing and feedback features on financial documents.
- Email Integration
- Connects with major email platforms for enhanced communication.
- Secure Messaging
- Provides an encrypted messaging system for advisor-client interactions.
- Task Assignment & Tracking
- Assigns and tracks action items for clients or team members within the platform.
Core Financial Planning Functionality
Essential tools required to build, analyze, and manage clients' financial plans in wealth management.
- Asset Allocation Recommendations
- Generates investment allocation based on risk tolerance and client profile.
- Balance Sheet Generation
- Generates current and projected balance sheets for clients.
- Comprehensive Cash Flow Modeling
- Ability to create detailed cash flow projections for clients over multiple years and scenarios.
- Debt Management
- Tracks, projects, and suggests strategies for managing liabilities.
- Education Planning Modules
- Includes features to facilitate college or education funding strategies.
- Estate Planning Tools
- Provides modules to handle wills, trusts, and other estate planning components.
- Financial Plan Versioning
- Stores and manages multiple versions of financial plans for comparison over time.
- Goal Tracking
- Tracks progress toward financial goals like retirement, education, or large purchases.
- Insurance Needs Analysis
- Assesses client’s coverage in areas like life, health, and disability insurance.
- Monte Carlo Simulation
- Runs probability-based simulations for plan outcomes.
- Plan Update Frequency
- How often financial plan data can be updated (real-time, daily, etc).
- Retirement Planning Projections
- Provides in-depth analysis and projections for retirement needs and distributions.
- Tax Planning
- Supports tax-efficient strategies within the financial plan.
- What-if Scenario Analysis
- Simulates various scenarios (market changes, life events) to assess plan robustness.
Integration & Data Aggregation
Capabilities associated with connecting to external accounts and aggregating data for holistic planning.
- APIs Availability
- Availability of robust APIs for custom data integrations.
- Bank Account Aggregation
- Ability to securely aggregate client account data from multiple banks.
- Custom Data Import/Export
- Enables manual data import/export (CSV, Excel) for flexibility.
- Data Aggregation Speed
- The average time to aggregate/update external account data.
- Document Management Integration
- Integrates with external DMS (e.g., SharePoint, Google Drive) for document storage.
- Integration with CRM
- Connects seamlessly with popular customer relationship management systems.
- Integration with Portfolio Management Systems
- Links to portfolio management/trading systems for synchronized data flows.
- Investment Account Aggregation
- Supports data feeds from investment custodians and brokerage accounts.
- Open Banking Integration
- Supports integration using Open Banking protocols for increased compatibility.
- Real-Time Data Refresh
- Ability to refresh external account data in real time.
- Third-Party FinTech Integration
- Compatible with popular FinTech tools (budgeting apps, robo-advisors, etc).
Reporting & Analytics
Capabilities that enable the creation of insightful reports, visualizations, and analytics for clients and advisors.
- Actionable Alerts
- Sends notifications based on key report analytics and triggers.
- Automated Report Scheduling
- Enables automatic, periodic generation and delivery of reports.
- Client Portal Reporting
- Allows clients to access/view reports online within a secure portal.
- Comparative Analysis
- Compares historical, current, and projected financial states for clients.
- Custom Report Generation
- Ability to generate tailored reports for client meetings.
- Customizable Dashboards
- Allows users to configure personalized analysis dashboards.
- Data Visualization Tools
- Provides dashboards and charts for visual representation of financial data.
- Exportable Reports
- Supports exporting reports in common formats (PDF, Excel, etc).
- Pre-built Report Templates
- Includes a library of ready-to-use report formats.
- Regulatory Reporting Compliance
- Generates reports compliant with relevant financial regulations (SEC, FINRA, etc).
- Report Generation Speeds
- The average time taken to generate a standard complex report.
Scalability & Performance
Measures for ensuring responsive, reliable performance as business needs grow.
- Concurrent User Support
- Maximum number of simultaneous advisor/client users supported.
- Data Storage Capabilities
- Maximum supported data storage per client or firm.
- Geographically Distributed Servers
- Uses data centers in multiple regions for reliability and speed.
- High Availability Uptime Guarantee
- The percentage of planned uptime annually.
- Latency for Core Functions
- Average latency for critical operations (cash flow calculations, report generation).
Security & Compliance
Mechanisms to ensure data privacy, cybersecurity, and regulatory adherence.
- Audit Logging
- Maintains comprehensive logs of all system activity for auditing.
- Data Backup Frequency
- Frequency at which client data is securely backed up.
- Data Residency Options
- Allows organizations to choose geographic location of data storage.
- Encryption in Transit/At Rest
- Data is encrypted both in transit and when stored.
- GDPR/CCPA Compliance
- Enables compliance with privacy regulations like GDPR or CCPA.
- Multi-Factor Authentication
- Supports two-factor or multi-factor authentication for all users.
- Penetration Testing Frequency
- Number of security penetration tests conducted per year.
- SOC 2/ISO 27001 Certification
- Holds security certifications such as SOC 2 or ISO 27001.
- User Session Timeout
- Automatic session expiration after a period of inactivity.
Support & Training
Customer support and training mechanisms to ensure successful adoption and troubleshooting.
- 24/7 Support Availability
- Provides always-on client and advisor tech support.
- Community Support Forums
- Active online forums for user collaboration and troubleshooting.
- Dedicated Account Management
- Assigns account managers for onboarding and ongoing support.
- In-Platform Tutorials
- Interactive, self-guided tours and tooltips for new features.
- Online Knowledge Base
- Maintains searchable, up-to-date product documentation and training resources.
- Response Time SLA
- Guaranteed support response time for critical issues.
User Experience & Accessibility
Features focused on usability, accessibility, and experience for both advisors and clients.
- Accessibility Standards Compliance
- Meets standards such as WCAG 2.1 for accessibility to users with disabilities.
- Client Portal
- Features a dedicated, secure portal for client access.
- Intuitive User Interface
- Software is easy to navigate with a modern UI/UX design.
- Mobile App Availability
- Availability of companion apps for iOS and Android devices.
- Multi-Tenant Support
- Allows large firms with sub-teams to use a single instance.
- Multilingual Support
- Software and documentation are available in multiple languages.
- Role-Based Access Controls
- Supports permission settings by user type or role.
- White-Label Customization
- Allows firms to brand the platform with their colors and logo.