thus, we’ll pay 10 times the cost for portfolio accounting software than financial planning software because, when we run an aum model, we think of portfolio accounting software as something that drives revenue, while financial planning software is just a cost to be managed. at the same time, if we are primarily in the business of doing financial planning and financial planning fees are driving our revenue, then we will also pay a lot more for financial planning software as a revenue driver. for today’s office hours, i want to talk a little bit about the technology that we pay for as advisors, how we pay for it, and reflect a little why it is that i think we will pay so much for some types of advisor technology and so little for others. and the reason why this distinction matters is that most businesses will pay a lot more in direct expenses than we will in overhead expenses, precisely because direct expenses tend to produce more revenue that pays for itself, right? in other words, i think one of the driving differences as to why we’ll pay 10 times the cost for portfolio accounting software than financial planning software is because when we run an aum model, we think of portfolio accounting software as something that drives revenue, while financial planning software is just a cost to be managed, and so we pay accordingly.
now, i don’t mean to demean moneyguidepro here and the quality of the financial planning software solution they provide, but the numbers kind of speak for themselves. we just flat out pay more for software that drives revenue for us, compared to solutions that are just in the overhead category. i mean, if most advisors got paid solely in financial planning fees and it made us willing to pay $15,000 a year for planning software the way that orion charges $15,000 minimum fee for portfolio accounting software, how awesome could that be as financial planning software? how awesome would it be and what features would you want and need to create new value for clients and justify what could be a lot more in financial planning fees and a lot more value that you can create for clients with that new tool? what features would you like to see in the next generation of financial planning software?
if you’re a financial advisor yourself, there are also plenty of software options that you can use to help you build plans for your clients. the starter version, for example, lets you view all of your accounts in one place, create a budget, track your spending, manage your bills and categorize your purchases. wealthtrace is a financial planning program that both individuals and advisors can use. one of the features that’s integrated within this software is called play zone, which utilizes sliders for retirement age, financial goals and more to illustrate how financially successful a client’s retirement could be.
emoney advisor offers a hefty suite of financial planning services for advisor firms and large advisory enterprises. the software allows advisors to complete a big picture, in-depth and advanced cash flow analysis for their clients. what he likes best about the software is its “ability to integrate accounts, client vaults and strategic tax planning for retirement planning.” rightcapital also offers a mobile-friendly user-interface, which tech-savvy advisors may appreciate. fortunately, there are several online services that make it easier to build a financial plan and track your saving and spending.
the only thing i would consider a dislike is the price of the software. it’s expensive, but you get what you pay for. because emoney is a scalable, customizable platform, pricing may vary based on the unique needs of your organization. to get an accurate estimate, talk to us this powerful financial planning software powers your organization with creative, planning-driven solutions for the management of your client’s finances and, financial planning software for individuals, financial planning software for individuals, emoney software for individuals, emoney software reviews, emoney user login.
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