wealth management software for advisors

financial software programs typically provide historical data; the ability to directly compare two investments and visually represent the comparison in a way that is easy for the client to grasp; and a variety of equity evaluation formulas for stocks, including risk and volatility measures such as sharpe, beta, and sortino ratios. considered one of the most comprehensive programs and launched in 2001 by pietech, it quickly rose to the top of the ranks and shows no signs of losing market share. the survey also revealed that emoney is the top software program that advisors are thinking about adding to their arsenal of financial planning resources. another noteworthy feature is the emoney client portal (emx) that allows clients to access a printout of their finances at any time.

however, there is plenty of opportunity for customization, and the ability for advisors to create illustrations and models for clients is one feature that adds to the appeal of rightcapital. it is also the most popular software for veteran firms that have been in business for over 20 years. while advicent offers multiple products designed to suit a wide range of financial advisors’ needs, naviplan is the most comprehensive and useful program available. naviplan offers one of the most detailed cash management modules and visually superior side-by-side onscreen comparisons of investments, as well as monte carlo scenario simulations to help keep the information up to date.

which, at the end of the day, could result in a smaller playing field of portfolio management systems for advisors, and a higher hurdle for any new offerings that will have an even harder time trying to differentiate themselves. doesn’t a large segment of the market believe that selecting the best-of-breed in each category is the best way to go? but they also see the value in having more and more parts of the wealth management life cycle inside their walls. but we only see a few m&a deals each year, and certainly not enough to even put a dent in the total. according to finra, there are around 3,500 broker-dealers, but the top 5% have most of the assets and advisor headcount.

firms targeting rias want to sell to enterprise, but the consolidation and crowding out of enterprises also means a newfound desire of enterprise solutions to shift into the ria channel, believing that there is greenfield for them in the other segment. they were a strong contender for the better part of a decade going up against envestnet, vestmark, and tegra118 in the enterprise space. this eventually led to (and i’m skipping a lot of time and iterations) what was called the env2 platform and is now just referred to as the envestnet enterprise platform, which targets the institutional segment and probably has the largest market share. around 2002, charles schwab launched portfoliocenter, one of the first ria custodians to build out a portfolio management application. but the inclusion of albridge in this particular survey category is wrong because they are not a portfolio management vendor, they are a provider of reporting and data aggregation services. still, my gut reaction is that smaller vendors, in particular, are most likely to be squeezed by the current crisis and look for a partner or sell themselves rather than going out of business.

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