Top 4 Things to Look For When Evaluating Financial Planning Software

The wealth management industry is undergoing a massive transformation. Clients’ expectations are rapidly changing and there is a growing demand for goal based advice and comprehensive financial plans. Given this shift, it’s no surprise that  78.74% of advisors are using financial planning programs to bring added value and efficiency to their practice (Technology Tools for Today). Financial planning software is no longer a ‘nice-to-have’ for firms and advisors, it’s now table stakes. 

However, there are so many solutions available, and trying to determine which one is best for you and your clients can be overwhelming. 

When evaluating financial planning software, there are four key things you should be looking for:

1. Drives better client engagement

Not all financial planning software is created equally. You need to find financial software that will help you create better experiences for your clients, so you can strengthen your relationships and continue to retain them. To increase client engagement, you need a very client-friendly solution that is interactive and creates comprehensive and easy to digest reports and summaries. In short, your solution should help you generate plans that are easy to share with your clients and display the information in a way that’s easy to comprehend.

2. Scales your business efficiently 

One of the key benefits of financial planning software is that it can quickly complete tedious calculations and helps you determine the best solutions to help your client reach their financial goals. 

You need financial planning software that uses advanced algorithms to transform the long and tedious calculation process into a straightforward, automated procedure. That way, you can spend more time having meaningful discussions, and let the software analyze your client’s situation to identify any gaps or shortfalls in coverage that should be discussed further.

3. Addresses all your client’s insurance needs in one financial plan

Helping clients protect loved ones and ensuring that their plans for retirement are not at risk due to unexpected health problems is becoming an important part of what financial advisors and planners do for their clients.

Look for software that gives you proven risk management methodology and addresses all of your client’s insurance needs, including:

  • Life insurance for family security, wealth creation and estate planning;
  • Disability insurance for income replacement and retirement preservation;
  • Critical Illness insurance for lifestyle protection;
  • Long-Term Care insurance for retirement and estate preservation.

4. Helps you find new clients

Finding new clients can be difficult and very time consuming. This is why it is important to use financial planning software that provides you with the tools needed to maximize lead generation. 

Some financial planning software includes lead generation tools that help you locate existing and prospective clients. It is important to use one that gives your clients a personalized experience through the use of questionnaires and landing pages. Questionnaires will help you get a better understanding of the clients’ financial situation. Based on their insurance coverage needs you can then find the best financial solution to ensure they are equipped with proper support.


When selecting a financial planning software, remember to choose one that will help you better serve the needs of your clients. Financial planning software is vital to the growth of your business as it allows you to better retain clients, scale your business efficiently and improve client relationships, create new streams of revenue for clients and generate more meaningful leads. 

RazorPlan is a best-in-class financial planning software that’s supporting thousands of advisors across Canada. Want to see if it’s the right solution for you? 

Our team offers weekly RazorPlan demos. Sign up for the next one!

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