Software programs can help registered investment advisors and financial advisors run their businesses more efficiently. From tracking and analyzing data to generating reports to financial planning, these programs can make it easier to get organized while streamlining operations. If you’re looking to make some investments in software, it helps to know which RIA software solutions stand out from the crowd. Ready to connect with new clients? SmartAdvisor brings qualified leads to you.
What Types of Software Do RIAs Need?
There are different types of software programs that RIA firms may utilize in running their businesses. RIA software solutions can target the following areas:
The types of software programs you choose to incorporate into your business can depend on the size of your firm and what other systems you may already have in place to manage the tasks that are most essential to operations. As a general rule of thumb, the larger the firm and the more assets under management, the more software solutions may be needed to keep the business running smoothly.
Best RIA Software Solutions for 2023
If you’re making software investments for the first time, the range of options available may feel a little overwhelming. To simplify your search for the best software solutions for your firm, we’ve highlighted some of the options that rate the highest among RIAs and financial advisors. We’ve broken them down by each of the categories listed above.
Best New Client Onboarding and Compliance Software Solutions for RIAs
New client onboarding software can make it easier to streamline and standardize the onboarding process. The best client onboarding software programs for RIAs are user-friendly and offer a comprehensive range of functions.
- iDenfy: iDenfy is an all-in-one software solution for identity verification, fraud prevention and compliance. The program uses AI-powered biometric recognition services with 24/7 human monitoring and makes it easier for RIAs to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) guidelines.
- PassFort Lifecycle: PassFort, a Moody company, offers end-to-end client onboarding for RIAs who want to automate risk and compliance workflows. The software makes it as simple as possible to onboard new clients and offboard them, should that be necessary.
- ComplyCube: ComplyCube is a leading digital onboarding software program designed for use in the financial services industry. The software incorporates KYC, AML and identity verification solutions to verify customer identities in seconds.
Best Financial Planning RIA Software Solutions
Financial planning software programs can help RIAs with everything from analyzing cash flow to long-term planning.
- eMoney: eMoney is a top-rated financial planning software used by RIAs and financial advisors. The program is designed to make it easier for financial professionals to organize data, generate reports and update financial plans while creating a more engaging experience for clients.
- MoneyGuide: MoneyGuide is tailored to the needs of advisors and RIAs who primarily work with ultra-high-net-worth clients. The software is lifestyle-focused and designed in a way that encourages clients to define and prioritize their goals while making it easier for RIAs to adjust financial plans to account for life changes.
- RightCapital: RightCapital is an advisor- and client-focused software that focuses on several key areas of financial planning, including taxes, estate planning and retirement. The RightIntel feature allows you to see a visual summary of your business’s key metrics in one place and identify opportunities to better meet client needs.
Best Risk Tolerance Analysis Software Solutions for RIAs
Understanding clients’ risk tolerance is central to financial planning and portfolio management. Risk tolerance software programs can make it easier and less time-consuming to conduct portfolio and risk tolerance analysis.
- Kwanti: Kwanti is a smart analytics software program that’s designed to assist advisors with portfolio analysis, model management and client acquisition. It’s geared toward advisors and RIAs who are looking for a way to balance building their business with maintaining it.
- Nitrogen: Nitrogen Wealth offers a software solution for wealth managers and RIAs that focuses on risk. Specifically, the program is designed for advisors who want to make it easier for clients to visualize their risk tolerance, risk capacity, proposed risk and portfolio risk.
- FactSet: FactSet takes a multi-faceted approach to risk tolerance and data analysis. This software is designed to help with everything from quantitative research and portfolio analytics to portfolio and wealth management.
Best Portfolio Management and Reporting Software Programs for RIAs
Portfolio management software allows RIAs to analyze client portfolios and generate reports in order to track progress and goals. This type of software may be essential to your business if you’re working with a larger number of clients.
- Envestnet: Envestnet offers an ecosystem of solutions that are designed to help RIAs address different aspects of portfolio management. Some of the areas covered by the program include trading, estate and legacy planning, direct indexing and tax management.
- Orion: Orion includes everything RIAs need to grow and scale, including portfolio accounting, financial planning and tax-intelligent trading. Redtail CRM is also incorporated into the software, which could be appealing to RIAs who don’t want to purchase separate customer relationship management solutions.
- Morningstar Office: Morningstar Office fully integrates Morningstar data, tools and analysis while automating back-office tasks to help RIAs save time. The software is comprehensive, spanning investment planning, portfolio analysis and reporting in one place.
Best CRM Software for RIAs
Customer relationship management software enables RIAs to keep track of details for current and prospective clients in one place. This type of software can help you better understand client needs, which can help to increase loyalty and boost retention rates.
- RedTail: RedTail is a leading CRM software solution for financial services professionals and was the first cloud-based CRM to be created. The software has earned a solid reputation for its ease of use, integration capabilities and customer support.
- Advisor Engine: Advisor Engine is a complete wealth management software program that incorporates CRM solutions, performance reporting, digital onboarding and fee billing. It’s tailored to RIAs and advisors who are looking for solutions to streamline the client experience while running their business more effectively.
- Wealthbox: Wealthbox offers a simplified approach to wealth management and includes everything RIAs and advisors need to stay connected with clients. From contact management to reporting to scheduling. Wealthbox takes the guesswork out of overseeing your client roster.
Choosing the best software solutions for your firm begins with understanding the unique needs of your business and your clients. When comparing different software options, it’s helpful to look at the features and benefits, as well as the overall user experience, customer support and pricing. That can help you to avoid choosing the wrong program, which could result in time and money wasted if you eventually have to replace it with something else. If you’re interested in taking software for a test run, consider asking whether a free demo might be scheduled so you have an opportunity to explore its inner workings.
Tips for Growing Your Advisory Business
- If you’re spending too much time chasing down prospects, consider using SmartAdvisor, which, along with DeftSales, enables you to automate compliant phone, text and email outreach to help convert qualified leads to clients. You can then decide which ones you’d like to follow up on.
- Digital marketing is another area where you might decide to invest in software to increase visibility and grow your online audience. There are various tools that can help with things like social media content creation and scheduling, tracking online ad campaigns and email marketing. You might consider these types of solutions if you’re struggling to create a cohesive brand image online or want to fine-tune your social media marketing strategy.
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