ScenariosXFrom $1,000/login/yr
Checked on the vendor's site · Oct 6
AdvisorShelf / Guides / Planning software
Planning software guide
How to choose financial planning software for advisors
We list 17 financial planning tools built for advisors. 11 publish a price on their own site. On the cheapest plan, one person pays from $49.92 to $291.25 a month (our sum). Four things decide which one fits your practice.
The four things that decide it
1. What it really costs
11 of the 17 publish a price; the other 6 don't. Those that publish charge in different ways (per user, per advisor, per login, for a set number of users, a flat price that doesn't say who it covers or a one-off licence), monthly or yearly, so where we can we put each on the same footing: what one person pays per month on the cheapest plan. 4 of the 17 say which firm sizes they suit. Count everyone who needs access, including assistants, before you compare.
2. Where its data comes from
A plan is only as current as its inputs. 5 of the 17 tools say client data comes in from a CRM, 6 that account data comes in from a custodian, and 8 that it comes in through an account aggregator such as Yodlee, MX or Plaid. 2 more list a CRM connection without saying which way data moves. Some charge extra for aggregation or keep it for a higher plan, so check the profile, and check that your own CRM and custodian are listed.
3. Whether work flows back to your CRM
2 of the 17 say they send data back out to a CRM, so the plan and the client record stay in step. Single sign-on alone saves a login but moves nothing.
4. How you leave
9 of the 17 say something on their own site about cancelling or keeping your data, and each profile sums it up and links the source. Before you sign, ask how much notice you must give before a renewal, and how you keep a copy of your client plans.
What one person pays, and what they connect to
What one person pays per month
Planning toolsWhat these planning tools connect to most
Redtail7 tools
Schwab7 tools
Altruist5 tools
Fidelity5 tools
Wealthbox5 tools
Pershing4 tools
Advyzon3 tools
Interactive Brokers3 tools
A starting shortlist by firm size
Vendor says4 planning tools whose own sites say they suit this firm size, cheapest for one person first
ScenariosX
MoneytreeFrom $1,195/user/yr
Checked on the vendor's site · Oct 6
Salesforce Financial Services Cloud · Data link, direction not stated checkedSchwab · Data in checkedRedtail · Data in checkedWealthbox · Data in checked
eMoney AdvisorNo price found
No price on their site · looked Oct 6
Redtail · Listed, no detail given checkedWealthbox · Listed, no detail given checkedFidelity · Listed, no detail given checkedCharles Schwab · Listed, no detail given checkedSEI · Listed, no detail given checkedand 2 more on the profile
Orion PlanningNo price found
No price on their site · looked Oct 6
Three ways planning software connects to the rest of your stack
Your CRMPlanning tool
Client details in
Household names, dates of birth and contact details arrive from your CRM.
CustodianPlanning tool
Accounts in
Balances and positions arrive from a custodian or an account aggregator.
Planning toolYour CRM
Work back out
Notes, tasks or plan results go back to the client record in your CRM.
How we check: every price and connection shows where it came from and the date we read it. When a vendor doesn't publish a price, we say so.