Is Financial Planning Software Cost Effective for a Financial Advisory Business?

Financial planners work with people and businesses to provide individually tailored plans that help with budget management and the successful realization of financial goals. The hiring of a financial planner means that a company has an expert consultant who can provide helpful and professional advice relating to a vital aspect of their business. 

Financial planners can pinpoint areas that need to be worked on and create a financial plan to assist in the realization of financial objectives, removing the guesswork. Financial planning software has begun to play a major role in financial planning. 

Automating admin tasks

Making use of financial planner software allows financial planners to automate many admin tasks that are both tedious and very time consuming, giving them more time to devote to developing sound financial advice for their clients. 

Financial planners are estimated to spend 41% of their time on such tedious tasks as filling in admin forms and chasing up signatures. The use of financial planning software enables much of these tasks to be automated, allowing financial planners greater freedom to both provide better service to their existing clients and more time to reach out to potential new ones. 

Increasing the value of advice

Financial planning software not only increases the speed by which processes can be done, resulting in greater efficiency, but also greatly reduces the likelihood for mistakes caused by human error. 

Add to this the extra time that financial planners will then be able to spend on their clients, and the quality of the service and the financial advice that businesses will receive from their financial planners will therefore also be improved. Happy clients are clients that financial planners are more likely to be able to retain, making the importance of financial planning software even more obvious. 

CRM and client data

A CRM database is one of the greatest assets of financial planning software. A CRM database includes all of the client data that a financial planner has collected.

A CRM database can include all details about clients, prospects or leads, the source of leads, all previous customer interactions, and other information. CRM databases designed specifically for use by financial planners can streamline and optimise the information flow from a number of different channels including the likes of social media, emails, SMS, calls and more. 

74& of all businesses have had better relationships with their customers when they make use of CRM software, according to a recent study. 


Financial planning software includes built-in visualisations. These visualisations offer clients the ability to digest often complex information in a simple manner that makes it much easier for clients to grasp the data they are being presented with, and to make decisions based on that data much more effectively. 

The initial cost outlay for financial planning software is more than outweighed by the benefits over the long term, making financial planning software the best option for a financial advisory business to increase profits and give its clients the best possible service. 

Huynh Nguyen

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