Technology

All You Need to Know About Wealth Management Software for Advisors

Francis L. Crosby 3 years ago 3 min read

Advisors need a way to manage client information and portfolios effectively. This is where wealth management software comes in as an effective solution for advisors’ needs.

Advisors use this software to record financial, tax, and social-economic data about clients as well as their investment preferences, which they can use as a basis for investing recommendations. In addition, the software has features that allow advisors to plan future finances and investments by tracking market trends and forecasts. The wealth management software for advisors industry is growing year-by-year. More and more firms are taking advantage of the benefits to help manage their advisors’ workflow. These tools can help an advisor grow their client base through automated marketing campaigns, increase efficiency, and track results all in one place.

Here are some other reported benefits that advisors have seen since implementing a wealth management software solution:

A larger pool of potential referrals

Wealth management software organizes all of an advisor’s contact records and provides them with a more efficient system than just simple email or paper files. The organized results help drive more referrals from existing clients because they see how much an advisor cares for them.

Access to the right data at the right time

Wealth management software is equipped with live reports and alerts, continuously updated by real-time market information that advisors can use to offer timely recommendations to their clients.

Expanded range of services

The software helps drive an advisor’s business forward through the introduction of new financial products like managed accounts, tax-advantaged investments (e.g. 401k), international investing, and more accurate reporting on retirement plans.

Greater efficiencies in operations

Wealth managers report increased earnings due to higher productivity levels, which they attribute to streamlined processes powered by wealth management software.

10x Marketing Results — With less time spent on administrative work, an advisor is able to focus on bringing new business into the firm by using advanced lead generation programs built into many popular platforms. The 3 Keys To Successful Client Acquisition And Retention outlines how implementing these strategies can be crucial for any growing business.

Consistent Branding

With many of these platforms offering customizable branding and templates, an advisor is able to create a personalized experience for their clients right from the start. These visuals can help set you apart as a more reputable firm and instill confidence in future or current clients.

Customized Security

Many software companies offer features that allow advisors to customize key security settings to match their specific compliance needs, giving them peace of mind knowing data is safe and secure with the platform they choose.

Better online presence

Advisor websites powered by wealth management software are able to enhance client relationships and drive more business opportunities.

By using wealth management software, advisors can increase their productivity levels by way of improved operations that rely on streamlined processes. They experience greater earnings due to higher levels of productivity and easier ways to engage clients online through websites that feature such software. Thus, wealth management software serves as an effective solution for advisors’ needs.