Summary
For most individuals, businesses and even large scale companies, the idea of a Plan B is almost always never enough. You will need financial planning software for well versed plan for wealth management and ultimately success.
Without any exception, a solid financial plan takes a ton of time and effort. The planning process also requires a lot of long-term planning for you to get to where you would like to be in the long run. A financial plan requires much time and effort and the idea of planning well in advance is very imperative for growth.
You are probably wondering about the processes involved in acquiring a software for your needs that will be tailored to your specifications. Worry no more, this guide will help with the information you need.
Why do you need a financial planning software?
The complexity of people who are more old fashioned than others can be easily understood to be a lack of attunement to modern ideologies.
In this section, I am going to elaborate on the need to integrate a financial planning software into your business activities and even everyday life.
In today’s age of holistic financial planning, it is difficult to picture a world where this is executed void of any assistance from technology. The ease that comes with digitalized budget creation, debt tracking, tax management and more can simply not be emphasized enough.
There are many different software programs for individuals, companies and organizations that serve as the financial planning solution they need. Even the best financial advisors use this to create much needed plans.
Summarily, for your ease, convenience and to ensure you do not miss anything important, you might want to consider getting a financial planning software.
Best Financial Planners and Money Management Systems
When choosing financial planning software, you might want to consider your needs and concerns. Software packages are often available to this effect and in this section, we will be reviewing some of the best financial planning software that exist in 2022.
From the comparisons and contrasts, you will go on to get some insight to these planners and management systems. Once you are equipped with this knowledge, you can then go on to determine which works best for you in wealth creation. For every software chosen to grace this list, we are going to dive into the features along with the pros and cons so let us get into it.
Personal Capital
Whether you are just beginning your journey along the path of financial awareness or you are an ancestor in the field, personal capital most likely has everything you need.
This financial planning software is best known for its ability to fuse your investing needs with your personal financial plan and that’s what makes it so popular.
Features of Personal Capital
Personal capital features a good number of distinct tools on the free version of the software. The best one in our opinion is a net worth tracker which allows you investigate if or not you are depreciating or appreciating as a financial body.
Next up is a feature that grants Personal capital monopoly over other financial planning software. It’s distinct ability to link all of your financial accounts to one another is very unique. From an investment account to retirement income account and more, all can be fused side by side using the software so that you can do all your financial planning in one place.
There are also tools to track hidden charges that might come in your investment packages along with the possible outcomes of your retirement and college savings. These tools will help you find things that most people would consult a financial advisor for.
It will also track your spending and keep you up to date with savings goals.
All these features are available on the free version of the software. Nevertheless, there is fee of between 0.49 and 0.89 percent of managed funds.
Pros
The pros include;
-Comprehensive management tools
-A financial advisor or two depending on the amount of money you would like the financial planning software to manage on your behalf.
-The availability of hidden charges
-Tax planning strategies and optimization within the software
Cons
The cons include;
-The need for an fat bankroll. You need a minimum of $100,000 to access their money management services.
-High management fees in comparison to other planning software.
The Harvest Plan
Also known as just ‘Harvest’, this great financial planning software is an easy to use platform time tracking and invoicing software for teams and individuals to track time and financial data.
If you own a business of any size, this is the right financial planning software to keep on hand for your ease. Even if you run a service based business like freelancing, this would work great for you as well.
There isn’t much to say on this financial planning software as it is pretty straight forward so lets go straight into the features.
Features
-Free plans and paid plans
-A thirty day free trial
-Straightforward user interface
-Simple to use due to the nature of the financial planning software
Pros
-There is a free plan to test out for those what if scenarios when you are wondering if it would work for you.
-Integrated with payment options such as PayPal and strife
-Third party integrations
Cons
-Being such a simple site, there are so many features that are missing in this planning software.
CIT bank- for small business banking
When we hear about banks, what often comes to our minds are traditional banks but with CIT comes a much more revolutionized approach.
CIT Bank is your online bank that tackles all the problems that may arise as a result of traditional banking. Everything from high fees to the hassle of taking yourself to the bank location and more.
Unlike most other software we would review in this article, CIT Bank has a savings niche. It is one of the best financial planning software for a high yield savings account. The essence of this is to ensure that people’s savings are equipped with interest rates that would ensure financial appreciation. It is right up there amongst the top financial planning software companies as a result of this.
Features
The features include:
-Accessible checkings account
-A robust high yield savings account
-Money management and market accounts
-Certificates of deposit
Pros
The advantages of using CIT as a financial planning software include:
-No monthly fees on deposit accounts as opposed to traditional banks.
-Competitively high interest rates.
-An interest rate system that ensures that you earn more when you save more.
-A guaranteed refund on ATM fees that can climb up to $15 monthly.
Cons
The cons of this planning software include:
-No physical branches for those who are less tech savvy.
-The types of accounts you can open are limited.
-A lack of 24/7 customer support which is problematic considering that they do not have physical branches for customers to visit.
Novo- for small business banking
The fear of hidden fees, especially for small businesses is rather valid. Considering that they need to have business intelligence, your cash flow will be marginally affected by hidden fees but you are safe with Novo. But that isn’t all.
As we get into the features along with the pros and cons, you will see why we recommend Novo over most other financial planning software programs.
Features
-No monthly fees
-Non-automated customer service
-Mobile banking
-Issuance of a virtual card
Pros
The pros of Novo include:
-No minimum balance required
-Free from transfer and incoming wire fees
-Refunds that are made on ATM fees are worldwide
-Unlimited invoices and payment of bills that even come with the option of sending physical cheques
-Access to business aiding tools such as Shopify, QuickBooks amongst others.
Cons
The cons include:
-Considering that this is an online platform, you cannot deposit cash and this is problematic because a lot of businesses make cash.
-$27 fee for inadequate funds and returned uncollected funds
-Users are unable to carry out domestic or international wires
Chime – for banking
The next financial planning software we are looking into is Chime. Chime is a great financial planning software that actually partnered with two other banks to offer customers an online option for a checking and savings account.
Even though Chime is fully online, it still holds an FDIC insurance which means that they are not only one of the best financial planning software tools, their safety is also verified by the government.
Features
-Savings and checking bank accounts
-Free overdrafts
-Program requirements
Pros
-No monthly or overdraft fees
-Over 60,000 free ATMs for seamless cash withdrawals
-Direct deposit cheques arrive up to two days before expected date of arrival
-No fees on foreign transactions
Cons
-Since they do not have physical locations, cash deposits are only offered through third party retailers. This will cost up to $4.95.
-You can only use the mobile check deposit feature if you link direct deposit.
-Charges on out of network ATMs
SmartAsset- Assets management by fiduciary
This comprehensive financial planning software is said to be the place to find professional financial advisors. Every financial advisor you find on SmartAsset is a fiduciary. A fiduciary is a person who is legally bound to give you the best personal finance advice available to them.
When you want a financial plan long term, you would need personalized advice for long term risk tolerance, basic planning tools, personal finance planning and even investment coaching.
You can also find financial advisors who reside in your area and help you decide what is best for you.
You can also find financial planning tools on the site to help you with personal financial management if you do not want to work with financial advisors. Also, for this financial planning software, their services are free.
Features
-Experienced financial advisors
-Loan planning
-Paycheck calculator
-Retirement planning services
-Tax planning services
and so much more
Pros
-AFM technology with patents
-Access to seamless financial planning services
-Cost effective, its practically free
-Helps you save money the right way
Cons
-No set fees. Because the service is free, you would have to find out about financial advisors fees yourself.
GoldBroker- manage money by buying gold
When you are trying to invest or meet your financial goals, most people lean towards investing. When seeking financial advisors, clients prefer things such as real estate or stocks but nowadays, younger clients are leaning towards a much more stable means of investment, precious jewels and metals.
Gold Broker is an advanced planning software that will save you from a lot of what if scenarios. The company sells gold, silver, platinum and more.
They believe that physically acquired gold and silver is a much better and safer option and even multi advisor firms would paint a complete financial picture using this tool as an example of safe investment.
Features
-Physical assets
-Storage facilities in four different countries
-Valcambi-made, once ounce gold bars with similar sizes for other precious metals
Pros
-LBMA authenticated gold bars and coins
-Secure storage space
-Owners have personal access to their vaults unlike traditional bank vaults
-Guaranteed liquidity on investment
Cons
-The precious metals they offer, even the most basic version, is a high capital investment. The least offer is about 1,600 pounds.
-The gold broker is a tad shady. There isn’t a lot published on it or a lot of account data available compared to other software programs of the same magnitude.
Ally invest
Founded in December of 2005, Ally invest is a stock broker that is a derivative of Ally Bank. They offer a very wide range of trading options with everything from stocks to securities and more.
Considering that they are allied with Ally Bank, they have publicity to gather a lot of client portfolios and that also boosts their credibility. When investing is in your financial plans, you might want to add this to your financial planning software options.
Lets get into the planning capabilities of this software so you can see if it is best for your goals based planning.
Features
-Zero commission on stocks and ETFs
-Low or non existent fees
-Specialized options analysis tools
-Probability calculators and profitability graphs
Pros
-Friendly user interface
-Low or non existent fees
-Availability of interest on cash balance
-Financial consolidation
-Availability of foreign exchange trading
Cons
-Inconsistencies in the competence of their technology tools
-Mobile app doesn’t feature all the available trading options
-No digital asset trading available (cryptocurrency)
-No advanced analytics for your trading
How to Choose the right Financial planning software for you?
With the many tools that currently exist, choosing a comprehensive financial planning software might prove to be a very confusing task. In this section, we will walk you through the different steps you need to follow when choosing the right financial planning software for you.
As great as all the softwares we have spoken about sounds, it is beyond imperative to note that they will frustrate you if they are not the right software for you.
- Learn the difference
When it comes to financial planning software, there are often two kinds; goal based and cash flow based.
A goal based software tracks you money and accords your finances to the goals you have set out to achieve. For example, retirement planning or college funds. The hitch with these types of financial planning software programs is that since they are goal centric, they will not necessarily track your every dime to the last cent. It ultimately leaves it to you to find a budgeting tool and other tools for your other needs.
A cash flow based software is much more holistic in the sense that it tracks every single dollar that comes in and out of your pocket. Instead of focusing solely on goals, Cash flow based software really hit the mark when it comes to topics of wealth management and budgeting. Unless you already have your personal finances sorted out already, this type might be the best financial planning software for you.
Once you know the difference and figure out what works best for you, you can go ahead.
- Understand your needs
The million dollar question that would probably earn you a million dollars is, “what do I need this financial planning software for?” Knowing the type of software you need like we spoke about previously is one thing and will probably split your options down. To further break them down, you need to know your needs and weaknesses.
For example, if you have steady money coming in but you have no idea about all the different streams in which your cash flow is going, you might need an expenses tracker but if you can pinpoint where all your money goes but you are struggling with keeping your personal finances afloat all through the month, a budgeting tool will work great for you.
- Do you care for quality control?
Many different tools vary in terms of sophistication and how much they care for your journey. For example, there are financial planning software that turn out to be much more digital than others. They will keep you updated via mail, messages and even app notifications but if you are anything like half of the population, you might have too many emails, messages and notifications to keep up.
When you realise this, you will easily find that the best financial planning software for you is one that still offers paper back reminders and even an audit trail though they are a digital body.
The financial planning software that will help you keep up with your goals is the one I think you should be most interested in. So based on what works for you, choose accordingly.
- Device compatibility
You will find that some software works with PC but not on mobile and vice versa. This should be a contributory factor in your decision making and if or not you would like to use that.
If you are doing something like expenses tracking and you want your phone on you at all times so that you will be able to input expenses on the go, you should go for one with a mobile app. If you are after something different such as retirement planning then you will have no problem at all working on a PC as there isn’t much needed to track that at all times.
- Ancillary Planning Services
A worthwhile consideration is the importance of services such as a client portal and optimal account aggregation. A software that fits your criteria and provides this is most definitely the best financial planning tool for your needs.
Another very important service is an open architecture that will allow the software link with other software to ensure that you can have a seamless experience if you are using more than one software.
This is a rather broad topic, and you might want to research more to see which of these ancillary services are available in your financial planning software of choice.
- Finally, security
In the era of cyber crime and companies relentlessly stealing data to sell off, your cyber security should be top priority. Not only is it unsafe to entrust personal information to unsafe sites, your financial planning software handles the money that you make as well.
This gives people much more incentive to hack into your planning software and steal from you. That will be nothing short of a tragic situation wouldn’t it? Well, that is in your hands. Software programs that have features such as two factor authentication, one time password verification and more to ensure you verify transactions.
You should also be wary of companies that do not have government verification or any form of FDIC certificate because a scam problem will not only land you with a fraud case on your hands, it will also set you back on your goals and we do not want that. Safety should be the top priority.
Conclusion
Using a good financial planning software is one of the fastest ways to reach your financial goals. In a world where financial planning is evolved, it only makes sense to digitalise your planning as well.
From cash flow based software to softwares for your audit trail and even one to help you pay bills and aid wealth management.
We hope that this article equips you with the right financial planning tools to reach the goals you have set out to achieve.