Most popular tech products used by advisers

Jul 7, 2013 @ 12:01 am

In June, more than 1,300 advisers responded to an InvestmentNews survey on their technology usage and satisfaction. The results below show the most popular products across seven software categories, as well as advisers' overall satisfaction with the products they use. "None" describes the percentage of respondents who do not use any software in that category. Breakouts also include advisers' overall satisfaction with the software.

Top 5 CRM products

Products% of advisers using
1Redtail (Redtail Technology)39.5%
2Junxure (CRM Software Inc.)19.2%
3Salesforce CRM (Salesforce.com, includes versions offered by Schwab, TD Ameritrade, XLR8 and AppCrown overlay products)9.8%
4Microsoft Dynamics CRM (Microsoft Corp., includes Tamarac's Advisor CRM and that from Salentica)4.5%
5Grendel Online (Big Brain Works LLC)3.7%
 None13.5%

Satisfaction levels% of advisers
Very satisfied33.4%
Satisfied41.9%
Indifferent15.9%
Dissatisfied6.7%
Very dissatisfied2.1%
  

Top 5 financial planning products

Products% of advisers using
1MoneyGuidePro (PIETech Inc.)45.5%
2eMoney360 (eMoney Advisor)11.9%
3Morningstar Advisor Workstation (Morningstar Inc.)5.4%
4NaviPro Planning Suite (Zywave)4.6%
5Adviser created (custom)3.3%
5Finance Logix (OLTIS Software LLC)3.3%
 None11.4%

Satisfaction levels% of advisers
Satisfied48.0%
Very satisfied37.5%
Indifferent11.3%
Dissatisfied2.5%
Very dissatisfied0.8%

Top 5 portfolio management products

Products% of advisers using
1PortfolioCenter (Schwab Performance Technologies)20.0%
2Broker-dealer platform18.4%
3Albridge Wealth Reporting (Albridge Solutions Inc.)16.5%
4Morningstar Office (Morningstar Inc.)11.9%
5Morningstar Principia CAMS (Morningstar Inc.)5.5%
 None17.4%

Satisfaction levels% of advisers
Very satisfied23.1%
Satisfied49.1%
Indifferent17.2%
Dissatisfied8.4%
Very dissatisfied2.3%

Top 5 portfolio rebalancing products

Products% of advisers using
1Broker-dealer platform27.5%
2Adviser created (custom)21.5%
3Advisor Rebalancing (Tamarac Inc.)10.8%
4Schwab Portfolio Rebalancer (Schwab Advisor Services)9.9%
5TRX (Total Rebalance Expert)6.6%
 None55.0%

Satisfaction levels% of advisers
Very satisfied26.9%
Satisfied44.2%
Indifferent20.2%
Dissatisfied7.0%
Very dissatisfied1.7%

Top 5 document management products

Products% of advisers using
1LaserApp (LaserApp Software Inc.)23.5%
2Broker-dealer platform16.5%
3Redtail Imaging (Redtail Technology Inc.)12.4%
4Laserfiche (Laserfiche)6.4%
5Worldox (World Software Corp.)5.8%
 None32.8%

Satisfaction levels% of advisers
Very satisfied28.3%
Satisfied46.1%
Indifferent20.7%
Dissatisfied4.6%
Very dissatisfied0.4%

Top 5 compliance products

Products% of advisers using
1Broker-dealer platform47.2%
2Outsourced24.4%
3NRS ComplianceMAX (National Regulatory Services)8.3%
4Compliance11 (Compliance 11 Inc.)3.6%
5ProTracker Narrative Form ADV Part 2 Template (ProTracker Software Inc.)2.9%
 None33.9%

Satisfaction levels% of advisers
Very satisfied20.4%
Satisfied45.6%
Indifferent28.8%
Dissatisfied4.3%
Very dissatisfied0.9%

Top 5 account aggregation products

Products% of advisers using
1Albridge Wealth Reporting (Albridge Solutions Inc.)25.0%
2ByAllAccounts Inc.22.5%
3eMoney 360 (eMoney Advisor)17.3%
4Adviser created (custom)9.4%
5AllData Advisor (CashEdge, now part of Fiserv)4.6%
 None44.1%

Satisfaction levels% of advisers
Very satisfied20.4%
Satisfied47.7%
Indifferent21.6%
Dissatisfied8.4%
Very dissatisfied1.9%

Source: InvestmentNews Data