Down to the details: Financial planning software

As industry switches from asset allocation to holistic advice, advisers face a number of choices in software.

Financial planning software has been thrown in the spotlight in recent month as companies across the industry struggle to come to grips with the shift away from asset allocation and toward a holistic financial plan. Here is a breakdown of financial planning software providers geared for the adviser.

	MoneyGuidePro	emX / emX Pro (eMoney)	Finance Logix (Envestnet)	Advizr	RightCapital	Advicent	inStream Solutions
Price	$750-$1,295 per adviser per year	$216/month / $324/month	$80-265 per adviser per month	$75 per adviser per month with data aggregation / Advizr Express is free with no subscription requirement	$49.95/month for planning only; $74.95/month for planning with account integration	$1495-$2495 per adviser per year	$105 to $115 per adviser per month; Enterprise pricing is available
Cloud/desktop	Cloud	Cloud	Cloud	Cloud	Cloud	Cloud	Cloud
Mobile app	✖	✔	✔	✔	✖	✖	Responsive design
Client portal	✔	✔	✔	✔	✔	In progress	✔
Adviser-branded software	✔	✔	✔	✔	✔	✔	✔
Security features	Encryption	Password protection, secure socket layer, firewalls, intrusion detection, third-party audits and inspections and certification from Verisign	Encryption	Bank-level encryption	Encryption for both transferred and stored data, two-factor authentication	ISO 27001 Certification	Bank-level encryption
Data aggregation	✔	✔	✔	✔	✔	In progress	✔
Goals-based planning/cash flow planning	Both	Both	Both	Goals-based, supports cash flows	Cash flow-based	Both	Both
Document vault	✔	✔	✔	In progress	✔	In progress	✔
Report generator	✔	✔	✔	✔	✔	✔	✔ (Plan data-based business intelligence and analytics drives firm strategy and adviser engagement)
Monte Carlo/straight-line math planning	Both	Both	Both	Both	Both	✔	Both. Automatically updates all client plans nightly, and directs advisers to clients requiring attention.
Projection modules	✔ (Social Security, retirement, college, stock options, scenario planning, estate planning)	✔ (Social Security, income and estate taxes, trusts, etc.)	✔ (Retirement, education, estate, risk management, disability and health care)	✔ (Social Security, taxes, retirement, college, life insurance, accumulation goals, emergency funds)	✔ (Investments, retirement, insurance, education, tax, estate, social security optimization)	✔ (Social Security, taxes)	✔ (Scenario matrix, safe savings rate, social security, taxes, retirement, education, income planning, mortgage refinancing, insurance adequacy)
Risk assessment	✔	✔	✔	✔	✔	✔	In progress
Training available	✔ (In-person, webinars, self-study videos and knowledge center)	✔ (Adviser, assistant and planner workshops, custom training, webcasts, phone and email support)	✔ (One-on-one demos, webinars and on-site)	✔ (Weekly group trainings, one-on-one training, calls)	✔ (One-on-one training, customer communication platform, email and phone support)	✔ (Interactive web-based training, custom training, email and phone support)	✔ (Phone, email, webinar, interactive web-based training, and custom training)
Integrations	Albridge, AllDataAdvisor, Aqumulate, Baer Software, Blueleaf, ByAllAccounts, eMoney, Grendel, Quovo, Wealth Access, Yodlee, Advisor Products, Junxure, Orion Advisor Services, Advisors Assistant, AppCrown, Ebix, Investigo, Microsoft Dynamics CRM, Morningstar, Redtail, Salesforce, Tamarac, UPswing, XLR8, Betterment, Fidelity, Pershing, Schwab, Scottrade, TD Ameritrade, TradePMR, AdvisoryWorld, fi360, HiddenLevers, Advent, AssetBook, Black Diamond, Broadridge, BridgePortfolio, Panoramix	Albridge, AdvisoryWorld, Brinker, Digital Fortress, Dropbox, Envestnet, HiddenLevers, Morningstar, Orion Advisor Services, Redtail, Riskalyze	Advisor Products, Albridge, Amrita Financial, AppCrown, Bridge Portfolio, ByAllAccounts, CashEdge, Cities Digital, Advisors Assistant, Envestnet, FinaMetrica, Junxure, Laser App, Laserfiche, Microsoft Dynamics CRM, Morningstar, Orion Advisor Services, Portfolio Performance Reporting, Redtail, TD Ameritrade, Thomson Reuters, TrustFort, XLR8	Quovo, Orion Advisor Services, TD Ameritrade, Blueleaf	Yodlee, Morningstar, Redtail	Albridge, AppCrown, Ebix, Morningstar Office, Orion Advisor Services, Redtail, Schwab Intelligent Technologies, TD Ameritrade Institutional	Albridge, BAM Advisor Services, Black Diamond, Blueleaf, MindMeister, Morningstar, MS Dynamics, Orion Advisor Services/Client Portal, Redtail Technology, Salesforce, Schwab/Portfolio Center, TD Ameritrade Veo