Wealth Management Software: Reviews of Top 5 Picks In 2023

Wealth management software

Wealth management IT spending was $5.7 billion in 2016 and is predicted to reach $10.5 billion by 2023. New technologies are transforming the way wealth managers do business. At the same time, the most successful wealth managers are paying attention to their client’s evolving needs. Modern clients want to play a more active part in their own money, with 63% expressing a need for better collaboration with financial advisors and 76% expressing a want for a comprehensive view of all of their accounts.
Technology is enabling wealth managers to satisfy these objectives, with CRM-based wealth management software delivering the most benefit.
We’ll look at the top five wealth management software applications used by financial advisers in this article.

Top 5 Wealth Management Software

The top five wealth management software products used by professional financial planners in terms of market share are

  1. MoneyGuidePro
  2. eMoney Pro
  3. RightCapital
  4. Orion Financial Planning
  5. eMoney Plus

#1. MoneyGuidePro

MoneyGuidePro is the most popular financial advisor software product in terms of market share, accounting for 36.82% of the industry’s market share by users in 2021. It was debuted in 2020 and is regarded as one of the most comprehensive tools.

The software’s success can be credited in part to its visually appealing, user-friendly presentation. The primary gateway is intended to fully engage the client, featuring a Play Zone where the customer can enter various choices and options to view potential outcomes. The adviser retains complete control over the program, including what sections of it the customer is permitted to view.

The MoneyGuide suite of products, which is owned by Envestnet, is divided into three levels:

  • MoneyGuideOne makes financial planning easier for advisors who are new to the software and are just starting out in their planning careers.
  • MoneyGuidePro offers more advanced solutions such as bespoke report templates, estate planning, net worth statements, and risk management tools.
  • MoneyGuideElite provides comprehensive services such as dynamic income modeling, tax planning quantification, and annuity strategy modeling.

#2. eMoney Pro

eMoney provides a comprehensive program and is well-known for its detailed cash flow analysis tool. eMoney Pro’s market share for 2021 was 29.7%, up from 18.7% in 2020.

One of eMoney’s features is its financial feed, which gives real-time data, alerts, and news to advisers, allowing them to keep on top of critical client and market circumstances. Another notable feature is the eMoney client site (emX), which allows customers to print a copy of their accounts at any time.

EMoney is the highest-rated financial software solution in terms of customer satisfaction. In addition, the eMoney product line includes a number of independent solutions and APIs to assist financial advisors at varying levels of service.

#3. RightCapital

RightCapital finished third in 2021, with 9.71% of the market. It is a relatively young software, having been founded in 2015, especially when compared to the other software leaders. When it comes to newer, smaller advisors, RightCapital competes quite well with the leaders—MoneyGuidePro and eMoney Pro.

RightCapital was developed to reside in the middle ground between too limited and too comprehensive planning tools, and it generally caters to millennial clientele who need help with budgeting. It has several integrations with CRM systems, performance reporting solutions, custodian/clearing firms, and analytics software applications. RightCapital’s product also has various unique characteristics, including:

  • RightIntel is an integrated business intelligence system.
  • RightPay is a client billing system that is integrated.
  • Clients receive customized plan summaries in the form of snapshots.

#4. Orion Financial Services

Orion Financial Planning ranks fourth with a 6.3% market share in 2021. They stand out as a preferred choice for enterprises with assets under management ranging from $4 million to $5 million, where they had nearly 10% of the market in 2021.

Orion Advisor Solutions purchased Advizr in 2019 and renamed it Orion Financial Planning, which has seen tremendous development in recent years. It has increased its assets under management by 50% after the acquisition. Orion Financial Planning more than doubled its market share between 2020 and 2021.

Tax management, financial reporting, client billing solution, security trading, company analytics, and financial planning are among the Orion Advisor tech solutions.

#5. eMoney Plus

eMoney Plus, another eMoney solution, ranks sixth with a 6.1% market share in 2021. The software is a step down from eMoney Pro, focused on basic planning with a more simplified range of solutions as opposed to the more comprehensive planning features of eMoney Pro.

EMoney solutions

1. eMoney Plus
  • Product Description: Build more planning-led connections and deliver more plans to more clients by leveraging intuitive, streamlined goals-based solutions.
  • Solutions offer basic platform access, foundational planning, and sophisticated analytics.
2. eMoney Professional
  • Utilize advanced planning to give the most comprehensive cash-flow-based capabilities to meet the most complicated planning needs of clients.
  • Advanced platform access, advanced planning, and advanced analytics are examples of solutions.

The majority of eMoney Plus’s success comes from dual-registered advisors. eMoney Plus held 7.5% of the industry market share for these users (behind only MoneyGuidePro and eMoney Pro).

What is Wealth Management Software?

Financial advisors utilize the wealth management software system to help streamline economic operations. It is an investment advisory service that looks after the needs of wealthy clientele. Financial advisors use this advice-giving method (wealth management system) to gather information about the client’s needs. Advisors employ financial goods and services to create a tailored plan for their clients.

What are the Features of Wealth Management Software?

The following key aspects should be included in wealth management software:

  • Financial Preparation
  • Management of Revenue and Investment
  • Order and trade management
  • Customer Relationship Management at its Finest
  • Portfolio management
  • Convenient and easily accessible
  • Personalize and save money
  • Control and transparency
  • Complete solutions
  • Tracking status throughout the sales cycle
  • Workflows for collecting KYC data that are extremely effective
  • Risk metrics and GIPS (Global Investment Performance Requirements) standards
  • Real-time 360-degree financial data insight for clients
  • The Market Risk Analytics software
  • Top management reporting and business analysis
  • adaptable and customizable
  • Robo-advisory and automated

Why is Wealth Management Software so Important?

The following are the reasons why wealth management software is essential:

  • It enables financial advisors to create custom solutions for their clients.
  • With the help of wealth management technology, new rivals can enter the market.
  • Clients can keep their wealth and receive invaluable assistance with wealth transfer procedures.
  • The wealth management program provides a holistic strategy that assists clients in attaining their individual financial goals.
  • Using wealth management software, the wealth management advisor can examine and rebalance the client’s financial portfolio.
  • Wealth management software can provide individualized assistance to the client.
  • Wealth management software aids in the creation of financial plans and alleviates financial stress.

What Factors should you Take Into Account While Comparing Wealth Management Software?

The stakes are always high in wealth management, which implies that subscribing to an individual wealth management software choice carries significant risk. Wealth management experts should examine the following factors when exploring potential solutions:

#1. Strong Ecosystem Partner

Direct connectors to a broad partner ecosystem are available with the proper web-based wealth management software. A CRM platform overcomes many of the compatibility concerns associated with traditional wealth management systems by working entirely in the cloud, with no requirement for local hardware or software.

Firms can integrate additional client information, such as held-away data, onto a single platform, giving wealth managers a comprehensive view of every customer across their entire book of business.

#2. Collaboration of Advisors

Multiple users can access and manage the same data in real-time using cloud-based CRM. This is possible because the data is stored off-site, allowing users to access the same information regardless of channel or device. Real-time data processing guarantees that wealth management professionals are constantly working with the most up-to-date client information and that everyone who interacts with a client has access to the same critical information.

As a result, clients receive highly efficient, unified client service, which is especially beneficial in the case of wealth management accounting software, where a lack of coordination between users could result in a dissatisfied client base and a loss of loyalty across a client’s relationship and family networks.

#3. Flexibility

Wealth management is a broad phrase, and the advisory environment is rapidly altering to meet the changing needs of its clients. Wealth management software should be adaptable enough to satisfy all wealth management requirements, as well as capable of being customized and configured with minimal effort so that advisors can work in the most effective way for them.

Effective CRM also allows you to manage regulatory compliance with certainty. As the regulatory landscape becomes more uncertain, advisers and companies require systems that can assist them in remaining compliant as changes occur throughout the industry.

What are the Most Recent Developments in the Wealth Management System?

Financial advisers’ workflows can be simplified, secure, and efficient thanks to new financial technology. If the running financial system provides digital financial services in an easy and personalized manner, the financial system’s market can be efficiently ordered and proficiently molded.

Let us discuss the most recent trends in wealth management software systems:

  • The importance of retirement planning and decumulation is growing.
  • Personalization and automation
  • Cyber safety
  • Concentrate on home-office models.
  • Millennials are shifting their investments to be more environmentally friendly.
  • AI and Robo-Advisors are on the rise.
  • Digital Collaboration Channel
  • Personalized and holistic
  • An advanced hybrid model that is transparent
  • Fees are reduced.
  • A growing proportion of high-net-worth (HNW) women
  • Concentrate on technology

What is the Scope of Wealth Management Software in the Future?

The following are the noted scopes of wealth management software, according to expert analysts.

  • Complete Automation- Wealth management software provides access to massive amounts of data, which aids in the development of automated cognitive solutions. In a wealth management system, these types of solutions enable faster and more effective decision-making.
  • Personalized and dynamic- Wealth management companies can provide a personalized and contextualized end-to-end experience for their clients by introducing new techniques to data gathering, decision making, and outcomes delivery.
  • Artificial intelligence as a game changer- The automated wealth management chores can enable the wealth management system to be more productive and efficient. It has the potential to open up new sources of value. With the use of RPA (robotic process automation) and AI (artificial intelligence) technology, there may be additional potential for accuracy while also lowering management costs.
  • Client-centric approach- A more client-centric approach is now required. The rise of Big data, analytics, and real-time information are transforming the entire sector.

After learning about the benefits of wealth management software in your financial transactions, you’re probably looking for high-quality wealth management software that can manage your financial transactions seamlessly. If you own a small firm, free wealth management software can give you the advantages of basic software capabilities. Furthermore, open-source wealth management software allows for greater customization.


The wealth management software system aids in the efficient management of finances, which delivers enormous benefits to financial advisors and those wishing to manage their wealth effortlessly. A high-quality wealth management system offers a customized service that allows it to satisfy the client’s diverse needs.

The future of wealth management software is being shaped by evolving technologies. The power of free and open source Wealth Management solutions can help you achieve your wealth management objectives. The adviser can successfully improve the investor experience by utilizing free wealth management software.

With the use of this (wealth management software) technology, you may quickly simplify your understanding of wealth management programs. This digitalized wealth management sector puts the Robo adviser at your disposal.

If you have used any of the free and open-source wealth management software described above, we would love to hear your thoughts.

Wealth Management Software FAQs

Is wealth management worth the cost?

It’s worth the cost. Wealth management is essential for not only protecting but also growing your assets, allowing you to accomplish current financial goals and possibly establish a nest egg worth passing down to future generations.

What is digital wealth management?

Digital wealth management is an investing strategy that makes use of digital capabilities to provide investors with a diverse selection of savings and investment solutions.

How much money do I need to hire a wealth manager?

Many wealth managers require a minimum investment of $100,000. Some advisors have minimum asset criteria that start at $100,000, however, some may require $500,000 or even $1 million.


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