4 things your financial planning software should do

3. It fits perfectly.

Many financial planning tools claim to integrate with other software in your tech stack, but it’s important to consider how well they integrate. Good financial planning software integrates seamlesslySo when you update a client’s assumptions, the software calculates and displays changes to all aspects of the strategy and updates the results.

It may seem obvious, but too often integrations share data between software products, but don’t share assumptions, which can lead to customer outcomes that are difficult to reconcile at best and conflicting at worst.

4. It offers support.

The best software in the world is not the best for you if you don’t know how to use it. Most tech tools have an onboarding process and a way to contact customer support, but we all know that some customer support teams are better than others. Before adding a new tool to your tech stack, find out about training and how to contact the support team.

Ideally, contact the support team for a trial period to get an idea of ​​the level of support you will receive during the relationship. You want to make sure that customer support is a priority and that you don’t become just another number. This way, when you need help, you won’t have to email and wait two days for a response when your appointment with your client is three hours away.

Remember that good software can and should make financial planning easier. Although not all software works for all advisors, one of the best ways to see if a tool will work for you is to read reviews from other financial planners and test the software for yourself. Many software companies offer free trials. Take the time to sift through the various technology options and find the right software for your financial planning practice.


Joe Elsasser is the founder and president of Covisum, a fintech company focused on building software that improves lives through better financial decisions. Covisum helps financial advisors serving affluent clients in or near retirement and powers some of the nation’s largest financial planning institutions.