Choosing financial adviser software is an important decision for any advice business. The platform needs to support the way your firm works today, while also giving you the flexibility to improve processes, connect systems and grow over time.
A long list of features does not necessarily mean a solution will be right for your firm. What matters is how well the technology supports the complete advice journey, how easily it fits into your existing processes and whether it can deliver practical benefits for advisers, support teams and clients.
This guide outlines the key features to consider when comparing platforms. It forms part of our complete guide to financial adviser software.
What features should you look for in financial adviser software?
The right financial adviser software should support the way your firm delivers advice today while giving you a practical foundation for future growth. When comparing platforms, look beyond individual features and assess how well the technology connects the full advice journey.
Complete advice-lifecycle support
Consider whether the platform supports client discovery, financial planning, recommendations, implementation and ongoing reviews. A joined-up workflow can help reduce handoffs between disconnected tools and make it easier to manage the client journey.
CRM and back-office functionality
A CRM can help firms manage client records, tasks, activities, workflows and communications. Back-office functionality may add reporting, administration and operational oversight. Review whether these capabilities are built into the platform or require separate systems.
Explore Xplan for financial planning software with CRM and back-office functionality.
Workflow and task management
Look for workflows that reflect how your firm operates. Useful capabilities may include task allocation, status tracking, reminders, templates, approvals and visibility across teams. The goal is to create consistency without making processes unnecessarily rigid.
Financial planning and modelling
Financial planning and modelling tools can help advisers assess circumstances, explore scenarios and explain potential outcomes. Check whether the tools support the advice types, client segments and planning approaches relevant to your business.
Client portals and secure communication
Client portals can support secure document sharing, messaging, information gathering and ongoing engagement. Consider how the portal fits into the wider advice workflow and whether it offers a clear experience for clients as well as advisers.
See Client Portal for financial advisers for more information.
Portfolio management and data feeds
If your firm manages investments or portfolios, assess how the software handles valuations, transactions, holdings, data feeds and reconciliation. Reliable connections can reduce manual updates and help advisers work from more current information.
Compliance and reporting
Software should help firms create consistent records, manage defined processes and produce useful reporting. Ask how it supports audit trails, document management, approvals, oversight and reporting. Remember that software supports compliance processes; it does not guarantee compliance.
Revenue and remuneration management
For firms managing adviser remuneration or complex revenue arrangements, consider whether the technology can support reconciliation, reporting, payments and oversight. CommPay is designed to support revenue and remuneration management for advisers.
Integrations and open connectivity
Review the platform’s integration capabilities, data feeds, APIs and supported connections. The most useful integrations are those that remove repetitive work and improve the movement of information between client, advice, portfolio and business systems.
See Xplan Integrations for a relevant example.
Scalability, implementation, training and support
A platform should be practical to implement and support over time. Ask about migration, configuration, training, user support, product development and how the software can adapt as your firm grows or changes its operating model.
Buyer checklist
Before choosing a platform, ask:
- Does it support our full advice lifecycle?
- Can it connect with our existing systems?
- Will it reduce duplicate data entry?
- Is it suitable for our firm size and advice model?
- Does it provide useful compliance and management reporting?
- What implementation, migration and training support is available?
- How will success and return on investment be measured?
Next step
Review Iress software for financial advice businesses or request a demonstration to discuss the capabilities most relevant to your firm.
