Financial Planning Platforms Get Savvy

Pressure is mounting for tech vendors that cater to registered investment advisors to grow market share while the pool of financial advisors remains relatively static. In tandem, the barriers to managing client wealth and segment complexity are falling. Platform functionality and the integration of generative AI and next best action are commoditizing the intricacies of financial planning platforms. But the art of financial planning continues to draw advisors. In fact, the total number of certified financial planners in the United States grew by 11.5% over the past three years, with more than 10,000 net individuals added to the profession. In the short term, advisor technology that incorporates tax strategy, insurance, and estate planning will be attractive. 

In the long term, the ability of providers to create integrated avenues for lifetime client engagement through planning and risk management, while balancing RIA workflow efficiency, position them to win. With a handful of RIA planning solutions controlling 95% of the advisor market, providers will ultimately compete on advisor workflow integration, efficiency gains, holistic client data, pricing, and the extension of capabilities into new areas of the planning process. 

Key questions discussed in this report:

• Who are the primary financial planning vendors for RIAs? 
• What differentiating platform capabilities drive RIA adoption? 
• How can client engagement and RIA workflow efficiency be balanced?

Companies Mentioned:

Accenture, Asset-Map, BMO, BNY Pershing, Cetera, Conquest Planning, Elements, eMoney, Envestnet MoneyGuide, Envestnet Tamarac, Envestnet Yodlee, FPAlpha, JP Morgan, Lumiant, MaxiFi, Mint.com, Morgan Stanley, Morningstar ByAllAccounts, MX, Naviplan, OneDigitalTrust, Orion Planning, Plaid, Raymond James, RightCapital