The right financial management software can be a game-changer for financial advisors. Along with saving your practice significant time, resources, and money, this technology frees up financial advisors to focus more on what’s most important — running marketing campaigns, serving their clients, bringing in more prospects, and operating their practice more effectively.
Additionally, a financial management software stack may help clients understand how to maximize their retirement income strategy. Financial advisors can use management software to position insurance products to increase sales and carry out Roth conversions, which moves assets under practice management.
A comprehensive financial management software suite can positively impact an advisor's bottom line and their clients' bottom lines — a win-win.
How Does the Right Software Stack Save So Much Time?
Let’s face it: Carrying out complex calculations multiple times can be time-consuming and miserable. Unfortunately, many financial advisors are still running these numbers using outdated spreadsheets and other antiquated methods. Think about the value you can bring your clients by streamlining that process with the right software stack.
Instead of entering this information into different spreadsheets multiple times, financial advisors input their clients’ income into the software once. The numbers are then calculated across numerous retirement income planning considerations, auto-populating throughout the software suite. For example, suppose you update a value to optimize Social Security benefits. In that case, you can view how that single change impacts cash flows, retirement income tax, and the client’s overall estate value.
What Features Should Retirement-Focused Financial Management Software Have?
The right financial management software removes significant burdens for financial advisors. Why? Financial advisors can serve more clients, run their business more efficiently, and achieve a more desirable work-life balance when they have more time.
A comprehensive financial management software suite should include customizable features that fit the unique needs of your practice.
Key features to look for include:
- Accessing easy-to-use tools that can work on their own, with one another or “bolted on” to other income planning tools used by your firm
- Resolving issues due to conflicts in assumptions and results, for instance, when updates are made on a client’s retirement income plan, the software automatically adjusts for those changes across all recommendations
- Obtaining valuable data and metrics on the client’s portfolio longevity, income floor, and estate value
- Calculating essential updates relating to relevant tax laws or other legislative changes that could alter clients’ retirement income plan
- Identifying the optimal time to start claiming Social Security benefits
- Determining which account to draw from and when to draw from it
- Advising clients when Roth conversions could be helpful
- Identifying marginal tax rates and Medicare thresholds, saving clients significant money over time
Choose a Solution That Suits Your Unique Needs
Not all financial management software solutions can give you all the features you need. For larger practices, Covisum’s® enterprise solutions offer a unique understanding of the challenges and opportunities faced by larger practices. This solution ensures that every employee on your team has access to the same tools, continuous training, support, and more.
Covisum’s financial management software stack includes:
- White labeling features
- Custom front-end experience
- Referral partnership feature
- Single sign-on integration
- Content development and licensing
- API integration and business intelligence
Is Your Practice Using the Right Financial Management Software?
Grow your business by truly highlighting the value of your practice. By using available financial management software, financial advisors can attract new clients, reduce their workload, avoid wasting time and resources, focus on growing their practice, and help clients maximize their retirement income plans.
Learn how Covisum’s financial management software can benefit your practice using our Product Matchmaker. Or, if you’re ready, get started with a free trial now!