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In the modern age, success has become synonymous with digital transformation, and the financial services industry is no different. With the rise of robo-advisers and fintech establishing a foothold in the market, leading financial advisers have successfully found a middle-ground; a healthy human-digital equilibrium. 

However, if you’re still on the fence about financial planning software and how it can benefit your business, we’ve laid the groundwork so you don’t have to. Here’s everything you need to know about streamlining advisory services through digital tools. 

Why financial advisers need financial planning software

Let’s cut to the chase. When it comes to implementing financial planning software, the core objective is to enhance efficiency and optimise manual processes. Along with that comes the additional competitive advantage of providing scalable solutions in a driven market. However, the other side to the coin is how financial planning software can enable advisers to provide even more personalised recommendations, more accurate services and proactive financial management.

Here’s how.

Streamlining the financial planning process

Any independent financial adviser can attest to the fact that the administrative side of financial planning often feels as if it overshadows all other key responsibilities. This is true for client-facing work and critical internal processes like commission and revenue stream management. By investing in financial planning software, advisers can replace the repetitive manual tasks that often drain critical resources and time and replace it with an automated alternative.

The right financial planning tool should include automated data gathering and analysis, visual insights and efficient creation and customisation of financial plans. 

Delivering personalised reports and recommendations

As business changes, so do clients and their needs. However, as a business scales, staying in tune with the changing individual needs of each client can be time-consuming, and opportunities quickly slip through the cracks. Financial advisers can deliver dynamic recommendations based on changing client needs and goals with the right financial planning software.

In addition, by leveraging customisable reporting templates and data visualisation tools, financial advisers can provide an accurate and tailored scenario analysis or forecast. 

Enhancing Client Communication

Ultimately, the relationship between financial adviser and client is one of the fundamental elements of a healthy practice. Instead of opposing advances in fintech, financial advisers can utilise software and tools to elevate their connection with clients.

This may include interactive client portals for collaboration and engagement, real-time access to financial information and progress tracking and additional communication tools for seamless and personal advisor-client interactions.

Successful implementation and adoption

Although financial advisers are spoilt for choice when it comes to adopting financial planning software, it’s important to consider the specific tool and how your tech stack will impact your day-to-day operations and your long-term goals. Therefore, when considering a specific fintech software, users must look into the change management and onboarding required.

Does it offer an effortless and smooth transition? Will it integrate with your current systems? Will it provide any training and support to your team? Ultimately, the right tool will be compatible with your current systems and workflows without draining resources, costs and time. 

Curious about what we’re referring to? Fortunately, you’re in the right place. 

Everything you need in one intelligent platform

You don’t have to waste additional time nit-picking through dozens of tools and features to find the right fit. Instead, manage it all in one centralised solution. At Commspace, we provide specialised commission management and revenue analytics.

How do you get going?

No worries. We do the analysis, setup and data load to get you started, with minimal effort required on your part. From seamless commission and revenue management to powerful allocation and reporting capabilities and much more.

Experience the power of fintech with a platform made by financial advisers for financial advisers.