Financial Planning Software Use Rising in USA

Financial Planning Software Use Rising in USA

A recent survey shows the use of holistic financial planning software in the USA is rising, as advisors move toward providing a ‘total’ service that extends beyond just picking investments for clients.

The trend toward indexing investments and the emergence of robo-advice are both making investment decisions more like a commodity, where price is the driver. The ability to demand higher-value fees is now with those who can help clients across the entirety of their financial lives.

A recent survey of 5,500 advisors in the US found that 64% are now using financial planning software in their business. Fee-only advisors were the highest users, at 68%, with wire-house advisors the lowest at 44%. Among dually registered advisors 60% were using planning software.


US Financial Planning Software usage (2019)
Revenue model:
Fee-only 68%
Dual registration 60%
Brokerage/wirehouse 44%
1-5 years 55%
6-10 years 60%
20+ years 64%
Firm size:
<$200k 62%
$200k – $500k 65%
$500k – $1m 60%
$1m – $1.5m 65%
$1.5m – $2m 64%
$2m – $3m 61%
$3m – $4m 65%
$4m – $5m 70%
$5m – $8m 70%
> $8m 52%


The presence of brokerages/wirehouses tends to drag-down the overall usage rates.

Among the brokerage market use of comprehensive planning software is very low. But in ‘full advice’ firms it tends to be very high, being previously reported as being as high as 94%.

Source: t3 Technology Hub 2019 Software Survey

I have been using FinaMetrica for over 17 years for onboarding new clients. They like the extensive value of the reports; but what we appreciate is the innovations in technology, the value of the client-facing materials and the development of the life-long client relationships as I get to really know their behavioral tendencies. FinaMetrica has assisted me in building a very successful practice and we highly recommend it for any advisor who wants to enhance the overall value of their client relationships.

Ron Wilkinson - Portland, Oregon, USA
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