7 Best Wealth Management Software Tools: 2022

Looking for the best wealth management software tool on the market? Go through the list in this post to find the best wealth management platform for you. 

Timing, data, and analysis are three critical variables in wealth management. Digital solutions have successfully impacted conventional wealth management techniques in this approach. The cutting-edge wealth management tools mentioned in this post are meant to assist them in creating better customer acquisition strategies in addition to suitable retirement and speculative plans. 

There are thousands of wealth management tools accessible as the markets widen their scope. But how do you identify the best? For these customers, the wealth management platforms listed below include software offerings, vendor information, and client evaluations so you may evaluate them and select the wealth management software that best suits your needs.

How to Choose the Best Wealth Management  Software Tool?

The strategies below will assist you in selecting the best wealth management software:

Knowing initially whether a planner’s advice is generally goal-based or cash-flow-based is a smart place to start when choosing financial planning software.

A financial objective is tracked in relation to customer spending by goals-based software, which also predicts whether the financial goal will be attained. This strategy could have a drawback in that the program might not always keep track of overall profits and where every dollar spent goes. It is up to you, the advisor, to decide whether the goals of your clients are realistic given their income.

To locate the software that best suits your clients, you must also be aware of their demands when looking for financial planning software.

Different software is required for advisors that work primarily with complex families as opposed to basic households. Similar to this, customers with higher net worth have various planning requirements than those with less money to invest.

The sophistication of planning tools varies as well. You might wish to look for tools that can manage this if your customers prefer paper communication over digital.

Choose a system that enables you to communicate with customers according to the level of sophistication needed, and that is accessible on all devices, such as computers, mobile phones, and smart devices.

Additionally, it ought to be compatible with the level of expertise you intend to apply when creating the financial plan. While a larger firm is likely to have the technical team to support more complicated planning capabilities, a lone practitioner may not desire a planning software that requires substantial data input or time to develop a plan.

The software’s security features should also be taken into account. Keeping customer information digitally secure is crucial as advisers increasingly switch to cloud-based planning.

The Best Wealth Management Software Tools

Check out our list of best wealth management tools and choose the right one according to your choice:

1. Personal Capital: Best Wealth Management Software Tool


Personal Capital was chosen as the top option for consumers because it offers powerful budgeting software and tools to help a retirement and savings planner keep track of investments. You can manage your finances in one location by tracking your net worth, keeping an eye on your cash flow, and getting an investment checkup.

Budgeting software and other financial tools are integrated by Personal Capital into a single financial dashboard. In a single place, you can keep tabs on your spending, track your net worth, set retirement objectives, and keep track of the success of your investments. You can also access other tools like an investing checkup, which analyzes the asset mix in your portfolio to the ideal ratio for your age and situation.

However, the PC version is the only one that offers the investment checkup option. However, there is still a tonne of features available on the iOS and Android applications, such as interactive tools for monitoring your investments and cash flow. Financial advisors are willing to discuss your plans with you, but if you use this option, you should expect to be upsold on its asset management services.

2. Retirable: Best Wealth Management Software Tool


Retirable is a SaaS wealth management platform that provides an individual retirement plan based on each user’s particular financial situation. By simply entering their information, users can utilize the site to create a financial roadmap that can be used to arrange assets in the best possible way. Retirable was created in response to the lack of access that nearly half of pre-retirees have in securing their financial future.

The uncomplicated platform provides you with a list of your assets, suggestions for where to invest, and a financial plan that makes sure you have enough money for the future. Retirable also dispels the misconception that baby boomers and fintech are incompatible.

It has been established that older Americans are spending more time online, with e-commerce participation at 77% and online banking at 67%. It’s time to provide baby boomers with solutions that are appropriate and specifically designed for them to address their financial difficulties as they become more digitally savvy.

Finding the ideal staff that believed in the effect of the service would be crucial to the success of the business because Retirable’s purpose centers on the democratization of financial planning for retirees and their welfare.

3. The Motley Fool: Best Wealth Management Research Platform

The Motley Fool

The Motley Fool is a wealth management website that offers investing and financial guidance to make people better, happier, and richer. Millions of users depend on the platform to direct their investments, giving it a loyal following. The Motley Fool and Pentagram worked together to create a new corporate identity that captures the comedy, inclusivity, and energy of the community. The Motley Fool started in 1993, and this is the first big alteration to the logo since then.

The Motley Fool strives to make sound financial and investment advice available to everyone, assisting people in making investments for a brighter future in their companies, the stock market, or even in themselves. The platform’s mascot from its inception has been the jester character known as “Elvis.” The brand’s famous symbol is now Elvis’ jester cap according to the new identity. The company hopes that by emphasizing the cap with the company logo, more people would be able to picture donning the hat and perceiving themselves as Fools, as well.

4. Charles Schwab: Best Wealth Management Firm

Charles Schwab

Charles Schwab is one of the best wealth management platforms on the market. The company acquired two sizable acquisitions last year, with TD Ameritrade being the most prominent. It has been at the vanguard of the market’s transition to commission-free stock and ETF trading. Schwab is not a niche platform in the market as it added 15.8 million new customers in the last year. From novice to extremely expert investors, Schwab has clients across the board.

As a result, Schwab offers a range of platforms to satisfy the various needs of its clients. A sophisticated and highly adjustable workstation, mobile options, and a browser-based solution with schwab.com are all available through Schwab brokerage. Customers who desire to trade foreign exchange, cryptocurrency, or futures as well as those who only trade options or regularly trade on leverage may discover better options elsewhere.

5. Wealthfront: Best Wealth Management Advisory Firm


Wealthfront is a robo-advisor with 450,000 members and $28 billion in assets under management (AUM). It is one of the best wealth management platforms in the industry.  More than 200 new ETFs have recently been added to Wealthfront, allowing users to build new ETF portfolios or add to existing ones.

No matter what investments you make, the organization will manage and adjust them on your behalf. Investors seeking exposure to cryptocurrencies now have the option to invest in the Ethereum or Bitcoin funds from Grayscale, which was included in Wealthfront’s 2021 additions.

You may rapidly create an account with Wealthfront, test your knowledge of risk and financial goals, and examine prospective investment portfolios. You can sign up for a Wealthfront account by clicking “Get Started” on the homepage and choosing “Invest” or “Bank.” Both account types can be opened in a total time of about 4 to 5 minutes.

In our studies of robo-advisor platforms, Wealthfront’s wealth management and financial decision-making methods rank among the best. You must integrate all of your financial accounts to get a complete view of your current finances to use Wealthfront’s Path wealth management services.

6. Ally Invest: Best Wealth Management Platform

Ally Invest

Ally Invest is among the most widely used budgeting and expense monitoring applications. You can ask the program to import information from your bank and credit cards to analyze your spending and find potential areas for savings to enhance your finances.

Ally Invest gives you the option to set up notifications for payment due dates and insufficient funds to keep you on track for more accountability. You can prevent costly penalties for late payments and overdraft charges from your bank account thanks to these services.

Ally Invest will let you know how much you can spend on items such as groceries and gas when you create budget categories.

Ally Invest is a classic example of a bargain brokerage. With regard to exchange-traded funds (ETFs), stocks, options, and mutual funds provide some of the most aggressive pricing. This platform is among the best we’ve seen because of its zero-dollar commission and affordable mutual fund trades. 

7. Acorns: Best Wealth Management Software Tool


Acorns provide a little bit of everything to assist individuals in growing their “oaks” for what we believe to be a very reasonable cost – $5 maximum.

Acorns’ investment app features pre-built, varied portfolios that are excellent for getting new investors started. Investors may learn all they need to know to save for both short-term and long-term goals, such as retirement, with the help of recurring investments, automated rebalancing, and instructional features.

The FDIC-insured bank accounts from Acorns have every feature you might need for personal use, including a debit card and bill-paying capabilities. Additionally, their savings account features a nice feature that allows customers to automatically invest a percentage of each paycheck, guaranteeing that they don’t let their savings objectives slide.

Acorns offer a wide range of high-level options for DIY investors who just started the journey or for those who don’t plan to develop a sophisticated portfolio.

FAQs: Thing to Know about Wealth Management Software Tools

What is a digital wealth platform?

Digital asset platforms are a kind of online wealth management that let users invest their money in plans that generate consistent income over an extended period (a year or more), frequently with a low barrier to entry.

What are the advantages of a digital wealth management platform for businesses?

Here are a few advantages of a digital wealth management platform for businesses:

  • Keep complete control of your client connections.
  • Deliver dependable guidance across all channels.
  • Utilize a single solution to manage numerous, complex investment plans.
  • Streamline the process.

What is budgeting software?

Software that assists you in planning and allocating your spending is known as budgeting software. Budgeting software is proactive and enables you to distribute your funds before spending them, unlike the accounting system, which largely focuses on recording what you’ve spent or are owed.

It might take some time to make a household budget, and it can be challenging to know where to begin. With the help of budgeting software, you can make your funds work for you rather than just spending them as it comes in.

How much does budgeting software cost?

While some budgeting systems are fully free, some include monthly or annual fees. For instance, You Need a Budget charges roughly $99 annually, whereas EveryDollar’s subscription edition costs $130 annually. Most of the top solutions will cost you between $5 and $15 per month.

When compared to free solutions, budgeting software that you pay for frequently has more features and customer support. Additionally, free software is frequently sponsored by advertising, so you can anticipate receiving business pitches while utilizing it.

The Bottom Line

Wealth management software offers comprehensive financial advice to clients to help them grow and safeguard their wealth. This guidance extends beyond only offering suggestions regarding a client’s investments or creating a financial plan for them. Unlike a financial advisor, wealth management software typically works with clients that have larger net worths.