All organizations, from the smallest regional startups to the biggest international corporations, must keep an eye on and manage their assets. Major investments in capital costs are sometimes accompanied by additional recurring costs for maintenance agreements and equipment repairs. Any organization can significantly benefit from the cost and time benefits that come from implementing the proper asset management software systems.
In order to select the best asset management software tool, among the many outstanding options available, prioritize the features and capabilities needed to support your processes and operations, like Enterprise Asset Management (EAM) and Facilities Management platforms. We’ve compiled this list of 9 top solutions that can provide you more control over your assets and property to assist you in selecting the best asset management software tools for your requirements.
What is Asset Management Software and How Does It Work?
Asset management software helps businesses maximize asset performance while lowering the cost of lost or underutilized equipment. Companies can save time and money by maintaining a top-down, bottom-up, 360-degree sight of their assets, both material and intangible, and by correctly (in real-time) knowing where they are, who owns them, their license status, and whether repairs are necessary. All of the information is automatically gathered by asset management software (AMS), which then creates reports the company may utilize to maximize the utilization of its assets.
The lifecycle of every asset, including its requisition, installation, acquisition, maintenance, decommissioning, configuration, and disposal, is tracked using asset management software, which gathers and compiles data on each asset. AMS keeps track of an asset’s location, who is utilizing it, and its uptime and downtime as it progresses through its lifecycle. Automated reports give managers access to important information and asset analysis.
How to Choose the Best Asset Management Software Tools?
It can be difficult to select the best asset management software. An AMS software has a lot of moving parts, and systems can differ greatly in terms of their feature sets and cost. The first difficulty you have is having to pick from more than twenty AMS providers. We took into account several important aspects to limit your options to the top AMS software:
Make sure your asset tracking software has the appropriate features to meet your asset management needs. Here are some crucial characteristics to look out for:
- Geolocation mapping
- Historical location
- Variable monitoring
Over time, asset tracking software collects a lot of asset data. They include information on when your assets were purchased, when maintenance is necessary, licensing and warranty paperwork, insurance information, and more.
It’s crucial to protect all of this data from viruses, breaches, and other online risks. Make sure the program you’re about to purchase has reliable security measures.
Role-based access, which enables you to restrict access to specific people, should also be included in your asset tracking software. For instance, your admin assistant might need to view the location of assets but not make any changes. To secure your records, you may offer that person a “viewing” license rather than editing authority.
Powerful reporting capabilities, including the ability to view pre-built reports and create custom reporting, should be part of your asset tracking solution. A detailed report could include details on the stock levels, location of the assets, the purchase price, maintenance data, etc.
They can assist you with asset tracking, asset management, and asset creation. You can design bespoke reports for your inventory tracking needs using several software solutions.
An intuitive mobile app should be available from a cutting-edge asset management system. You must be able to simply scan barcodes and QR codes, create and amend assets, record maintenance work, verify equipment in and out, and instantly modify user roles’ access and rights.
Modern asset tracking software must work with the cloud. You may view your asset data at any time from any location with a cloud-based asset management solution.
Additionally, cloud-based software programs regularly build backup copies of your information there. You can now restore data whenever you want.
Check the scalability of the software you chose. Over time, you ought to be able to affordably add unique capabilities to the software.
Verify if IoT integration is supported by the program. As your vendor names and business connections grow, having API access can let you reach new data sources.
It’s possible that using asset tracking systems will cause you to encounter technical issues. While utilizing several features of the asset monitoring application, you could run into difficulties.
Ensure that your software provider offers fast, high-quality customer assistance. They should be able to fix software-related issues as quickly as lightning, preventing any unanticipated downtime.
9 Best Asset Management Software Tools
Here is a list of the best and industry-leading asset management software tools.
1. Personal Capital: Free Asset Management Tool for Individuals
Personal Capital, a 2009 startup, is a top-class robo-advisor for portfolio management and one of the pioneers in digital investment management. The company, which was acquired by Empower Retirement in 2020, stands out for offering a wide range of free money management solutions for retirement planning, cash flow, and investment management. Any U.S. citizen can use Personal Capital Cash to get a range of free banking services along with a high-return savings account.
Personal Capital Advisors is a full-service asset manager that needs a $100,000 minimum investment and charges fees starting at 0.89% AUM. While anybody interested in keeping track of their finances can use the free tools, higher net worth people and their families will value the individualized investment management solutions, holistic wealth planning, and accessibility to Certified Financial Planners that Personal Capital provides.
2. The Motley Fool: Best Asset Management Research Platform
The Motley Fool is a privately held provider of financial and investment guidance with headquarters in Alexandria, Virginia. It has analysts and specialists working for it all across the nation who are always searching the market for the top stock picks and investment ideas. The Motley Fool gets its name from Shakespeare’s comedy “As You Like It”. The court jester is the only character mentioned in the play who can tell the Duke the truth without getting his head chopped off.
The company, which involves over 300 people globally, was formed in 1993 by co-chairmen and brothers David and Tom Gardner, as well as Erik Rydholm. Additionally, the website operates in the United Kingdom, Germany, Australia, Canada, and Japan.
The website includes trending news among its numerous features. Several criteria, including Stock Market, Investing Basics, Retirement, Latest Stock Picks, and Personal Finance, are also available for searching the website’s content.
3. Charles Schwab: Best Asset Management Firm
Charles Schwab is a full-service dealer with a network that houses over $6.6 trillion in assets. Customers of Schwab will soon have access to TD Ameritrade’s thinkorswim trading engine thanks to the company’s growth through acquisitions. The investor-focused TD Ameritrade trading program will complement Schwab’s StreetSmart online trading platform, which already caters to less demanding investors. For the average investor, Schwab’s broad selection of financial products is similar enough, but it might not be the greatest option for aggressive options traders or those looking for trading access to foreign exchange (FX), cryptocurrency, and futures contracts.
4. Ally Invest: Best Asset Management Software with Automated Investing
Ally Invest is a terrific option for those intrigued by Ally online banking as well as existing Ally Bank consumers because it allows them to access their entire financial outlook on one platform. For investors of all skill levels, Ally Invest offers managed accounts with a $100 minimum investment threshold as well as self-directed funds with no minimum balance limit. Ally Invest is a great option for both novice and experienced traders due to its reasonable rates, strong and user-friendly interface, educational support, helpful tools like screeners, and exceptional customer service.
5. Acorns: Best Asset Management Software for Family
Fintech business Acorns is most known for its micro-investing platform, Round-Ups, which enables users to create automated investments into a portfolio. Acorns invest the change for members after rounding up debit or credit card purchases made with linked cards to the next dollar. Five portfolios with varying levels of risk each accept investments. Acorns are one of many fintech businesses, such as Stash Financial, Inc., and Robinhood Markets, Inc. that place a lot of emphasis on youthful investors.
Acorns appeal to millennials and other investors who are new to the market and may not have a lot of money to put toward retirement. Acorns want to make it as easy as possible for people to invest frequently and early. Through Round-Ups, the company’s flagship offering, the average Acorns user contributes more than $30 every month.
Acorns is a platform that enables users to invest by routinely setting aside tiny amounts of cash, a strategy known as micro-investing, to prepare for retirement. Additionally, the website provides inexpensive basic banking services. The business categorizes its services into 3 main groups. First, members can use spare change to invest in exchange-traded funds (ETFs). The second lets users set up and finance an IRA using the site, and the third gives members a debit card provided by businesses like Visa, Inc. (V). Acorns offers monthly memberships for several service bundles for $1, $3, and $5.
6. M1 Finance: Best Asset Management and Investing Software
M1 Finance offers an innovative combination of automatic investing and extensive portfolio customization, coupled with options for borrowing and spending. You can either create your strategy or choose from more than 60 pre-built portfolios referred to as “pies” (a play on portfolio pie charts). Experienced investors wishing to systematize their strategy while matching with personal preferences, risk tolerance, and diversification goals should use this adaptable portfolio platform. M1 receives high marks for the platform’s overall low cost as it charges no fees for trading or investment management, putting more of your money to work for you.
A range of account options from M1 Finance allows you greater control over your finances. It is easy to move money in and out of the platform, and you have the choice of setting up automatic deposits into your investment on a monthly, weekly, or biweekly period. Additionally, individual trade orders can be made, giving you greater freedom. You can combine your interests in a single broker by transferring from external brokerage or retirement funds into M1. In addition to these choices, once the balance hits $10,000, investors can use the margin requirements to loan up to 35% of the account value.
7. eTrade: Best Asset Management Brokerage Software
eTRADE was one of the country’s first online brokers. eTRADE is a wonderful option for both passive investors and occasional traders, as well as everyone in between, thanks to its variety of services, which include 3 web-based/downloadable portals and two mobile apps. Despite having powerful tools like news, research, and screeners, eTRADE is nevertheless simple to use and straightforward. Due to the many educational tools it provides, eTRADE is one of the greatest solutions for new investors in particular.
eTRADE, a leader in online brokerage, has established a reputation as one of the top brokers for trading options online. For all types of investors, from newcomers to seasoned investors, it is a dependable, well-rounded investment. With two excellent trading platforms, a fully functional mobile app, a variety of investment alternatives, and powerful options trading tools, eTRADE has made an effort to draw in active traders.
The Power eTRADE platform has a tonne of clear, simple-to-use features for trading stocks, choices, and futures. This program is for you if market tracking and trading are your passions. The company’s main website, etrade.com, provides a wealth of information and resources, as well as a large selection of no-fee funds. All levels of investors can benefit from using eTRADE, like many other sizable online brokers.
8. Robinhood: Best Asset Management Software for Individuals
Robinhood Markets Inc. is a financial technology business that runs an online discount brokerage free of commission. It offers a financial services platform that is a web- and mobile-based and enables users to buy and sell stocks, exchange-traded funds (ETFs), options, and American depositary receipts (ADRs). Additionally, based on their region, individuals can invest in particular cryptocurrencies.
Payment for order volume, premium membership fees, interest on uninvested capital, stock loans, interchange fees associated with its debit card, and other minor revenue streams are some of the ways that Robinhood generates income.
On transactions involving the loan of securities, Robinhood makes net interest income (interest income minus interest costs). Additionally, interest is paid on the company’s revolving credit facilities as well as on margin loans given to users. In the fourth quarter of the fiscal year 2021, net interest income increased 0.5 percent to $63.4 million, or 17.5 percent, of Robinhood’s overall revenue.
9. Fidelity Investments: Best Asset Management Firm
Fidelity was established in 1946, and its internet presence first appeared in 1995, over 50 years later. The business has developed into a powerful player in the internet brokerage industry. Fidelity continually provides exceptional value to investors by providing top-notch research, practical tools, and a wealth of educational materials. Most importantly, the organization is dedicated to reducing expenses for investors and has kept improving its platforms.
We’ll examine the broker’s features, fees, and resources in-depth to help you determine if Fidelity is the best fit for your trading or investing style.
Fidelity, one of the biggest brokers in the US, caters to all kinds of clients, from the inexperienced to the seasoned, the self-directed to those looking for highly individualized guidance. Fidelity offers a wide range of tools, information, and resources for the casual, buy-and-hold investor along with simple order input. Fidelity offers Active Trader Pro, a downloadable tool with flowing real-time data and a configurable trading interface, for more experienced investors and traders. Although the organization offers a respectable selection of services, it does not now support a few well-known trading items, particularly futures, commodities, and crypto.
The Bottom Line
Asset management software (AMS) gives users a comprehensive understanding of an asset’s lifecycle, from planning and implementation to replacement and disposal. While a company might track its assets using a straightforward spreadsheet, employing AMS enables it to evaluate data particular to each asset, allowing it to make more knowledgeable decisions about its asset management.