Report: Experts Find Three Issues With Financial Planning Technology Software

Posted by adaniels in Blog on September 20, 2012

A new survey reveals that financial advisors are none too pleased with the current financial advisor technology software available. reports that Tiburon Strategic Advisors discovered that in some cases, financial advisors find the software available “downright unsatisfactory,” the publication says.

Chip Roame, who is the firm’s managing partner, told OnWallStreet that there are three main issues that advisors have with the software, as reflected in Tiburon’s report, Financial Advisor Technology: Leading Edge Financial Advisors Technology Strategies. The first issue is that “financial planning technology often is not integrated with one’s’ portfolio management system, which requires data to be re-keyed.” He suggested that the software instead have “better integration.”

The second issue is that the software doesn’t reflect the different types of planning that advisors do, with some involved with “comprehensive planning,” the article says, while others do “modular planning.” Roame says that “systems written one way or the other under-serve some financial advisors.”

The final issue is that some of the software is really investment planning or insurance sales tools, instead of working comprehensively. Roame said that “this can and should be solved.”

Written by Lisa Swan


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