Historically, the best financial advisor software was available from the largest advisory firms that had the size and scale to develop best-in-class proprietary software solutions… while independent advisory firms languished with a small subset of “homegrown” solutions that one advisor might have made for themselves and then sold to other independent advisors. But with the rise of the internet, the ability to deploy software efficiently through the cloud, and the availability of APIs to easily facilitate cross-software integration, a boom has emerged in the world of independent advisor software.
In fact, the greatest problem for many advisors today is just keeping track of all the choices that are available in each of the various categories, and figuring out how they potentially fit together! Accordingly, we’re excited to announce what will become the first of a continuously (monthly) updated map of the advisor FinTech landscape… so advisors have a reference tool to identify the potential options in various categories!
In addition, the rise of independent surveys like the T3 Advisor Software Survey is now providing, for the first time ever, some perspective on not just what software is available, but what software is actually “good”, based on User Ratings from real advisors who actually use the software. Revealing that there is still substantial room for improvement in many advisor software categories (in particular, portfolio performance reporting tools), while others that have received a lot of buzz – like “robo” digital advice tools – may actually just be overhyped (with both poor user ratings and poor advisor adoption!).
Nonetheless, with more venture capital than ever coming in to support advisor software startups, and a wider range of solutions than ever, arguably we’re seeing the Golden Age of financial advisor software today. And in fact, with more and more competitors entering the space, the pace of advisor software innovation may only accelerate from here!