This isn't surprising given the significant value RightCapital has baked into its platform, offering users robust planning, account aggregation, and client portal features with numerous software integration partners. RightCapital also retained its high user satisfaction rating, winning the category last year and coming in a close second this year at 7.97 out of 10. Perhaps the most notable change in this category is the newer RightCapital, which surged over 6 points from last year to reach the third spot at just under 10% market share. While MoneyGuidePro retained the top spot in market share this year, eMoney gained ground at 25.61% to MoneyGuidePro's 36.10%. Be warned, however, that Riskalyze has a habit of not being fully transparent about their frequently enforced annual commitment, even though they advertise monthly pricing.ĮMoney and RightCapital Gaining on MoneyGuidePro Last year's survey indicated MoneyGuidePro was by far the crowd favorite in the financial planning category, with a nearly 42% market share, leading the second most popular eMoney by more than 16 points. Having used both solutions, I have to say I prefer FinaMetrica's data and process, though Riskalyze has a lot of appeal for those who are primarily looking to grow AUM business using a well-designed platform that provides a simple risk assessment combined with clever sales tools. Riskalyze uses a more streamlined approach, focused on pure risk tolerance, combined with compelling sales tools and new planning/account opening features, while FinaMetrica opts for a more traditional, robust questionnaire aimed at providing insight into multiple dimensions of an investor's risk profile. Riskalyze and FinaMetrica offer very different approaches to assessing risk tolerance. These results are striking, given FinaMetrica lost significant market share compared to last year's survey, going from just under 20.72% in 2017 to under 14.74% in 2018, in spite of its user satisfaction rating. 7.36 out of 10), more advisors surveyed are considering adding Riskalyze to their tech stack than FinaMetrica by a factor of over 2 to 1. Though FinaMetrica's user satisfaction rating was slightly higher than that of Riskalyze (7.62 vs. Riskalyze Quickly Dominating Risk Tolerance Software Space Of the various risk tolerance and profiling tools available, the two most widely used are currently Sacramento, CA-based Riskalyze and Australia's FinaMetrica, with Riskalyze leading by more than a 12-point margin. Here are a few takeaways from this year's survey. Now in its second year and with 2018 results published in late March, the survey also provides insight into what advisors actually think of the tools they're using based on user ratings, as well what tools advisors are thinking about adding to their technology stack in the future. Morgan Stanley has both a proprietary platform, Goals Planning System, along with outside vendors, including MoneyGuidePro, a key competitor to eMoney.Created as a collaboration among Joel Bruckenstein's T3 brand, Bob Veres' Inside Information, and Advisor Perspectives, the 2018 Advisory Profession Software Survey is an independent look at what software tools advisors are using in their practices. Merrill Lynch developed its own planning platform, called Personal Wealth Analysis, and introduced it last summer. Wells Fargo Advisors is likely the first wirehouse to add eMoney. Wells Fargo Advisors’ competition at the three other wirehouses, Merrill Lynch, Morgan Stanley and UBS, each have their own financial planning processes for advisers. “They get used to it and it’s an important part of the client-to-adviser communication platform to set goals.” “Advisers like to stick to their financial planning tools,” said Alois Pirker, research director with the Aite Group. Advisers would be more easily able to continue financial planning for clients on the eMoney platform after they start working at Wells Fargo Advisors. Adding eMoney - which is widely popular among registered investment advisers and advisers at independent broker-dealers - could be a help to recruiting, several industry sources said.
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