Practice management software for financial advisors provides a platform to manage workflows, communicate with clients, and automate reporting. Some advisors use systems offering various modules that include customer relationship management (CRM) or billing capabilities, whereas others look for standalone benchmarking and automation tools.
The best practice management software is easy to use and implement. It should help users save time on back-office functions. Top platforms offer automation and reporting features while providing robust customer service options. Moreover, systems that come with advanced analytics help advisors measure their firm’s health and discover revenue opportunities.
Best Overall : AdvisorEngine
AdvisorEngine continues to broaden its platform offerings, allowing financial advisors to use a central system for billing, client communications, and portfolio planning.
White label client-facing features
Straightforward user interface
Unique billing configurations
No mobile apps
No live customer service on weekends
AdvisorEngine serves over 1,200 financial advisory firms managing more than $600 billion in assets, and Franklin Templeton acquired it in 2020. It works equally well for independent advisors and large firms. The platform’s flexibility and ease of use make it the clear winner for best practice management software.
AdvisorEngine is a cloud-based platform and works on Google Chrome, Microsoft Edge, Mozilla Firefox, and Safari. The platform offers several modules, including digital client onboarding, investment frameworks, and the Junxure CRM.
AdvisorEngine supports customization, automation, and comes with reporting tools. Advisors can:
- Create branded client onboarding experiences
- Define CRM fields
- Automate onboarding
- Use electronic signature tools
- Measure client performance and revenue attribution
It also integrates with over two dozen partner firms and technology platforms, like Morningstar, Net360, Outlook 365, Constant Contact, and LPL Financial.
AdvisorEngine offers toll-free phone support from Monday through Thursday, 9 a.m. to 8 p.m. Eastern and Friday from 9 a.m. to 6 p.m. Or you can contact them via email or send a support ticket. The website has a knowledge base and community forum with tons of guides and tutorials, providing users with plenty of self-help resources.
Pricing is based, in part, on an advisor’s total assets under management (AUM) and the selection of à la carte features. Typically, higher AUMs receive lower pricing and AdvisorEngine charges using basis points (bps). However, buyers must contact the company for a quote.
Best for Firms : Advyzon
With customizable dashboards for every team member and automatic data transfer for all advisor-client email communications, Advyzon’s practice management software is an excellent tool for advisory firms.
Client-facing mobile application
Robust reporting engine
Difficult to build custom workflows
Fewer integrations than some platforms
Limited planning tools
Based in Chicago, Illinois, and founded in 2012 by Morningstar’s former senior vice president, Advyzon works well for established, new, and breakaway firms of all sizes. Its reporting capabilities and business intelligence make it the best practice management software for firms.
The cloud-based architecture allows all firm members, clients, and prospects to access features from any browser and device. Plus, the client-facing mobile app works on Apple and Android phones. The main features revolve around modules, such as portfolio management, client reporting, and a growth suite.
At the core of Advyzon is the reporting engine with more than 30 reporting templates. Users can view current and historical data and leverage the report builder to design custom reports. It also includes a Global Investment Performance Standards (GIPS)-compliant composites tool to track history and forecast performance. Advyzon comes with branding options, custom dashboards, and billing automation tools.
Advyzon plans integrations carefully, so although it offers fewer options than some platforms, each one is well-developed. It integrates with custodians like Charles Schwab and platforms such as Microsoft 365, G-Suite, Twitter, and Jive.
Advyzon prioritizes customer service, offering a dedicated service team and an onboarding blueprint. Firms can call or email their service team directly or access in-app support from any place inside the application. The company also provides an online helpdesk and knowledge base for self-service.
Pricing is available via quote and is based on the number of accounts. A 12-month contract starts at $6,500 per year for up to 150 accounts.
Best for Client Experience : eMoney
With a robust client portal, a self-guiding prospecting tool, and unlimited client document storage, eMoney helps advisors deliver excellent client experiences.
Interactive client and advisor planning tools
Client-facing mobile app
No billing or invoicing feature
No standardized pricing
Data aggregation connections disconnect often
Acquired by Fidelity in 2015, eMoney has over 76,000 users who manage $4 trillion in aggregated assets and is one of the top five software programs used by financial advisors. The interactive client-facing tools and ability to host client conferences via eMoney earn it the top spot for the client experience.
eMoney is a cloud-based platform offering an iOS and Android mobile app for clients. It uses a planning-first approach, and core functions consist of foundational and advanced planning, onboarding, and a prospecting tool.
The standout features revolve around the client experience. Clients can see goal progress, attach accounts from hundreds of financial institutions, track spending, and explore interactive scenarios.
eMoney provides many automation, customization, integration, and reporting features, such as:
- Automatically storing deleted documents for up to seven years
- Alerts when clients or advisors make changes
- More than 200 customizable reports
- 24 integrations, including Morningstar and Redtail
The online resource library offers guides, webinars, videos, and e-books. eMoney offers some live and virtual training workshops. In addition, you can access customer service via phone or email Monday through Friday, from 8 a.m. to 8 p.m. EST.
The eMoney practice management software offers four plans:
- Plus: Advanced analytics and foundational planning
- Pro: Advanced analytics and advanced planning
- Premier: Advanced analytics, advanced planning, and foundation planning
- Growth: Choice of planning tools and Bamboo content curation tool
Due to the availability of several customizable options, eMoney provides a custom quote for advisors and firms, so contact eMoney to learn more about your choices and costs.
Best for Automation : Bridge FT Atlas
The U.S.-based Bridge Financial Technology company built the Atlas platform with an automation-centric approach, so back-office tasks take minutes per quarter, not days.
Unified data source for reconciled and aggregated custodial data
One-click report generation
Insights engine for business intelligence
No mobile applications
Only supports basic customization
No customer service information on website
The Bridge Atlas platform is an automation-driven tool used by more than 200 fintech firms and financial services. Its automated capabilities extend to reporting, billing, and more, making it an excellent solution for lean firms wanting top-notch automation.
Atlas is a software as a service (SaaS) platform built with an open architecture, so it works via a web browser on any device. The core modules include billing, performance reporting, and an integrated trading solution.
Bridge’s practice management software features over 25 native integrations and an extensive partnership network, including Charles Schwab, Ameritrade, and Salesforce. It offers one-click report generation to track asset allocation, income, and performance. Customization is limited, but many processes offer automation, such as:
- Client accounts
- Fee calculations
- Client reports
- Custodial data
- Account reconciliation
The Bridge FT website is limited on self-help resources, with a few downloadable guides. But, the company adds webinars to LinkedIn, and potential clients can learn more about customer service options via live chat on the website.
Plan pricing is based on AUM and the number of accounts, so you can provide this information to receive a custom quote online. For example, a financial advisor with up to 100 accounts and 70 million AUM would pay the monthly minimum of $500 per month, which breaks down to $5 per account.
Best for Integrations : Practifi
Practifi features an open API, dozens of verified partners, and access to more than 3,000 apps on the Salesforce AppExchange.
Mobile app for advisors
Salesforce subscription included
Free onboarding and an annual health check
No invoicing or billing functions
Client portal is an add-on package
Less intuitive than other practice management software
Founded in 2013, Practifi has locations in the U.S. and Australia. It’s a business management platform built on Salesforce. The ability to work with Practifi to develop custom integrations, including a paid service for advanced options, makes Practifi stand out among practice management software for integrations.
The cloud-based tool features an open API, and there’s a mobile app for Android and iOS. However, the mobile app lacks full functionality and is geared mainly toward Salesforce functions. The key features include pipeline tracking and centers of influence referral data.
Practifi provides role-based views for different teams and custom home pages. The pre-built workflows and smart automation tools help users automatically prepare annual client reviews, open accounts, move money, and setup alerts. Additionally, Practifi comes with many popular integrations, such as:
- Agreement Express
- Black Diamond
- Constant Contact
- Schwab Advisor Center
- Microsoft Outlook
- Over 3,000 apps via Salesforce
Practifi gives advisors 24/7 access to an online success portal for help ticket submission and knowledge base access. Each account gets a dedicated point of contact, and Practifi offers webinars, videos, and guides.
Pricing starts at $1,200 per company per month, and you’ll need to contact the company for a custom quote. Add-on options include a marketing campaign module; portals for clients, partners, or employees; a sandbox for your tech team; and enterprise-grade security tools.
Best for Analytics : Truelytics
With data from over 10,000 independent financial advisory firms and more than 50 KPIs, Truelytics is the best platform for in-depth insights.
Analytic views of business, clients, and market
Plans for individuals, firms, and enterprises
Peer benchmark reporting
No billing or invoicing
No client-facing applications
Truelytics is a business intelligence platform headquartered in Austin, Texas. Platform users report over $300 billion in AUM, and users consist of more than 10,000 individual financial advisory firms. Its end-to-end, data-driven system delivers more insights than any other practice management software, which is why it wins our analytics category.
This cloud-based SaaS works seamlessly across all devices, giving firms and advisors access to reports, analytics, and benchmarks for decision-making. It provides core tools, such as:
- TrueRecruit: Customize the recruiter intake process and benchmark prospect data.
- TruePerformance: Includes real-time indices and over 50 KPIs for comprehensive valuation reports.
- TrueMatch: Identify opportunities, use deal rooms, or the propriety deal analyzer.
- TrueContinuity: Complete succession planning tools, including a digital vault.
Data and benchmarking include a Truelytics Score and discount rate. Truelytics also provides pro-forma forecasts for revenue and expenses for up to five years. It features an API for connecting to CRMs, or you can use their integration platform and widgets to get Truelytics insights while using any of your existing tools.
All Truelytics clients get a customer success team, including email, toll-free phone, and support tickets for customer service. The website includes a knowledge base with video updates, guides, and webinars.
The prices are listed on the Truelytics website, but you can also contact the company for additional consulting services. The plans consist of:
- Firms: $99 per month for independent and financial advisory firms
- Enterprise Lite: $6,000 annually per module for registered investment advisors (RIAs) and offices of supervisory jurisdiction (OSJs)
- Enterprise: Quote-based, three-year contract for custodians, asset managers, and investment banking divisions (IBDs)
Best Value : Advisor Metrix
Advisor Metrix is a streamlined application that gives advisors key data, including client snapshots and metrics, for a flat yearly fee per advisor and provides access to up to three delegate users.
Built-in time tracker
Clear dashboard with core information
Two-way data flow with integrations
No integrated invoicing and billing
No client portal
Headquartered in Midvale, Utah, Advisor Metrix is a newer fintech company founded by the financial professional Thom K. Hall, a certified financial planner (CFP) and chartered financial consultant (ChFC). Unlike other practice management software, Advisor Metrix charges a flat rate per advisor and supports access by assistants without extra fees. Its well-rounded feature set and affordable price make it the winner in our best value category.
The cloud-based Advisor Metrix is an accessible tool that works on any device and doesn’t require a steep learning curve. It offers a straightforward practice management dashboard and searchable client view. Core functions consist of metrics, reporting, a time tracker, and client data.
The metrics give advisors details about referral sources, pipeline opportunities, and current initiatives. Advisors can quickly pull up colorful reports and filter data by account type, product, client, or household. The platform doesn’t include much customization or automation tools. It features three integrations and pulls data from these tools to deliver insights on its practical dashboard. The integrations include Redtail, Riskalyze, and Jive. The Advisor Metrix integrations automatically sync, require a single sign-on, and offer a two-way data flow.
The Advisor Metrix website doesn’t have any self-help resources. However, you can access customer support via email or a toll-free number. It costs $1,200 per advisor per year and includes access for up to three delegate users.
Financial advisors and firms have many options for practice management software. Some applications like eMoney focus on client-facing tools, whereas others such as Truelytics prioritize analytics and reporting features. Overall, the best practice management software is AdvisorEngine.
AdvisorEngine provides a solution where financial advisors can handle billing, communicate with clients, and plan portfolios. It features plenty of reporting options, has a user-friendly interface, and integrates with your main tools. Plus, it’s suitable for independent advisors and firms.
Compare the Best Practice Management Software
|Company||Cost||Platform||Customer Support Options||Free Trial|
|Contact for a bps-based quote||SaaS||Phone, email, support tickets, community forum, knowledge base||N|
Best for Firms
|Contact for a quote based on the number of accounts. For example, it’s $6,500 per year for up to 150 accounts||SaaS||Dedicated service team, phone, email, in-app support, knowledge base||Y|
Best for Client Experience
|Contact for a quote based on custom configuration||SaaS||Phone, training workshops, knowledge base||Y|
|Bridge FT Atlas
Best for Automation
|Contact for a quote based on AUM and the number of accounts. For example, it’s $500 per month for up to 100 accounts||SaaS||Contact for custom support options||N|
Best for Integrations
|Contact for a quote; plans start at $1,200 per company per month||SaaS||Dedicated point of contact, online success portal, help tickets, knowledge base||N|
Best for Analytics
|Prices range from $1,188 to $6,000 per year||SaaS||Customer success team, email, phone, support tickets, knowledge base||N|
|$1,200 per advisor per year||SaaS||Email, phone||N|
What to Look for in Practice Management Software
There are several features and qualities to look for when reviewing practice management software, including.
- Client-facing and firm-reporting options
- Benchmarking, KPIs, and valuation tools
- Integrations with CRMs and financial partners
- Automatic back-office workflows
- Customization capabilities for branding and processes
- Billing or time-tracking features
- Customer support for onboarding, training, and troubleshooting
- User-friendly advisor dashboards
Practice Management Software vs. Client Relationship Management Software
Although CRMs and practice management software share some overlapping features, there are differences. A CRM holds all client data, including conversations and contact details, but doesn’t provide financial advisor tools, such as client reports or billing. In comparison, practice management software often includes built-in customer information dashboards and CRM integrations. However, it also may offer client portals, time-tracking features, and advanced analytic features.
Frequently Asked Questions (FAQs)
What Does Practice Management Software Do?
Practice management software helps financial advisors automate workflows, assign tasks, and run firm- or client-facing reports. Additionally, practice management platforms may support billing, offer white label client reports, and come with client portals. Many tools can function as practice management software in the financial world but concentrate on specific elements, such as business intelligence or client engagement.
How Much Does Practice Management Software Cost?
Practice management software for financial advisors can vary significantly in price. It’s often based on the number of accounts and the total amount of assets under management. Since practice management software can range from $99 to $1,200 or more per month, it’s always a good idea to request a custom quote. Plus, if you belong to any associations or work with a custodian, like Charles Schwab, check to see if they offer discounts on practice management software.
What Are the Advantages of Practice Management Software?
Practice management software can save time, reduce errors, and help advisors stay compliant. It provides insights using client and pipeline data. Moreover, automation tools and workflow configurations simplify back-office processes, giving advisors more time to focus on client-facing tasks.
To find the best practice management software for financial advisors, we considered 20 platforms with practice management components. We looked for user-friendly dashboards that provide at-a-glance details about clients, pipelines, and firm revenue. Next, we examined the main features and how those fit into various use cases.
We determined the level of automation supported by each platform, opportunities for customization, and integrations. Lastly, we evaluated software by looking at user reviews, self-service, and customer support options. Although pricing differs widely, we reached out to companies to see how they created custom quotes and obtained an estimate when possible.