Choosing the Right Financial Adviser Tools for Your Firm

In this blog, we look at why financial adviser tools are necessary in the changing financial planning landscape and what to keep in mind when selecting the right digital tools for your firm. 

As the use of digital tools becomes increasingly widespread, you need to ensure that you don’t get left behind by the competition. If your existing systems and processes are outdated or inefficient, you need to explore software solutions to enhance your advice process.

Finding the right solutions for your firm and effectively leveraging the software will lead to greater efficiency, performance and customer satisfaction whilst supporting your regulatory obligations. 

But how do you know which software solutions are suitable for your organisation? Unfortunately, there are no one-size-fits-all solutions, as certain vendors and platforms will better suit different firms, depending on your business needs, size, client base and other factors. So, you must assess the strengths and weaknesses of different adviser tools and software and their suitability based on your firm’s requirements.

Download this handy checklist that outlines the top considerations when exploring the best financial adviser tools to help you evaluate the suitability of prospective solutions for your firm.


Key challenges facing advisers today

Advisers in today’s fast-evolving financial environment face various challenges, primarily based on regulatory change, the need to modernise systems and processes, and new consumer demands and expectations. And addressing these challenges is paramount for firms to maintain their competitive advantage in an ever-changing advice market.

One of the key ways to keep pace with technological advances, changing compliance and market demands is to invest in financial adviser tools to bolster your capabilities. Modern financial planning software powered by automation and advanced algorithms and forecasting methodologies can help you overcome key challenges and address any shortfalls in your service offering.

How the right financial adviser tools can help you overcome these challenges

Selecting the right financial planning software for your firm, which can modernise your processes and enhance your capabilities, will help you address and overcome key challenges. Here are just some of the ways that implementing financial adviser tools can help you deal with industry challenges and thrive amidst ever-evolving demands:

  • Increase the efficiency of your advice processes and reduce manual tasks
  • Enjoy crucial time and cost-savings to take on more clients
  • Deliver more consistent advice aligned with clients’ financial objectives and goals
  • Clearly define client risk attitude and incorporate their capacity for loss
  • Offer a better customer experience and drive more engaging conversations
  • Easy-to-check asset allocations to provide suitable advice
  • Cash flow planning capabilities and better mitigation of risk
  • Incorporate more sophisticated scenarios, stress tests and back solves 
  • Better user experience for advisers
  • Data consolidation and integrated systems
  • Holistic visibility and clear demonstration of plans for clients
  • Faster and more comprehensive analytical tools
  • Swift problem identification
  • Supporting compliance requirements, such as reporting and proof of suitability

Issues of remaining on legacy systems and operating inefficient processes

Remaining on legacy systems or using outdated processes will expose you to risks and see you falling behind the competition. Disparate data, jumping between systems, human error, misalignment, compliance risks and time-consuming processes hindering your productivity and growth - these are all issues financial firms are running into. 

Now is the time to embrace new technologies and software solutions to empower advisers. Ensure you’re operating efficient and compliant processes and delivering the best financial outcomes for your clients.


With increasing competition, changing industry and regulatory demands and the risks associated with maintaining legacy systems, drawing on the process-enhancing capabilities of financial adviser tools can help you get ahead of external factors that significantly impact how you service clients.

Download EV’s checklist for choosing the right financial adviser tools

Ensuring you choose the right digital tools for financial advisers in your firm takes a fair amount of consideration. It is an undertaking you’ll want to do right from the very start of your digital transformation journey. Use our Checklist for Choosing the Best Financial Adviser Planning Software for Your Firm to help support your selection process and enable you to judge the suitability of different software solutions better.

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