Planning plays an integral role in any business. Having a good financial plan is very important for the financial security of your business. A lot of people neglect this process; hence, they struggle to make financial decisions. While creating a financial plan is important, it can be a complicated process. It takes time, knowledge, and experience to come up with a working plan. Fortunately, there are best financial planning software that can help you plan for your retirement or employees. This article will introduce the 8 best financial planning apps for 2022.
With the economy struggling from the impact of COVID-19, making wise financial decisions is non-negotiable. Yes, this can be difficult to achieve, which is why many people struggle with their current payments. To help you simplify the process, you need the best financial planning software. The best financial planning software for your business will come down to cater to your financial wants and needs. You should look for a personal financial planning software that will analyze financial data, provide financial reports, and determine different possible outcomes at any time. In this article, we are going to be looking at the top 8 financial planning software that successful businesses use.
The Benefits of Financial Planning
The following are reasons you need financial planning.
1. Financial planning helps you to understand the current state of money affairs. This way, you can make healthy decisions to improve or maintain it through increased savings.
2. Ensures sustenance all through to prevent lack or want.
3. A financial plan is important to help you have an efficient cash flow. This helps you to be more cautious when spending – reducing the amount you spend so that you can save more during the rainy days which will be useful in the event of an emergency or shortcomings.
4. Prudent spending increases the amount of money available to undertake new projects.
5. Creating a financial plan helps an individual to keep track of the assets and investments.
6. Further, this process will provide a sense of certainty knowing what the future holds financially.
Top 8 Financial Planning Software
The following are the 8 best financial planning app for 2022.
1. Money Tree
Money Tree is a personal financial planning app that uses a three-pronged approach to financial planning. This best financial planning app is created by financial advisors to help you create a financial plan independently of, or in collaboration with, their clients. The software features an interactive tool that allows advisors to complete cash flow analysis for their clients. The software is designed to help advisors highlight the potential pitfalls in their clients’ financial plans and find solutions accordingly. MoneyTree is divided into two primary programs: Silver Financial Planner and Total Planning Suite. Both programs are meant to tackle various areas of the financial planning process including education planning, retirement planning, cash flow analysis, insurance needs, and goal-oriented planning.
Pros
- MoneyTree covers all aspects of financial planning
- It allows advisors to integrate with third-party programs
Cons
- Having two software in one suite is a bit complicating
2. RightCapital
RightCapital is an innovative financial planning software that advisors can use to develop financial plans. Its mobile app is very appealing to new users and its interface is intuitive as well. With RightCapital, advisors can easily integrate accounts, client vaults, as well as carry out strategic tax planning for retirement planning.
Pros
- Intuitive, mobile-friend, and easy to use software
- Tax planning feature makes it stand out
Cons
- Inability to create different scenarios with the same inputs without having to create a whole new profile
3. Personal Capital
Personal Capital is one of the most popular financial planning app on the market. It provides a comprehensive view of all of your finances in one package. Personal Capital is ideal for both beginners and professionals alike. What’s more interesting is that this free financial planning software comes with basic features that are necessary for basic financial planning, including:
- A “net worth” tracker
- Cash flow and budgeting tools to track spending
- The ability to link all retirement accounts, investment accounts, as well as all other financial accounts in one place
- A tool to detect hidden fees
- Goal trackers for your spending and savings targets
- Tools for forecasting retirement and college savings outcomes
For more advanced features like choosing investments, Personal Capital offers Robo-advisor wealth management services for a fee.
Pros
- Custom allocation of unknown assets
- Powerful investment checkup tool
- Easy-to-use charts and graphs to help you manage your spending
Cons
- High management fee
- $100,000 account minimum
4. MoneyGuidePro
MoneyGuide Pro is the best web-based financial planning software in 2022. Being one of the oldest software in the business, it offers a wealth of experience when it comes to financial management solutions including health planning, education planning, retirement planning, etc. This software comes in One, Pro, and Elite packages. Depending on the package you choose, you can benefit from basic to professional financial planning tools like:
- Goals planning tool
- Risk tolerance assessment tool
- Financial and lifestyle goals planning and more.
- Risk management and assessment tool
- Estate planning and Social Security optimization
- Secure income modeling
- Total income modeling
- Advanced lifetime protection
Pros
- It offers Play Zone, which utilizes sliders for financial goals, retirement age, and more to easily illustrate financial progress
- It is an online base platform; this makes it easy for sharing
Cons
- It can be a bit expensive to set up - $1295
5. Finance Logix
Finance Logic is an innovative financial planning software that is widely used by financial service providers. The software focuses on client participation in all aspects of financial planning. Like other top financial planning software, Finance Logix features retirement planning, education planning, insurance planning, cash flow analysis, estate planning, asset allocation, and goal-based planning.
Pros
- Ensure that all data is secured using the latest in online security protocols
- The client portal makes client participation easier
Cons
- It can be a little bit difficult to set up
6. eMoney Advisor
This financial planning software makes financial planning easy and efficient. eMoney Advisor offers four packages of services (Plus, Pro, Premier, and a custom package). eMoney Advisor provides cash flow management, retirement planning, estate planning, goal-based planning, among other features.
Pros
- The software caters to the need of all financial advisors
- Comes with one of the best analytics and metrics tools
Cons
- Free trial only comes with basic features
7. WealthTrace
WealthTrace is a financial planning program that offers both individuals and advisors the ability to set saving goals, plan for both retirement and college savings, life insurance needs, and budget money. It comes in three package tiers: Basic, Advanced, and Deluxe ranging from $229 to $309 for the first year, with discounted rates for subsequent annual renewals.
Pros
- Provides insight on how to minimize your tax liabilities
- Customer service support is available 24/7 in case you need help
Cons
- Not as comprehensive as other financial planning software
8. Quicken
Quicken offers multiple financial planning software solutions that cater to different financial needs. It comes in three packages: Starter, Premier, and Home & Business version. Depending on what you want to do with your money, Quicken lets you:
- Create a budget
- Manage your bills
- Automatic bill pay
- Track your spending
- Track loans, investment, and retirement accounts in one place
- Manage your bills and categorize your purchases
- Automatic bill pay
- Investment tax planning and market comparison tools
Pros
- Integrates with other software seamlessly
- Easy to use and navigate
Cons
- Takes time to learn all the available tools
Conclusion
Financial planning is an essential part of a business. Most people hire a financial advisor to help them carry out this project while others use the above listed financial planning software to keep track of all the necessary financial components from estate management, retirement planning, education planning, wealth transfer, etc.