Essential software for RIA and financial advisory firms

Essential software for RIA and financial advisory firms

There are a number of software programs and services that registered investment advisors (RIAs) and financial advisors use to run their operations. These solutions help them stay organized and efficient, as well as provide the best service possible to their clients. 

In this blog post, we will discuss the most common software and services used in the industry, what each offers, and how your new RIA or financial advisory firm can use these solutions to your advantage.

What software and services do RIAs and financial advisors use?

The following software programs and services enable RIAs and financial advisors like you to easily manage client relationships, track investments, and comply with industry regulations.

Productivity: Microsoft Office

Most of us are familiar with Microsoft Office.  It includes business staples like Word, Excel, PowerPoint, Outlook, and SharePoint. You can use Microsoft Office to create client proposals, track your daily tasks, and store and share important files. Each program in the suite serves a different purpose, but they all work together to help you run your firm smoothly. What’s more, there are online versions of these programs, allowing RIAs to use Microsoft Office from anywhere with an internet connection.

CRM: Tamarac

Tamarac is a customer relationship management (CRM) software designed specifically for investment advisors and wealth managers. It has features that help you track your clients’ portfolios, manage their accounts, and stay in touch with them. What’s great about Tamarac is its wide and deep integrations with other financial advisor software, making it easier for you to get all your work done in one place. It’s also packed with security features that help you stay compliant with industry regulations.

CRM: Redtail CRM

Redtail CRM is a web-based platform that helps you manage your clients, their accounts, and your interactions with them. Like Tamarac, Redtail CRM integrates with many other financial advisor software programs, so you can get your work done more efficiently.

In addition to having impressive lead and contact management, workflow automation, and customizable reporting features, Redtail CRM is easy to use. It is one of the simplest CRMs to learn and navigate, which is why many small- to mid-sized firms prefer it.

CRM: AdvisorEngine

Previously known as Junxure, AdvisorEngine is one of the most comprehensive CRMs in the market. With its powerful workflow automations, robust integrations, streamlined user management tools, and enhanced security features, AdvisorEngine has everything you need to manage your RIA or financial advisory firm efficiently. By automating tasks and digitizing information and processes through this CRM, you can free up time to focus on your clients and grow your business.

CRM: Orion Advisor Solutions

This is a range of RIA software solutions that helps advisors with portfolio management, client reporting, billing and invoicing, and more. With these different technologies, you can tailor Orion to fit the specific needs of your RIA or financial advisory firm.

Data and news: Bloomberg

Bloomberg is a financial data and news service that provides real-time data, analysis, and news on global markets. It is an essential tool for RIAs and financial advisors who need to stay on top of the latest market movements and announcements or reports. With Bloomberg, you can access data on stocks, bonds, commodities, currencies, and more to help your clients make informed investment decisions.

Accounting: QuickBooks

QuickBooks is one of the most popular accounting software programs used by small businesses because it’s easy to use and has a wide range of features. With QuickBooks, you can track your finances, manage your invoices and expenses, and generate reports, enabling you to stay on top of your firm’s finances and get a clear picture of where your money is going.

Financial planning: eMoney

eMoney helps you create comprehensive financial plans for your clients. This financial planning software lets you track your clients’ progress toward their goals, model different scenarios, and assist with retirement and estate planning. It’s essential for RIAs and financial advisors who want to provide their clients with the best possible financial advice.

Related reading: Creating a breakaway RIA? Keep these IT tips in mind

Each of these software programs and services can be an invaluable asset to your RIA or financial advisory firm. By using the right software for your needs, you can streamline your workflows, improve your client service, and grow your business.

Get started by enlisting the help of an expert

Guidance and support from a managed IT services provider that understands the ins and outs of the RIA industry can help you make the most of your technology and take your business to the next level. If you are interested in learning more about the RIA software and services that can empower your firm to reach its full potential, contact RIA WorkSpace today.