How to choose the right financial advisor software for your RIA tech stack: A comprehensive guide

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As a financial advisor or registered investment advisor (RIA), you know that the right software can make a big difference in your business. With proper tools and resources, you can become more productive, manage your clients more effectively, and stay on top of the ever-changing financial landscape.

When deciding on the best RIA platform and financial advisor software for your firm, consider the following key factors.


Efficiency and time management are vital for RIAs. When choosing financial advisor software, look for the following productivity-enhancing features:

  • Integration with calendars, task management systems, and document sharing platforms
  • Automation capabilities
  • Workflow customization
  • Intuitive user interface

Microsoft Office is a popular productivity suite that delivers on all of these fronts. If you’re looking for a single solution that covers document creation, presentation building, data analysis, and email management, Microsoft Office is a great choice. Not only does it provide a wealth of powerful features, but it also offers cloud-based storage and is designed for use on multiple devices.

By streamlining routine administrative activities such as client onboarding, document generation, and compliance reporting, you can free up more time to focus on providing comprehensive financial advice.

Related reading: Google Workspace and Microsoft 365: Which productivity suite is better for RIAs?

Document management

Document management software provides a centralized location for storing and organizing client documents, making them easy to find and access. Look for a system that offers features such as:

  • Secure storage
  • Document search and retrieval
  • Version control
  • Automated backups

SharePoint is the ideal software if your RIA firm is already using Microsoft Office. It offers features such as enterprise-grade security, automated document indexing, and version control. SharePoint also makes it easy to collaborate with your team and share documents securely with clients.

For a cloud-based solution, Box is an excellent choice. Its features include real-time collaboration tools, automated document backup, and access control capabilities. Box also integrates with many business applications, so you can easily sync your documents with other platforms.

Customer relationship management (CRM)

Maintaining strong relationships with clients is another essential part of running a successful financial advisory firm. You need to be able to quickly access and update client data, manage contact information, track client interactions, and streamline communication.

A robust CRM system should be at the top of your list when choosing financial advisor software. Consider features that enable you to effectively manage relationships with existing clients and prospects, such as:

  • Contact segmentation
  • Automated email campaigns
  • Comprehensive analytics

A great option for RIAs is Tamarac CRM. This system is designed specifically for investment advisors and wealth managers, offering features such as customizable dashboards, automated workflows, and client-facing portals. Tamarac also integrates with other financial advisor software solutions, making it easier for you to get all your work done in one place, and it comes with security features that help you stay compliant with industry regulations.

Redtail CRM is another popular option for RIAs. It offers powerful features such as advanced reporting tools, automated client onboarding, and lead-tracking capabilities. Plus, its integration with Microsoft Office and other third-party applications makes it easy to manage your client relationships from one platform.

Related reading: What Is the Best CRM for Financial Advisors? Comparing Redtail and Tamarac

Portfolio management

Effective portfolio management is key to providing clients with the best advice and support. Seek portfolio management software that allows you to efficiently monitor and rebalance portfolios, generate performance reports, and provide clients with up-to-date investment information.

A comprehensive RIA portfolio management software solution offers the following features:

  • Automated rebalancing
  • Portfolio analytics
  • Custom risk management
  • Tax optimization
  • Compliance monitoring

One top-performing portfolio management solution is MoneyGuidePro. It is a comprehensive financial planning software that comes with powerful portfolio management tools such as portfolio tracking, risk analysis, and custom reporting. Many financial advisors also appreciate MoneyGuidePro’s intuitiveness and the interactive financial planning experience it offers their clients.

Another popular portfolio management tool is the Black Diamond Wealth Platform. This software helps RIAs manage complex client portfolios with features such as portfolio performance reporting, real-time access to client data, and automated trading. With its advanced analytics capabilities, Black Diamond helps you stay on top of the ever-changing markets and make informed decisions.

Financial planning

Financial planning software is essential for giving clients accurate advice and delivering tailored financial plans. Select a system that offers features that enable you to quickly create detailed financial plans for your clients, such as:

  • Comprehensive calculation capabilities
  • Ability to model scenarios
  • Intuitive interface

eMoney Advisor is one of the most popular financial planning software solutions for RIAs. It provides features such as industry-leading account aggregation, various spending and budgeting tools, and business analytics. eMoney Advisor also makes it easy to generate interactive financial plans and share them with clients in a secure environment.

NaviPlan is another comprehensive financial planning software that’s designed for RIAs. It offers a wide range of features, including goal-based planning tools, portfolio analysis capabilities, and retirement planning modules. NaviPlan also includes in-depth calculators that help you create accurate financial plans for your clients.


Accurate accounting is essential for any business, and financial advisory firms are no exception. An accounting software solution will help you:

  • Stay on top of expenses
  • Manage client payments
  • Generate invoices
  • File taxes more efficiently

Make sure to find one that integrates with your CRM and portfolio management systems to ensure seamless data flow and minimize manual reconciliation.

A reliable accounting system for RIAs is QuickBooks, offering features such as billing and invoicing, customer tracking, and expense management. QuickBooks also allows you to easily generate financial reports and keep track of your firm’s financial activity.

Sage Intacct is another great accounting software option for RIAs. It enables you to create detailed financial statements, manage customer payments, and automate processes such as billing and invoicing. With Sage Intacct, you can also easily integrate with other financial advisor software solutions, streamlining your accounting processes.

Industry data and news

Finally, staying informed about industry trends and market insights is crucial for financial advisors. Investing in software or services that provide access to real-time market data and news summaries can help you make more informed decisions on behalf of your clients.

Bloomberg is one such resource. It is a financial information and news service that provides comprehensive data, news, research, analytics, and more from around the world. It is an invaluable resource for RIAs looking to stay ahead of the curve when it comes to financial advising.

The Wall Street Journal is another go-to source for the latest industry news and analysis. It offers a variety of subscription options that provide access to timely market insights and expert commentary.

Related reading: Managing your RIA tech stack: The hidden risks of a patchwork approach
Tech stacks can get complicated and cumbersome if you want them all to work together. You need to consider how your choices will integrate, if at all. You’ll need some expert IT support to get this all working together.

Overall, choosing the right financial advisor software is essential for providing your clients with the best advice and support. Consider your firm’s unique needs and select solutions that offer features that will help you streamline your operations, maximize efficiency, and improve client relationships. 

Navigating the vast array of financial advisor software options can be overwhelming. That’s where the expertise of our specialists at RIA WorkSpace comes in. Contact our team today to receive personalized guidance and find the best RIA platform and financial advisor software for your practice.