List of Top Financial Planning Software in 2021

By Kierra Benson - Last Updated on December 29, 2020
The article gives the list of popular financial planning software.

The word “unpredictable” could be on a top 10 list of words to describe the year 2020. This is an especially accurate label for the current financial environment due to the coronavirus pandemic. Workers, entrepreneurs, contractors, freelancers, and even corporate giants have been struggling for the last several months to adapt to operating in a limited capacity due to people being subject to local and federal stay-at-home mandates.

With consumers losing their jobs and relying on government stimulus and financial aides packages just to get by, they have limited means of feeding the economy by buying products and services. This has left the economic market in a rut because of the vicious cycle of producers and consumers not having enough money to oil the machine.

In tough times like these, it is wise to have a plan.

What is Financial Planning Software?

Financial planning software can be categorized as an array of digital programs that assist in the reserving, allocating, downsizing, and the undertaking process of handling finances in order to lessen costs and gain more streams of income. Even if your nest egg was not big enough to handle a once in a century pandemic, it is still beneficial to plan for the future and learn from the obstacles faced in 2020.

List of Best Financial Planning Software

Financial Planning Software for Individuals

  • Quicken

    Characteristics: A well-known name in the financial planning industry, Quicken allows users to monitor their profits, savings, investments, and debts data and is compatible with Excel spreadsheets. Customers can also manage their bills, calculate the worth assets, and property costs from within the program.

    Costs: $34.99 is the beginning price of using this program

  • Mint

    Characteristics: Store personal financial data to record and analyze spending habits and curb bad behaviors. Turn on the alert functions within the software to remind users of upcoming bills, account balances, and live updates of spending levels.

    Costs: This downloadable program is free of charge and is compatible with Android and Apple desktops and smartphones.

  • YNAB

    Characteristics: “You Need A Budget” financial planning software allows users to learn about strategies that help in monitoring monthly savings and reserves. These strategies include tips on money management. This software also can sync to personal bank accounts, streamline spending data for research purposes, and can monitor users’ economic progress.

    Costs: This program has a free-of-charge trial period of 34 days and if a user decides to purchase the software, the cost is a monthly fee of $11.99 or an annual fee of $84.

  • Mvelopes

    Characteristics: Through the utilization of digital envelopes, customers can monitor their budget in one envelope while saving and depositing the rest of their income into other categorized envelopes. The other envelopes can be used to pay for other utilities and bills. Customers can, of course,  monitor how much money is being put in and taken out of each envelope.

    Costs: The beta service of this software for this program is a monthly fee of $6 and an annual fee of $55. Bonus features and advice tools cost extra, but this software has a free trial period of 30 days.

( Also Read: 6 Benefits of Financial Management Software for SMBs )

  • TurboTax

    Characteristics: Make tax time less dreadful with TurboTax. This software has easy to fill-in-the-blank information banks to simplify the process of filing income taxes. TurboTax also has personal memory banks to store past data of their customers to track any changes over time.

    Costs: This service is free for filing basic W-2 and 1040 forms. But in order to utilize more complex features such as tailored guidance from a professional advisor and finding and taking advantage of tax deductions, users will have to contact the service provider for the costs of utilizing these features.

  • Future Advisor

    Characteristics: For independent investors, this is a price savvy option to gain tailored advice from industry insiders to diversify one’s economic profile.

    Costs: To be able to start using this software, users must have a minimum of $5,000 in valuables that they can put on the table. A user will have to shell out 0.5% yearly of their valuables and pay a 0.125% fee every quarter.

  • Personal Capital

    Characteristics: This program lets users monitor and analyze all of their financial data in a single area. Information on  credit cards, housing costs, investments, and bank accounts can be streamlined into one portal for all-around management of finances. For a price, users with over $100,000 of income and/or valuables will be offered tailored advice for more in-depth financial monitoring.

    Costs: This basic version of this program is free of charge, but to take advantage of extra features there will be added costs. Reach out to the service provider for more details.

  • Tiller Money

    Characteristics: Have all of your financial data on a single interface with Tiller Money’s sync ability with Excel and Google Sheet platforms. By being able to change forms to fit your financial data, this program assists in categorizing and analyzing all financial data through frequent mechanized updates of all accounts.

    Costs: Using this software has an annual price of $79 or a monthly fee of $6.59. However, first-time users can access a free 30-day trial.

Financial Planning Software for Advisors

As a professional advisor, one must be able to pinpoint strategies and techniques to help clients to better navigate the economic environment by guiding them on the strengths and weaknesses of their financial behaviors. Utilizing financial planning software allows advisors to visualize, analyze, and inform their clients on the patterns that they see within their money management abilities in order to give and/or enhance certain skills.

  • MoneyGuidePro

    Characteristics: For visuals that provide comprehensive data for the user, MoneyGuidePro is the software of choice. With tools that allow the advisor to select areas of the software that they want their customers to see, advisors are able to give practical information that satisfies the client.

    Costs: Contact the service provider for pricing plans. However, there is a 14-day free trial offered to first time users.

  • eMoney Advisor

    Characteristics: Measure the amount of money that is coming in and out of your client’s accounts through eMoney Advisor’s analysis tool. With live notifications, information, and industry insights advisors are able to keep up to date with what is going on in the economy. This allows advisors to give their clients accurate and relevant advice.

    Costs: Contact service provider for pricing details.

  • Right Capital

    Characteristics: This relatively new platform appeals to younger clients and up-and-coming advisors, specifically millennials, that need assistance with capping their spending levels and reserving funds for other priorities. With mechanized features, Right Capital allows advisors to design visuals to appeal to their clients.

    Costs: Contact service provider for pricing details.

  • MoneyTree

    Characteristics: This software offers a banking focused program that highlights financial estates, tuition funding, and other tasks like retirement benefits.

    Costs: Contact service provider for pricing details.

  • Advicent (NaviPlan)

    Characteristics: With a variety of services within the platform, Advicent provides a money monitoring program that is based depending on the amount of clients that an advisor has and their individual overall worth of their assets. This software also offers detailed breakdowns of valuables, owed costs, retirement savings, and other responsibilities.

    Costs: Contact service provider for pricing details.

How to Choose the Best Financial Planning Software

Whether you are an individual or a financial advisor, the most important thing to think about is “What is your objective?” Do you just want to save money, monitor money that is coming in and going out of your account, build up on your financial investment profile, pay bills, or do all of the above? Conduct research on the financial planning software written in this piece to figure out which is the best service for you and your needs.

Final Thoughts

Financial planning in the year of unfortunate events may seem like a lost cause but looking ahead to the year 2021 can help those that feel like they lost a lot of ground. In this climate of unpredictability, financial planning software can be utilized as a starting point to a new beginning for both producers and consumers. The recovery of the economy pre-Covid will not be swift but gaining control of all aspects of your financial goals will greatly contribute to things, eventually, getting better.

Kierra Benson

Kierra Benson | Kierra Benson is an alumnus of the University of North Texas at Dallas with a Bachelor's degree in Communication and Technology. She previously completed an internship at a local newspaper and worked as a content creator for a small online business. Her goal is to work in the media industry in writing/editing and advertising. She has always been fascinated by how messages are marketed in the media to influence the masses and sell produ...

Kierra Benson

Kierra Benson | Kierra Benson is an alumnus of the University of North Texas at Dallas with a Bachelor's degree in Communication and Technology. She previously com...

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