Financial planning is a long-term process of wisely managing finances so that users can achieve their goals, while at the same time helping to negotiate the financial barriers that inevitably arise in every stage of life. Financial planning software includes goals-based financial planning software, cash-flow-based financial planning software for financial advisors. In addition, financial planning software provides cash flow analysis, long-term planning, and tax strategy plans. Furthermore, it offers aggregated account information for an all-in-one financial picture powered by automatically updated data. In addition, it provides client portals for contextual presentation of financial data, plans and goals.
With providing several benefits such as reduction in portfolio risk, diversification, low correlation with other assets, and less regulation, demand for alternative investment continue to rise in the market. In addition, financial managers are investing in new technologies such as artificial intelligence (AI), robotic process automation, robo-advisor, and digital identification (ID) for improving customer experience, enhance financial performances, and improve operational efficiency. Thus, multiple benefits associated with advance technologies significantly contribute toward the growth of the global financial planning software market. However, strict rules & regulations of the government for wealth management firms and lack of pricing transparency & higher fees are some of the factors that hamper the market growth. On the contrary, increasing number of high-net-worth individuals (HNWIs) population demanding highly customized financial planning solutions and growing technological advancements are expected to provide lucrative opportunities for finance managers to remain competitive, and achieve deep insights into the products & services offered in the market.
The financial planning software market is segmented on the basis of component, deployment mode, application, end user, and region. By component, it is segmented into solution and service. By deployment mode, it is bifurcated into on-premises and cloud. Based on application, it is segregated into financial advice and management, portfolio, accounting and trading management, wealth management, personal banking, and others. By end user, the market is divided into large enterprises, small and medium-sized enterprises (SMEs), and individuals. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the financial planning software market such as Advicent Solutions, eMoney Advisor, LLC, Moneytree Software, MoneyGuide, Inc., Miles Software, Orion Advisor Technology, Personal Capital Corporation, Quicken Inc., RightCapital Inc., and SAP. These players have adopted various strategies to increase their market penetration and strengthen their position in the financial planning software industry.
With providing several benefits such as reduction in portfolio risk, diversification, low correlation with other assets, and less regulation, demand for alternative investment continue to rise in the market. In addition, financial managers are investing in new technologies such as artificial intelligence (AI), robotic process automation, robo-advisor, and digital identification (ID) for improving customer experience, enhance financial performances, and improve operational efficiency. Thus, multiple benefits associated with advance technologies significantly contribute toward the growth of the global financial planning software market. However, strict rules & regulations of the government for wealth management firms and lack of pricing transparency & higher fees are some of the factors that hamper the market growth. On the contrary, increasing number of high-net-worth individuals (HNWIs) population demanding highly customized financial planning solutions and growing technological advancements are expected to provide lucrative opportunities for finance managers to remain competitive, and achieve deep insights into the products & services offered in the market.
The financial planning software market is segmented on the basis of component, deployment mode, application, end user, and region. By component, it is segmented into solution and service. By deployment mode, it is bifurcated into on-premises and cloud. Based on application, it is segregated into financial advice and management, portfolio, accounting and trading management, wealth management, personal banking, and others. By end user, the market is divided into large enterprises, small and medium-sized enterprises (SMEs), and individuals. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the financial planning software market such as Advicent Solutions, eMoney Advisor, LLC, Moneytree Software, MoneyGuide, Inc., Miles Software, Orion Advisor Technology, Personal Capital Corporation, Quicken Inc., RightCapital Inc., and SAP. These players have adopted various strategies to increase their market penetration and strengthen their position in the financial planning software industry.
Key Benefits For Stakeholders
- The study provides in-depth analysis of the global financial planning software market share along with current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global financial planning software market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the financial planning software market.
- An extensive analysis of the key segments of the industry helps to understand the global financial planning software market trends.
- The quantitative analysis of the global financial planning software market forecast from 2021 to 2031 is provided to determine the market potential.
Key Market Segments
By Component
- Solution
- Services
By Deployment Mode
- On-premises
- Cloud
By Application
- Financial Advice and Management
- Portfolio, Accounting and Trading Management
- Wealth Management
- Personal Banking
- Others
By End User
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
- Individuals
By Region
- North America
- U.S.
- Canada
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Singapore
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Advicent Solutions (NaviPlan)
- eMoney Advisor, LLC.
- Moneytree Software
- MoneyGuide, Inc.
- Miles Software
- MoneyGuide, Inc. (Envestnet)
- Personal Capital Corporation
- RightCapital Inc.
- quicken inc.
- SAP
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: FINANCIAL PLANNING SOFTWARE MARKET, BY COMPONENT
CHAPTER 5: FINANCIAL PLANNING SOFTWARE MARKET, BY DEPLOYMENT MODE
CHAPTER 6: FINANCIAL PLANNING SOFTWARE MARKET, BY APPLICATION
CHAPTER 7: FINANCIAL PLANNING SOFTWARE MARKET, BY END USER
CHAPTER 8: FINANCIAL PLANNING SOFTWARE MARKET, BY REGION
CHAPTER 9: COMPANY LANDSCAPE
CHAPTER 10: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Financial Planning Software Market,' the financial planning software market size was valued at $3.7 billion in 2021, and is estimated to reach $16.9 billion by 2031, growing at a CAGR of 16.6% from 2022 to 2031.Surge in awareness about financial planning software among users and increased usage of FinTech are the key factors that boost the global financial planning software market growth. However, data breaches and security concerns and lack of ability to customize financial planning software restrict the growth of the financial planning software market. Conversely, development of advanced technology in the financial sector and increase in number of high net worth individuals are expected to create huge opportunity for the market in the coming years.
On the basis of application, the financial advice and management segment is expected to grow at the fastest rate during the forecast period. This is attributed to the fact that financial advisor software solutions are designed by financial advisers for financial planners, and developed specifically to improve workflow efficiency, increase productivity and enhance client relationships. In addition, the web-based modular design with role-based entitlements allows custom configurations to support any advisor preference.
By region, the global financial planning software market trends was dominated by North America in 2021, and is expected to maintain this trend during the forecast period. Attributed factors such as increased internet dependence, increased usage of mobile apps, increased acceptance of personal finance software, and the availability of open-source solutions are driving the growth of the financial planning software in this region. However, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period, due to increasing demand for financial planning software from SMEs is projected to drive market expansion as regulatory requirements become more stringent. As the number of SMEs in growing economies such as India and China increases, so does the demand for financial planning software. Furthermore, as these businesses implement more IT infrastructure, demand for digital services to better their business skills is expected to witness growth.
The financial planning software market has been positively impacted by the COVID-19 outbreak. This is attributed to the fact that consumer trends toward financial management software are changing and key players in the market are adopting technologies such as artificial intelligence-based solutions for managing funds for corporates. Moreover, with the emergence of financial planning software, consumers have become more comfortable with sharing their personal data with these software for managing their finances.
Key findings of the Study
- By component, the solution segment led the financial planning software market analysis in terms of revenue in 2021.
- By application, the financial advice and management segment accounted for the highest financial planning software market share in 2021.
- By region, North America generated the highest revenue in 2021.
Companies Mentioned
- Advicent Solutions (NaviPlan)
- eMoney Advisor, LLC.
- Moneytree Software
- MoneyGuide, Inc.
- Miles Software
- MoneyGuide, Inc. (Envestnet)
- Personal Capital Corporation
- RightCapital Inc.
- quicken inc.
- SAP
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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