After several disappointing discussions with “financial advisors” I decided to take matter into my own hands and start researching the software these firms use and look for my own Do-It-Yourself apps. Here is a list of what I’ve come up with so far after visiting dozens of websites and watching dozens of YouTube videos.
Professional Financial Planning Software
The most common financial financial planning software most financial advisors use are the following:
- Money Guide Pro
- eMoney
- Right Capital
- Income Laboratory
But this is just the tip of the iceberg. If you want a complete list of software you can check out www.kitces.com for a complete list here updated in 2024.
Unfortunately, most of these software applications are expensive and are generally only provided to financial advisors so if you want to use the software you will need to engage with a financial advisor or start your own firm. Many of the applications are fairly expensive from $125/month to $250/month which would likely make it cost prohibitive for most consumer users. Additionally, most of the websites don’t even list pricing and demand that you request a demo or call. Sorry guys, but I don’t have time to waste watching demos and getting your sales pitch if you can’t be bothered to post your pricing on your website.
Consumer / Do-It-Yourself Financial Planning Software
The “Planning Light” image above has some of the more cost friendly consumer do-it-yourself applications. The costs are anywhere from $9/month and up but the one that stands out from the crowd is NewRetirement now called Bodin. Bodin is priced at $120/year for the mid-range version but there is a free basic version.
Of all the software tools, I will likely try out Bodin and pay the $120 yearly fee. I also liked Right Capital but I think it’s only available to advisors and far more expensive at $180/month per advisor.
Free / Lower Cost Alternatives
I also came across these other retirement planning tools and while they are better than nothing, they do lack many of the features the paid versions have and you would need for modeling scenarios.
https://engaging-data.com/fire-calculator/
The Future of Financial Planning Software
If there is one industry that is ripe for destruction through AI it is all of this financial planning software. While the software provided by many of these firms is useful, it is too expensive and easily replaceable by AI at some point in the future.
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