While these numbers may increase over the next few years as advisors become more comfortable with the technology and the platforms themselves become more accommodating, user adoption does seem lower than most experts anticipated, especially given the number of competitors and funding in this space. This is striking, given that almost every other major software category in the 2018 survey saw total market penetration of 40% or higher. Robo Solutions Not as Popular as Predicted? While there are still plenty of business-to-business robo solutions for advisors to choose from, this year's survey indicates total market penetration of these platforms is less than 21%. eMoney won the top user satisfaction rating at a solid 8 out of 10 in 2018, and with more advisors thinking about adding it to their tech stack than the next closest MoneyGuidePro in 2018 by a factor of 1.5 to 1, it seems poised to gain additional ground in the coming year. This isn't surprising given the significant value RightCapital has baked into its platform, offering users robust planning, account aggregation, and client portal features with numerous software integration partners. RightCapital also retained its high user satisfaction rating, winning the category last year and coming in a close second this year at 7.97 out of 10. Perhaps the most notable change in this category is the newer RightCapital, which surged over 6 points from last year to reach the third spot at just under 10% market share. While MoneyGuidePro retained the top spot in market share this year, eMoney gained ground at 25.61% to MoneyGuidePro's 36.10%. Be warned, however, that Riskalyze has a habit of not being fully transparent about their frequently enforced annual commitment, even though they advertise monthly pricing.ĮMoney and RightCapital Gaining on MoneyGuidePro Last year's survey indicated MoneyGuidePro was by far the crowd favorite in the financial planning category, with a nearly 42% market share, leading the second most popular eMoney by more than 16 points. Having used both solutions, I have to say I prefer FinaMetrica's data and process, though Riskalyze has a lot of appeal for those who are primarily looking to grow AUM business using a well-designed platform that provides a simple risk assessment combined with clever sales tools. Riskalyze uses a more streamlined approach, focused on pure risk tolerance, combined with compelling sales tools and new planning/account opening features, while FinaMetrica opts for a more traditional, robust questionnaire aimed at providing insight into multiple dimensions of an investor's risk profile. Riskalyze and FinaMetrica offer very different approaches to assessing risk tolerance. These results are striking, given FinaMetrica lost significant market share compared to last year's survey, going from just under 20.72% in 2017 to under 14.74% in 2018, in spite of its user satisfaction rating. 7.36 out of 10), more advisors surveyed are considering adding Riskalyze to their tech stack than FinaMetrica by a factor of over 2 to 1. Though FinaMetrica's user satisfaction rating was slightly higher than that of Riskalyze (7.62 vs. Riskalyze Quickly Dominating Risk Tolerance Software Space Of the various risk tolerance and profiling tools available, the two most widely used are currently Sacramento, CA-based Riskalyze and Australia's FinaMetrica, with Riskalyze leading by more than a 12-point margin. Here are a few takeaways from this year's survey. Now in its second year and with 2018 results published in late March, the survey also provides insight into what advisors actually think of the tools they're using based on user ratings, as well what tools advisors are thinking about adding to their technology stack in the future. Created as a collaboration among Joel Bruckenstein's T3 brand, Bob Veres' Inside Information, and Advisor Perspectives, the 2018 Advisory Profession Software Survey is an independent look at what software tools advisors are using in their practices.
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