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Research reveals planners' software wishlist

Although overall satisfaction remains high, many financial planners would prefer a more integrated solution from their planning software, according to new research.

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Nearly three quarters of planners surveyed rated their main software platform as good or very good, but overall satisfaction has waned continually since 2006, according to Investment Trends data.

More than half of planners surveyed reported that merging data from multiple sources to produce a statement of advice was one of the biggest software-related challenges they faced. One third said the integration of client reporting and client management was a major problem, and integrating their planning software and platform was also seen as a major challenge.

Midwinter recorded the highest average satisfaction among planners who used it as their main planning software, followed by AdviserNETGain, but neither was used by a high proportion of planners. Xplan and COIN were ranked next, and recorded the highest ratings among large applications.

By far the most common reason planners used a particular platform was because the platform was recommended by their dealer group, although efficient administration was also an important factor when selecting a platform.

Along with improved integration, many planners would also like improved data flows from the planning software to the platform.




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