Financial planning software is a vital tool to be used by enterprises and individuals to invest their money wisely. The increased time spent online due to the lure of online shopping channels and other enticing deals can lead to overspending or deficits. The software uses simulation models to predict suitable outcomes of various schemes using analytics, market trends, and financial advisors. According to a survey by Financial Planning Standards Board, only 22 percent were certain of achieving their financial goals. This percentage can be increased with the help of the software that offers accurate solutions based on spending patterns and saving goals.
Online Financial Assistants
Robo-advisors are online financial advisors that provide guidance related to investments or financial planning. It relies on algorithms, data, and spending patterns of individual consumers to provide sound advice with minimal human interference. Advisor Software, Inc. has launched a robo-advisory platform that displays investments on a digital dashboard. It is mobile-responsive as well and provides options for clients to add or remove failing investments.
The salaries given to individuals and financial resources allocated to enterprises have fluctuated due to change in economic policies and growing populace. The proliferation of the Internet and use of smartphones by users have created a new niche – millennials. Financial planning software vendors are catering to this demographic by creating mobile applications and creating awareness on online media channels frequented by such users. For instance, Advicent Solutions, is catering to financial needs of millennials by outlining savings plans suitable to them. In addition, it is also crafting schemes designed to relieve them of college education loans. Baby boomers and high net worth individuals are also being enticed with wealth management and retirement plans.
Market Outlook
The global financial planning software market is anticipated to touch USD 1,696 million by 2022, according to a report on Radiant Insights, Inc. Growing number of retirees and their investment in wealth management programs is expected to drive market growth through the forecast period (2012-2022). The market is projected to exhibit a 14.23% CAGR from 2016 to 2022.
The use of smartphone applications and automated bots to cater to emerging demographics with disposable incomes may augur market demand. Marketing strategies to create consumer awareness regarding financial planning can play a major role in driving demand. Prominent market players include eMoney Advisor, LLC; Advicent Solutions, L.P.; Moneytree, Inc.; and Wealthcare Capital Management LLC.
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