The Best Financial Planning Software for Individuals is one of the most useful tool when it comes to managing your personal finance or looking into investment options. This software generally comes with features like portfolio management, retirement planner, retirement calculator, interactive graphs with rich content all backed by research and industry-leading technologies. The Best Financial Planning Software is used by professionals in the industry with value-added features.
The best Financial Planning software for individuals should allow you to enter your financial details accurately and efficiently so you can find out where you are financially. The software must be able to keep track of all the income coming into your household, outgoings, savings & investments, etc. The software should be able to compare your net worth prior to starting on this financial planning journey and after, to see how successful you were. The best financial planning software for individuals helps you to establish your short-term goals, plan for them and also helps you set up various sub-accounts within the software itself (i.e. Savings).
How to Choose the Best Financial Planning Software
To help you choose the best financial planning software, follow these steps:
- Determine whether you need goals-based or cash-flow-based software.
- Understand your clients’ needs.
- Consider how your clients prefer to receive their financial plans – for example, in digital or paper form.
- Look for an intuitive software that’s supported across device types.
- Consider the importance of ancillary planning services such as a client portal or account aggregation.
- Pay attention to security.
Mint:
Characteristics: Store personal financial data to record and analyze spending habits and curb bad behaviors. Turn on the alert functions within the software to remind users of upcoming bills, account balances, and live updates of spending levels.
Costs: This downloadable program is free of charge and is compatible with Android and Apple desktops and smartphones.
Personal Capital:
Our free online tools allow you to view all of your accounts in one place. A powerful dashboard provides deep insights so you can understand your entire financial picture. As an investment client, your dedicated fiduciary advisor will leverage these tools to provide personalized wealth management advice that you can trust and understand. Your tailored plan dynamically evolves with your changing life, with an emphasis on holistic planning, risk management, and after-tax returns.
FutureAdvisor:
FutureAdvisor is the best financial planning software for investing. If you are a DIY investor that has been searching for a low-cost access to financial advisor, this is the software for you.
It will provide you with personalized recommendations to diversify your portfolio and help you manage your assets.
Fees
- It is free to use, and has a 0.50% management fee
Benefits
- It provides robust support for its clients with human advisors
- Offers free tools and advice
- Utilizes popular online brokers
Disadvantages
- The management fee is on the higher end
- Requires a $5,000 account minimum
NaviPlan:
NaviPlan empowers firms to cater their services to any client, from simple goal-based to advanced cash flow planning. Alongside its precise calculation engine, NaviPlan offers a wide range of functionality, including comprehensive planning centered on detailed tax analysis, advanced estate planning, modeling various alternative plan scenarios, and an optional client portal. It is also flexible enough to produce quick, goal-based assessments in a matter of minutes.
TurboTax:
Make tax time less dreadful with TurboTax. This software has easy to fill-in-the-blank information banks to simplify the process of filing income taxes. TurboTax also has personal memory banks to store past data of their customers to track any changes over time.Costs: This service is free for filing basic W-2 and 1040 forms. But in order to utilize more complex features such as tailored guidance from a professional advisor and finding and taking advantage of tax deductions, users will have to contact the service provider for the costs of utilizing these features.
Skrooge:
Skrooge allows you to manage your personal finances, powered by KDE. Thanks to its many features, it is one of the most powerful way to enter, follow, and analyze your expenses.Based on its KDE foundations, Skrooge can run on many platforms, including of course linux, BSD, Solaris, but also on Mac OS, and possibly on Windows.
Mvelopes Fees
After your free 30-day trail membership, Mvelopes starts at $5.97 per month or $69 per year.
Benefits
- If money management is a stressor for you, Mvelopes will give you peace of mind. It can help create emergency funds and even help save money for vacations, holidays, and birthdays
Disadvantages
- Mvelopes is not as comprehensive as other financial planning software because it does not have bill payment or investment monitoring
- If you are looking to improve your retirement accounts, it is not the best suited option
Tiller Money
If you are looking for a way to easily import your spending transactions into Google Sheets look no further! Tiller Money does the hard work for you. Every day it updates your spreadsheet to help you stay on track with your finances and budgeting.
Fees
- After your 30-day free trial, Tiller Money charges $79 per year ($6.58/month)
Benefits
- Tiller money is a great way to budget and can even help you track and pay off your debt
Disadvantages
- If you do not have a Google (Gmail) account you will need to set one up
- This financial planning software also only works on the web, there are no apps available
Future Advisor:
FutureAdvisor
FutureAdvisor is the best financial planning software for investing. If you are a DIY investor that has been searching for a low-cost access to financial advisor, this is the software for you.
It will provide you with personalized recommendations to diversify your portfolio and help you manage your assets.
Fees
- It is free to use, and has a 0.50% management fee
Benefits
- It provides robust support for its clients with human advisors
- Offers free tools and advice
- Utilizes popular online brokers
Disadvantages
- The management fee is on the higher end
- Requires a $5,000 account minimum
KMyMoney:
Using time-tested double-entry accounting principles KMyMoney can help ensure that your finances are kept in the correct order.KMyMoney strives to be the easiest open source personal finance manager to use, especially for non-technical users. KMyMoney intends to provide all important features found in the commercially available, personal finance managers.
Quicken
Quicken is one of the most recognized names in financial planning software. It has been around for decades and is one of the most established and reliable software on the market.
With Quicken you can manage your budget, track your debt, reach savings goals, and even explore investment options. It even has more advanced features like bill paying and asset tracking to calculate your net worth.
Fees
- The Quicken software starts at $34.99 a month and is available on all computer and phone applications
Benefits
- Robust budgeting and financial tools
- Inexpensive, and flexible for reporting options
- Great customer service
Disadvantages
- There is a learning curve to get up and running
- Set up can be extensive (If you are looking for an easy way to manage your finances, Quicken may need more time in the beginning than other options)