Market Overview

The Global Financial Planning Software Market size was valued at USD 3.7 Billion in 2022 and is estimated to reach USD 16.9 Billion by 2030, growing at a CAGR of 16.6% from 2022 to 2030.

The market outlook section in the report mainly covers the fundamental dynamics of the market which includes the drivers, restraints, opportunities, and challenges facing the industry. Drivers and constraints are intrinsic factors, whereas opportunities and challenges are extrinsic to the market.
Compared to competing for financial planning systems, financial planning software providers have several advantages, such as cost-effectiveness, ease of installation, and increased efficiency. Factors such as the increasing popularity of cloud-based financial planning software and the lack of ability to customize the software to suit the needs of clients are restraining the global market.

The report contains quantitative and qualitative assessments of market factors of interest to clients. The “Global Financial Planning Software Market” is primarily bifurcated into sub-segments that can provide classified data pertaining to the latest trends in the market. This can be of great help in gaining knowledge about cutting-edge technologies in the market.

The Financial Planning Software Market has been recently published by Contrive Datum Insights to its huge database which helps to shape the future of businesses by making well-informed business decisions. It offers a comprehensive analysis of various business aspects such as global market trends, recent technological advancements, market size, shares, and new innovations. Furthermore, this analytical data has been compiled through data exploratory techniques such as primary and secondary research. Moreover, an expert team of researchers throws light on various static as well as dynamic aspects of the global Financial Planning Software market.

Significant Market Dynamics

Drivers

Growing demand for enhanced accounting and financial procedures

A financial planner may utilize software that integrates goals-based and cash-flow-based financial scheduling. The financial planning software sector has also been impacted by the slowdown in global economic development, but has maintained a fairly optimistic growth rate. Recent developments have increased the demand for software for financial planning. For example, on April 15, 2019, Advicent Solutions, a prominent provider of financial planning technology, released NaviPlan 19.0, which includes several enhancements designed to make the software even more versatile and user-friendly. In addition, enhanced design enables enterprise clients to personalize their branding, thereby ensuring a comprehensive client experience.

High-Net-Worth Individuals (HNI) and comprehensive digital transformation

High-net-worth individuals (HNI) and full-scale digitalization are key growth drivers for the market revenue. This software's adoption is anticipated to increase as the demand for accurate and efficient investment-related data, as well as enhanced asset management and financial operations in large organizations, grows.

A growing need for cloud-based financial planning software

A growing need for cloud-based financial planning software and Enterprise Resource Planning (ERP) to effectively manage business financial operations is anticipated to drive market growth over the forecast period. Business planning software is intended to aid proprietors in forecasting, evaluating scenarios, and analyzing market data and trends, enabling them to plan more effectively and act swiftly.

Restraints

Compliance and security concerns in financial planning software

Security and compliance issues in financial planning software, as well as the availability of open source finance software, impede the market's expansion.

Altering preferences of clients

During the forecast period, changing client preferences and stringent regulations are anticipated to have a negative impact on the financial planning software market.

Opportunities

The digital transformation of the financial services sector

Increased use of online systems for trading and other financial transactions has resulted from the financial services industry's digitization. Additionally, automation has altered the practices of financial advisors in a particular environment. Historically, collecting client data required the physical collection of client documents, the transfer of those documents from the client to the adviser, and the manual extraction of pertinent data from those documents before being input into the adviser's various systems.

Utilization of modern advisor technology

Innovative advisor technology adoption is receiving significant traction. In particular, Machine Learning (ML) and Artificial Intelligence (AI) capabilities are assisting financial advisors in interpreting and analyzing large volumes of data and developing superior investment strategies for their clients.

Challenges

Inaccurateness of data sources

The process of financial planning entails creating projections for the future based on historical data or research from multiple sources. Inaccurate data sources may affect the outcomes of financial planning. The authenticity and precision of sourced data will have a negative effect on financial projections. Financial forecasting solutions hosted in the cloud are useful for accumulating and analyzing data, running scenarios, analyzing methodologies, and anticipating outcomes.

Lack of understanding about financial planning applications

Lack of awareness about wealth management platforms and inadequate technical knowledge among enterprise professionals are anticipated to restrain the market's expansion.

Key Market Updates

• In 2022, Moneytree Software incorporates Riskalyze into its Financial Planning Tool Suite.
• In 2022, Bambu introduces a financial services predictive planner for Microsoft Cloud.
• In 2022, Advyzon is the latest wealth tech company to introduce a TAMP. Advyzon, is one of the latest wealthtech businesses, offering outsourced investment services.

Market Segmentation

By Type

On the basis of Type,  On-premises, web-based, and cloud-based market segments have been identified. The web-based segment held the largest market share, whereas the cloud-based segment is anticipated to expand at a quicker rate over the forecast period. The market for cloud-based services is driven by its adaptability and effectiveness. The cloud-based software supports automatic updates, and the cloud provider handles maintenance.

By Component

The global financial planning software market is segmented by component type into software and services. Due to the rising demand for storing and organizing data for improved forecasting, budgeting, planning, and categorizing of expenditures, the software sector is expected to record a rapid revenue growth rate over the forecast period. The system is transparent because there is only a single source of information, which makes monitoring simpler and more efficient. The software additionally involves tax planning for strategy and long-term planning, in addition to financial flow analysis.

By Application

The global market for financial planning software is segmented by application into financial advice and management, portfolio, accounting, trading management, wealth management, and personal banking, among others. During the forecast period, the portfolio, accounting, and trading management segment is anticipated to experience a rapid increase in revenue due to the rising demand for maintaining accurate investment records, monitoring activities, and providing reports of  investment gains and losses.

By End-user

Depending on End-user, The market has been divided into Banks, small and medium-sized businesses, and large businesses. The Small and Medium-Sized Businesses segment dominated the market in 2018 and is projected to grow at a rapid rate due to its rapid adoption by these businesses, as it enables more efficient monitoring of revenue, expenses, profit, inventory, and sales figures.

Regional Insights

On a regional basis, the market across North America held a major share, accounting for nearly two-fifths of the global market in 2021. On the other hand, Asia Pacific will exhibit the fastest CAGR of 19.5% during the forecast period.

Geographically, the global Financial Planning Software market has been analyzed in various regions such as North America, Europe, Asia-Pacific, Latin America, the Middle East, and India. The global region is dominating this market in the upcoming future.
Scope of the Report

Key Vendors

PAeMoney Advisor, LLC ("eMoney") was founded in 2000 and has its headquarters in Radnor. The company provides technology solutions and services that enable individuals to discuss money. eMoney's solutions, which are rooted in comprehensive financial planning, reinforce client relationships, streamline business operations, boost business development, and promote overall growth. More than 103,000 financial professionals from firms of all sizes utilize the eMoney platform to serve over 5.5 million U.S. households. For additional details, please visit www.emoneyadvisor.com.

Advicent Incorporated in 1969 with its headquarters located in Milwaukee, Wisconsin. Advicent is now a subsidiary of InvestCloud, a global corporation specializing in cloud-integrated digital platforms for the development of financial solutions. It supports over $4 trillion in assets for over 500 direct customers, including some of the world's largest institutions. The company offers on-demand client experiences and intuitive operations solutions by utilizing an ever-expanding library of modular applications to develop potent products. For additional details, please visit http://www.investcloud.com.

Money Tree The company was established in 2016 with its headquarters located in Jabalpur, Madhya Pradesh. Money Tree is a global wealth management firm that caters to the extremely underrepresented niche of retail financial specialists. Money Tree augments its customized, integrated expertise with a thriving ecosystem of digital innovations to produce superior, more rapid, and more durable results. Having a large base of assets under management, the company is passionate about delivering 'Genuine Value for Money' to each of its clients. We will continue to reevaluate themselves and provide the finest service possible.

WealthTec It is a Software Development Company that was founded in 1999 and has its headquarters in Fulton, Maryland. WealthTec has provided smart financial and estate planning software to professional wealth advisors serving ultra-wealthy clients. Asset Allocation Planning, Income Tax Planning, Strategic Cash Flow Planning, Strategic & Tactical Estate Planning, IRA Planning, and Planned Charitable Giving are WealthTec's specialties. For additional details, please visit https://wealthtec.com/.

OLTIS SOFTWARE Finance Logix® is a collection of client-facing financial planning tools developed by OLTIS SOFTWARE, LLC. It emphasizes client acquisition and retention through education and graphical depiction of planning scenarios. The financial planning suite of products is intended to provide the appropriate level of sophistication and complexity in financial modeling on an intuitive client-facing platform. The quickness and flexibility of the "what-if" results are unparalleled in the market. Finance Logix® is a visual, dynamic, and comprehensive product constructed on a very comprehensive and complex engine that has been used for over a decade by large businesses to provide financial advice. visit http://www.financelogix.com

Key Market Players

• eMoney Advisor
• Advicent
• Money Tree
• WealthTec
• Oltis Software
• Advisor Software
• Envestnet
• inStream Solutions
• Wealthcare Capital Management
• SunGard WealthStation (FIS)
• Advyzon
• RightCapital
• Cheshire Software
• Razor Logic Systems
• Moneywise Software
• struktur AG
• Futurewise Technologies
• ESPlanner Inc.
• ISoftware Limited
• FinPal Pty Ltd

Major Market Segments Covered

By Type:

• Cloud-based
• Web-based
• On-promise

By Component

• Software
• Services

On the Basis of Application:

• Financial Advice and Management
• Portfolio, Accounting, and Trading Management
• Wealth Management
• Personal Banking
• Others

By End User

• Small Enterprise
• Medium Enterprise
• Large Enterprise
• Banks

By Region

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Nordic Countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia-Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Conclusion

The market outlook section of the report focuses primarily on the market's fundamental dynamics, including its drivers, restraints, opportunities, and challenges. Financial planning software providers have several advantages over their competitors, including cost-effectiveness, simplicity of installation, and increased productivity. The Financial Planning Software Market was recently added to Contrive Datum Insights' massive database, which aids businesses in shaping their futures by making informed business decisions. A financial planner may employ software that combines goals-based and cash-flow-based financial planning. The adaptability and efficacy of cloud-based services drives the market.  Regionally, North America dominated the market in 2021, comprising roughly two-fifths of the global total.