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Advisor Insights

4 Takeaways From the 2018 Advisor Software Survey

Here's a look at some of the software advisors are using, what they think of these products, and which new tools they expect to add.

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. 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. Here are a few takeaways from this year's survey.

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. Though FinaMetrica's user satisfaction rating was slightly higher than that of Riskalyze (7.62 vs. 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. 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.