With a seemingly endless stream of new technologies to help us run our practices more efficiently, it can be difficult to choose the best tools for specific tasks. The more complex the task or procedure, the higher the switching costs, making it both difficult and time-consuming to adopt a new software platform or service to get the job done.
This is especially true with regard to financial planning software, where advisors may have years of data for hundreds of clients, and likely have policies and procedures in place specific to their particular financial planning tool(s). Moreover, their actual client planning processes may even be driven by the features and/or limitations of their current tools. For advisors in search of new planning software or those starting out on their own, it's paramount to pick the right platform, and one that will stand the test of time.