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Advisor Insights

Key Takeaways from the 2019 T3/Inside Information Advisor Software Survey

These are the technology tools advisors are using--and what they're planning to add.

Now in its third year, Joel Bruckenstien and Bob Veres' T3/Inside Information Software Survey is back with fresh insight into the technology tools advisors are currently using, what they think of them, and what tools they're looking to add to their businesses in the future. This year's expanded survey includes 20 software categories compared to last year's 13 primary categories. It also boasts a much larger sample size, with participation increasing from over 1,500 advisors in 2018 to more than 5,500 in the 2019 survey. While several user rating and market share metrics seem consistent with last year's results, a few bonus questions in this year's survey indicate strengthening trends in the industry at large.

While Market Leaders Remain on Top, the FinTech Landscape Provides an Increasing Number of Choices
Looking purely at market share and average rating results compared to the previous two years' surveys, it’s difficult to find major swings or disruptive trends in most categories. This isn't entirely unexpected, given that market leaders tend to remain popular (particularly in the short-term), and these are the solutions to which most advisors are exposed and are familiar with. Morningstar Office and Envestnet/Tamarac are again top choices for "all-in-one" advisor software solutions, though it's more likely firms are relying on these solutions as primary tools in their tech stack, rather than actually using them as their only technology provider. Riskalyze increased its market share and lead over FinaMetrica for risk tolerance profiling, and many advisors are increasingly using Riskalyze's Stats/Scenarios functionality as an economic analysis and stress testing tool for client portfolios (a relatively new solution category for advisor technology). Likewise, the two giants of financial planning software remain the clear favorites, with MoneyGuidePro and eMoney again earning top ratings and owning a combined market share greater than all other planning category solutions combined. RightCapital placed a close third in satisfaction ratings, though a more distant third in market share compared to 2018. 

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