Wealth Management Software

The Best 8 Free and Open Source Wealth Management Software

The Best 8 Free and Open Source Wealth Management Software

Wealth management is not restricted to only rich people; rather, it is something that even a common man has to ideate. True wealth management comprises many disciplines, right from your finance, tax, saving, insurance, properties, and your retirement plans. Whether you are at the initial stage of your wealth accumulation and you have not given much thought about your wealth management, or you are already in the way of managing your wealth, investing in wealth management software can be a wise decision. A recent report indicates that nearly 58% of the population believes that digital wealth management has helped improve their quality of life.

What are the challenges in wealth management?

It is a significant concern for the wealth managers and financial advisors to uphold the investment possessions that they are presently managing so that they can be passed on to the next generation. There are lots of challenges in wealth management industry:

  • Millennials are very different from the previous generation in terms of buying and saving behavior.
  • Rise of the compliance cost
  • Evolving wealth management strategy
  • Missing of real digital and delighting experience
  • Traditional financial services have its own loopholes 

You can deal with the challenges with the wealth management system by making use of wealth management software that is used by financial experts.

What is wealth management software?

The wealth management software system is used by the financial advisors who help in streamlining the economic processes. It serves as the investment advisory service that looks after the requirements of the affluent clients. The financial advisors make use of this advice-giving process (wealth management system) to collect information regarding the client’s needs. The advisors make use of financial products and services to form a customized plan for the clients. 

The financial advisor manages accounting, tax services, estate planning, retirement planning, and investment, along with financial advice.   

What is the role of a financial advisor?

The financial expert or advisor is also known as a wealth manager who performs an essential role in the wealth management industry. Let’s have a look:

  • The financial advisor develops a business plan to determine the insurance coverage, tax status, risk tolerance, expenses, income, and commercial objectives of the clients.
  • The wealth management expert analyzes the financial data to meet the business goals of the clients.
  • The financial expert offers financial advice by answering the questions of the clients regarding business plans and strategies.
  • The wealth management advisor manages financial document summaries and investment performance reports.
  • The monetary advisor regularly reviews client accounts for better financial performance.
  • The financial advisor monitors the financial market trends to make sure that the plans of the client are responsive.

wealth management

What are the features of wealth management software?

Wealth management software should have the following main features:

  • Financial Planning
  • Revenue and Investment management
  • Order and trade management
  • Advanced Customer Relationship Management
  • Portfolio Management
  • Accessible and Convenient
  • Personalize and low cost
  • Transparency and Control
  • End-to-end solutions
  • Status tracking during the sales cycle
  • Powerful KYC data collection workflows
  • GIPS (Global Investment Performance Standards) standards and risk metrics
  • Real-time 360-degree client’s financial data insight 
  • The market Risk Analytics tool
  • Business analysis and top management reporting
  • Flexible and customizable
  • Automated and Robo-advisory

wealth management

Why is wealth management software essential?

Wealth management software is essential due to the following reasons:

  • It allows financial advisors to design matters for their clients.
  • The new competitors can emerge in the market with the help of the wealth management tool.
  • The clients can maintain their wealth and can get immense help with wealth transfer proceedings.
  • The wealth management program provides holistic approach that helps in meeting the specific financial goals of the clients.
  • The wealth management advisor can review and rebalance the client’s financial portfolio by employing wealth management application.
  • The client can expect personalized service from wealth management software.
  • The wealth management software helps in creating financial plan and removes the financial stress.

financial advisor vs clients

What are the latest trends in the wealth management system?

The advanced financial technology can make the workflows of the financial advisors simple, secure, and efficient. If the operating financial system provides digital financial services in an intuitive and personalized way, then the market of the financial system can be shaped in a well organized and proficient way.

Let’s talk about the latest trends in wealth management software system:

  • Retirement plan and decumulation is gaining importance
  • Automation and personalization
  • Cyber security
  • Focus on home-office models
  • Millennials are moving to sustainable investing
  • Rise of AI and Robo-Advisors
  • Collaborative digital Channel
  • Holistic and Personalized
  • Transparent and Advanced hybrid model
  • Compressed fees
  • The growing number of HNW (high-net-worth) women
  • Focus on technology

What is the future scope of wealth management software?

As per expert analysts, the following are the noted scope of wealth management software.

  • Complete Automation- Wealth management software allows access to large volumes of data that helps in the development of automated cognitive solutions. These types of solutions provide faster and effective decision making processes in a wealth management system.
  • Personalized and dynamic- The wealth management companies can make the personalized and contextualized end-to-end experience for their clients by providing new approaches that help in the process of data gathering, decision making, and delivery of results.
  • AI as a game-changer- The automated wealth management tasks can help in providing productivity and efficiency in the wealth management system. It can unlock new sources of value. There can be more opportunities for accuracy and can reduce the cost of management with the help of RPA (robotic process automation) and AI (artificial intelligence) technologies.
  • Client-centric approach- Now, there is a need for a more client-centric approach. The whole sector is getting transformed with the help of the development of Big data, analytics, and real-time information.

wealth management

Now, after knowing about the utility of wealth management software in your financial dealings, you must be thinking about the top-notch quality wealth management software that can seamlessly manage your financial transactions. If you are into a small business, then the free wealth management software can provide you the benefits of the core software features. Besides, the open source wealth management software can enable you with more customization.

Before exploring the core functionalities of free and open source wealth management system, let’s have a quick look at the comparison chart of the same.

comparison chart

Free and Open Source Wealth Management Software

Personal Capital (free)

Personal Capital is the free wealth management tool that can efficiently take control of your financial cycle. At one secure and convenient place, you can see all your banking and investment accounts with the help of the dashboard. This easy-to-use software can track all the aspects of your finances. You can get a 360-degree view of your money and can effortlessly monitor your budget.

You cannot perform any transfers or make withdrawals as this platform is read-only. You can access the platform by registering any devices. It keeps your data secure due to the military-grade encryption. There is the provision of continuous monitoring in this application. The iOS devices have the rule of fingerprint scanning. The software also helps clients to  plan for their retirements by making use of this application.

Personal Capital(Source: Personal Capital)

Core functionalities:

  • Tax optimizations
  • Financial Advisors
  • Free financial dashboard
  • Cash flow Analyzer
  • Budgeting and investment
  • Retirement Planner
  • Account protection and account custodian
  • Data Export
  • Mobile App
  • Multi-grade encryption
  • Socially responsible investing
  • Smart Weighting
  • Dynamic Portfolio Allocation
  • Intelligent Rebalancing

Oranj (free)

Oranj is the free wealth management software that allows financial advisors to streamline investment management programs. This dynamic tool provides real-time data to service clients. The advisors can effortlessly run a fully connected business with the help of this easy-to-use platform. It helps in aligning the client-facing and back-office needs. If you are a financial advisor, you can grow your business by employing this free base platform.

The advisors can run a fully connected business with this easy-to-use platform. This comprehensive solution aims to lessen the cost and time of onboarding new technology. The innovative features of this application help in managing the investments of the clients. It is a powerful tool that provides efficient connectivity.

Oranj(Source: Oranj)

Core functionalities:

  • Digital Onboarding
  • Digital Account Opening
  • Dashboards for advisor and client
  • Account aggregation
  • Model Marketplace
  • Rebalancing
  • Unlimited document vault
  • Track, monitor, and modify goals
  • Seamless trade securities

Salesforce Financial Services (30 days free trial)

Salesforce Financial Services has integrated features that focus on the wealth management system, which is based on the powerful Salesforce CRM. In the whole new way, this application allows advisors to connect with the clients. The advisors can make use of this application online, offline, and on mobile devices. Based on goals and life events, the advisors can build relationships with the clients for crucial investment decisions. It allows investors to manage their wealth smartly.

Interestingly, the software facilitates both the bankers and advisors to  make faster customer decisions with actionable analytics. With the help of drag-and-drop customization, they (bankers and advisors) can work as per their requirements. The software also has easy-to-use tabs with client-oriented fields. This application provides faster and more efficient operations that allow you to streamline your wealth management process.

SalesForce(Source: Salesforce Financial Services)

Core functionalities:

  • Client servicing and prospects
  • Relationship mapping
  • Client onboarding business process
  • Client reporting
  • Document Management
  • Research Contributions
  • Visibility of investments
  • Visions and Dashboards
  • Investment guidelines
  • Capturing Mandates
  • Campaign Management
  • Communication Management
  • Compliance and due Diligence
  • Automation of alerts
  • Exception Handling
  •  Mobile functionality
  • Engagement tools
  • Optimized Console
  • Collaboration Tools

wealthbot (open source, 30 days free trial)

wealthbot is the open source wealth management system that serves as an automated financial advisor platform. You can customize this application as per your requirements. It gives complete control over the wealth management solution as it is based on open source principles.

This Open source wealth management platform believes in spending less time rebalancing and making trades. Registered Investment Advisors (RIAs) can solve their problems with the help of this software. It provides open source Robo-advisor (that provides automated-driven financial planning services). It serves mass affluently.

The software helps in managing accounts simply and cost-effectively. The software can automate the process of account opening, trade execution, and performance reporting.

wealthbot(Source: wealthbot)

Core functionalities:

  • Custom Risk Assessment
  • Automated Rebalancing
  • Paperless Customer Onboarding
  • Client Billing
  • Flexible Portfolio Models
  • Intelligent Cash Management
  • Personalized Portfolio Recommendations
  • Customizable Risk Questionnaire
  • Host multiple RIA (registered investment advisor) firms
  • Automated Document Flow
  • Bank-level Security
  • Tax-optimized Portfolio Management
  • Secondary Billing Tier

Sage Intacct (30 days free trial)

Sage Intacct is the cloud accounting software for wealth management companies. It helps in making investment decisions. This application has built-in tools for growth and integrates well with Salesforce along with ADP (Automatic Data Processing). The software has advanced functionality that assists in financial management.

It has a simple interface that provides safe and fast processing. Across hundreds of consolidated entities, you can see real-time reporting. Multiple industries get deep accounting capabilities from this application. This application makes use of industry-specific dashboards to make strategic decisions. 

Sage Intacct

(Source: Sage Intacct)

Core functionalities:

  • Multi-entity consolidations
  • Dimensional Chart of accounts
  • Dashboard Analytics and Reporting
  • Collaborative Compliance
  • Core Financials
  • Budgeting and Planning
  • Billing
  • Business intelligence functionality
  • Scalable and flexible
  • Drag-and-drop functionality
  • Visual navigation tools
  • Accounts payable and receivable
  • General Ledger
  • Inventory Management
  • Sales and use tax
  • Contract and subscription billing
  • Contract revenue management
  • Order Management
  • Cash Management
  • Operational Insights
  • Project Accounting
  • Revenue Management
  • Multi-entity consolidations

Elysys Wealth (free trial of 30 days)

Elysys Wealth is the integrated financial system that allows users to make intelligent decisions. Quickly and securely, you can access all your structured financial data with the help of this application. You can enhance your user experience with this enterprise solution. It serves as the innovative financial services software system for wealth management.

 You can boost your wealth management with Elysys Wealth. It serves as an intelligent business application enabling organizations to grow and transform. The software offers technical know-how and industry expertise to the financial advisors. It helps in enhancing the user experience by providing more services to the clients. This application is apt for HNWI (High-net-worth-individual), asset managers, structured finance organizations, and family offices.

elysys wealth(Source: Elysys Wealth)

Core functionalities:

  • Complete back-office operations
  • Modern cash management
  • Multiple investment accounting modules
  • Integrated to third party data providers
  • Versatile loans and deposits modules
  • Reports and analytics
  • Risk and compliance
  • Contact Management
  • Budgets
  • Role-specific customizable profiles
  • Microsoft dynamics 365 Business Central

DocuSign (free for 30 days)

DocuSign focuses on the task of managing the client’s assets in place of paperwork. You can sign essential documents anytime and anywhere with this application. It is perfect for individuals, small and medium-sized businesses, and enterprises. You will find it safer than paper transactions, as your completed documents are securely stored for easy access.

This feature-rich application allows advisors to provide manageable and professional services to their clients. The software can be used for electronic signature verification and authentication too. You can upload any document virtually to complete, sign, and return by employing DocuSign. It is compatible with everyday apps like Google Drive, Dropbox, Outlook, Gmail, Microsoft Word, and Microsoft Outlook.

Docusign(Source: DocuSign)

Core functionalities:

  • Data Validation
  • Full forms functionality in data
  • Workflow
  • Authentication
  • Electronic Signature
  • Services
  • Extensible Scheduled Reporting
  • Compliance
  • Retention
  • Open APIs
  • Configurable
  • Centralized platform
  • 24/7 document control
  • Universal document format

Although the above mentioned free and open source wealth management software is unquestionably valuable, even FIS wealth management software is gaining popularity. Below the article highlights the prominent features of FIS.  

FIS Wealth and Retirement  (Popular)

FIS wealth and retirement software empowers clients to drive new growth. It provides a better customer experience that helps in attracting, growing, and nurturing customer relationships. This software has an effective strategy to lower risk and increase profitability.  

Over your wealth management business model, this software has gained unparalleled control. It has the means to choose the deployment option and solution suite that aptly suits your business needs. FIS makes use of financial planning solutions along with dynamic investment and asset management processes to accelerate growth by maintaining and growing assets.

You can enhance features of this software with the help of easy-to-use and highly customizable dashboard interface. The features are effortlessly accessible for the clients and advisors.

FIS(Source: FIS Wealth and Retirement)

Core functionalities:

  • Wealth Outsourcing
  • Customizable Statement
  • Client Output Processing
  • Custody and Security Processing
  • Electronic Trading
  • Investment Service and Support
  • Account Management
  • Fiduciary Support
  • Real-time portfolio management
  • Regulatory Compliance
  • Performance Reporting
  • Institution-level dashboard
  • Open Architecture
  • Enhanced trade management

The Bottom line

The wealth management software system helps in managing the finance efficiently, which in turn provides immense benefits to the financial advisors and individuals who are looking to manage their wealth effortlessly. The high-quality wealth management system provides a personalized service that allows is meeting the various demands of the client.    

Evolving technologies are reshaping the future of wealth management software. The free and open source Wealth Management solutions have the power to better your wealth management goals. By employing a free wealth management platform, the advisor can automate workflow and enhance the investor experience effectively. 

You can easily simplify the understanding of wealth management programs with the help of this (wealth management software) technology. This digitized wealth management industry brings the Robo advisor to your service.

If you have experienced any of the above mentioned free and open source wealth management software, then we are eager to know your views on the same. In case you are looking for the more advanced features of wealth management software, then have a look at core functionalities of the best wealth management software list at the GoodFirms platform.

             If you are looking for other software categories, then click here                                                                         

Andrea Hernandez
Andrea Hernandez

Andrea Hernandez is a tech blogger and content marketing expert. She writes about disruptive tech trends counting blockchain, artificial intelligence and the Internet of Things. Presently, as a senior writer, she is associated with GoodFirms, a pioneering B2B research, review and rating platform. Follow her on social media for valuable information on the software.

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