Portfolio Management – Highest Rating
1. Investment POD – 10
2. First Ascent Asset Management – 9
3. FusionIQ – 9
Trading and Rebalancing – Highest Market Share
1. iRebal (free version)– 11.7%
2. Envestnet | Tamarac – 9.5%
3. Orion Advisor Services – 7.1%
Trading and Rebalancing – Highest Rating
1. iRebal (standalone version) – 8.3
2. iRebal (free version) – 8.1
3. Refinitiv Advisor Software – 8.1
Investment Analytics – Highest Market Share
1. Morningstar Advisor Workstation – 26.9%
2. YCharts – 7%
3. Fi360 – 6%
Investment Analytics – Highest Rating
1. Bloomberg Terminal – 8.51
2. Kwanti – 8.5
3. YCharts – 8.2 (tie)
4. Refinitiv Eikon – 8.2 (tie)
Risk Tolerance – Highest Market Share
1. Riskalyze – 25.8%
2. FinaMetrica – 4.2%
3. HiddenLevers – 1.7%
Risk Tolerance – Highest Rating
1. ATA RiskStation – 10
2. Andes Wealth – 8.8
3. Riskalyze – 8.05
Document Management – Highest Market Share
1. Redtail Classic Imaging – 9.8%
2. Citrix Sharefile – 9.8%
3. OneDrive – 9.3%
Document Management – Highest Rating
1. Egnyte – 8.73
2. Box.com – 8.62
3. OneDrive – 8.18
In his own reflection on the results in his “Nerd’s Eye View” blog, Michael Kitces added that while some specialized areas of advisor technology are successfully penetrating into firms’ tech stacks, like tax planning, payments processing, data gathering, document processing and scheduling software, others are not, like business-to-business roboadvisors and tools specifically designed for retirement distribution planning and estate planning.
“All of which emphasizes that even though financial planning has been around for decades, there remains room for more competition and innovation around the next wave of software solutions that support not the ‘core’ financial planning process itself, but the ancillary steps at the beginning (data gathering) and end (payments) process, as well as the areas into which advisors are delving even further to add value in an increasingly competitive environment (e.g., tax planning),” wrote Kitces.
For the 2021 survey, T3 and Inside Information collected 5,255 usable responses from advisory firm participants from September through December of 2020.