Key Considerations for Buying Portfolio Management Software

portfolio management software

As industry expert Michael Kitces notes, “While as little as a decade ago, the range of financial advisor technology solutions was fairly limited, often with no more than 2-3 real competitors in each category, now there is an ever-widening range of advisor software solutions.”
With so many solutions available today, it’s difficult to know which portfolio management software is right for your firm. On the bright side, it is probable that there is a solution out there that will work well for your unique business needs and goals.
However, there are certain features that any solution should be able to provide—no matter your firm’s niche. Here are the top 5 considerations to take into account when you begin evaluating portfolio management software.


Modern business platforms maximize the user experience, ensuring that interfaces are easy to adopt, organize, and use. Easy implementation and use has become such a priority for consumers that 57% of millennials, the vast majority of the workforce, are willing to switch financial partners if they find one that provides a better technology experience.  
The portfolio management software you choose should be easy for both employees and clients to adopt. This way, both parties will capitalize on its benefits more often, and clients be satisfied with their streamlined service.


Cost is a huge consideration for any business purchase. It should be a consideration when you look at portfolio management software as well. Ask yourself the following questions when looking at platforms:

  • What is your budget? Is it adjustable?
  • Is the price discounted if you choose a longer contract?
  • Does the price of the platform scale as you grow?
  • Is customer service included in the cost?
  • Is the cost of the platform worth its benefits?


Because there are so many portfolio management softwares available now, you should be able to find one that offers the exact features your business needs. The challenge is determining the features your business needs most.
Features of top solutions will include automated trading and rebalancing, top-notch security, account aggregation, extensive reporting, automated billing, sleek client portals, and user-friendly interfaces.


Quality portfolio management software offers a high level of flexibility as well, empowering businesses to map the tool to their needs.
Only a third of advisors offer application integrations, though this kind of benefit is sought after by clients. At the very least, your software should enable clients to log in to your portfolio management software with online login credentials from their favorite third-party accounts. Your software should also be able to aggregate relevant data from outside apps into high-level reports so your clients have a high-level view of their finances.
Scalability is important as well. Your solution’s architecture should be modern enough to avoid crashes when more users log in. Ideally, it should be able to function the same no matter whether 50 or 500 users are online.


Finally, your portfolio management software should provide ample transparency into accounts for both you and your client.
Your client should have access to an easy-to-operate client portal that alerts them to changes, shows them a clear view of their financial status, and allows them to view reports based on various parameters. You and your employees should have a high-level view of accounts and reports to ensure you are aware of any and all account activity.
Portfolio management software is an important investment that advisors should select wisely. By following a careful and thorough evaluation process, you can feel confident you’re purchasing the best solution for both your advisors and clients. Learn more about our portfolio management software by scheduling a demo with us.