T3 report highlights top tech for advisors
A report presented at a recent tech conference contain insights that might be beneficial for advisors looking to upgrade their tech stack.
Joel Bruckenstein, from Technology Tools for Today, or T3, and Bob Veres of Inside Information presented the findings from the 2024 T3/Inside Information Software Survey at the T3 conference Tuesday.
The report says that when it comes to CRM programs, Redtail – now part of Orion — is the “dominant program in the most dominant category of the survey, with more than 45 percent market share, more than three times the next competitor,” Wealthbox, the report says.
As for financial planning software, MoneyGuidePro Elite had the most market share at 33 percent followed by eMoney Pro, at 29 percent. In addition, Covisium, FP Alpha, RightCapital and eMoney Pro all received high user ratings of over 8.
The report highlights the growing number of advisors who are adopting estate planning solutions, which as the report says, “might mask a stronger undertow trend.”
“Advisors are starting to plan for the day when the estate tax exemption reverts back to much lower levels, and high-level estate tax planning becomes relevant again for a larger percentage of advisor clients,” Bruckenstein and Veres said in the report.
Estate planning solutions, which have achieved persistently low market share among advisors, according to the report, received significantly higher user grades this year compared to last year. The same is true for tax planning products, which are rapidly gaining market share, and retirement distribution planning products.
Tim Welsh, president of Nexus Strategy, says that’s because 2024 is lining up to be “peak retirement” for many baby boomers.
“It’s purely the demographic demand of
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