How Advisors Should Choose Wealth Management Reporting Software

Reports are an essential component of any wealth management firm. These reports can assist with client reporting, government reporting, audit information, and internal research. With the speed of information in finance, it’s critical to be quick when approached with questions or faced with an issue.

Wealth management reporting software for advisors should be analyzed closely. There are four different factors to consider when either auditing your current software or shopping for another.


First is the software’s usability. The functionality of the software is important because you’ll want to ensure your time can easily adapt to printing reports or responding to client needs. For example, if your client wants to know how their portfolio is doing out of a statement cycle, you’ll need to generate the ad-hoc statement.

Usability is the first topic to ensure passes your test.


The second factor is accessibility. Does the wealth management reporting software allow your advisors access while at home base and on the road? For advisors, many of their hours are spend with client meetings and building the proper portfolio.

Knowing the reports you need will be accessible on the right is paramount to a well-functioning firm. Without accessibility, you might as well have nothing at all, which impacts your clients directly.


Thirdly, you want to ensure the reporting software has a high level of configuration. What that means is you’ll want to ensure you can update and build reports without needing to outsource the process. Also, this allows you to customize reports to your client’s needs.

Configuration can help eliminate wasted time and resources waiting on a third party. For example, if your client wants to see an added data point, you should have the ability to jump into the report and add it yourself. Old technology would require to you reach out and have someone else complete it.


Lastly, you want your wealth management reporting software to integrate with existing software. Nothing’s worse than needing to upgrade the software to ensure your reports are generated properly. On top of that, the vast amounts of data would take weeks to audit ensuring all is well.

Proper integration will eliminate headaches and give you peace of mind that your data is accurate.

Taking the time to look at these four factors will ensure you choose the correct reporting software for your firm. Without modern reporting software, your clients and business will slowly become negatively impacted.

For more details, visit us at If at any point in your ReportWa journey you need help, just mail us at and we’ll get back to you within a few hours. You can also read fintech expert interviews on our website.

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