“If we command our wealth, we shall be rich and free; if our wealth commands us, we are poor indeed.”
— Edmund Burke
The market for financial planning software has exploded over the past five years with new entrants bringing innovative approaches for managing client’s wealth and planning their retirement. As part of my series on financial planning software, I reviewed WealthTrace, which is a relatively new player looking to find a niche in between existing products. (See Which Financial Planning Software is Right For You?)
The firm was launched three years ago by CEO Doug Carey, a Chartered Financial Analyst (CFA), former portfolio manager and financial software developer, after he became frustrated by how difficult financial planning software was to use.
They offer two versions of their product; one for advisors and another for individual consumers. Currently, they have over 300 paid users of the consumer version, with the advisor version supporting around 300 trial users and 50 or so paying clients, Carey reported.
What is your company’s approach to financial planning?
At WealthTrace, one of their goals is to make it as simple as possible for the user to see the results of changes to the plan, Carey responded. And those results should be front and center on the screen and easy to access. Also, they believe clients have other goals besides running out of money and their system should help to address these goals, he said. Continue reading