What Is a Wealth Management Software and Why Do You Need One?

wealth management software

Wealth management is still not a popular field in most parts of the world for an important reason: not a lot of people are wealthy. However, that doesn’t subtract from the fact that tons of wealthy people are looking for easy ways to manage their wealth, and there aren’t enough solutions for that.

One common solution is using wealth management services offered by banks and other financial institutions. While that’s a good option, it’s still not capable of helping you manage your money on the fly, since you typically need to contact your financial manager to make crucial decisions.

To solve all of these problems, we have wealth management apps. While there aren’t many of them yet, the few ones available are proving to be decent enough to rival real wealth managers.

In this article, we will look at the meaning of wealth management software and why you should be using one.

What Is a Wealth Management System?

Generally, a wealth management system is any service that helps to generate investment advice by combining other financial information about the client to come up with personalized investment information.

In most cases, it’s a consulting service that often involves a qualified financial expert and an affluent client, with the expert offering investment advice to the client. The advisor tries to collect information about the client before the fact to offer personalized and often useful investment advice.

Since wealth management is a complex field, it’s usually combined with many other financial services for a more holistic process. For example, it’s not uncommon for banks to offer wealth management services that include tax services, accounting, retirement planning, and real estate planning.

In short, you cannot equate wealth management to the random investment advice you get on YouTube or TikTok. While those advisors on YouTube have zero knowledge of how much money you make and what investments you already have, most of these are open to your wealth management consultant.

With all these said, it’s not surprising to opine that investment advice from a wealth management system is often on point. While you’re not obligated to implement these pieces of advice, there’s little justification for doing otherwise.

wealth management software

What are Wealth Management Apps?

Like every other field is getting taken over by technology, you can trust that mobile apps are making an entry into the wealth management system. While mobile apps perform different functions in the entire process, wealth management software is now a thing, and you must know what they are.

A wealth management software refers to any app, tool, or utility that helps to get any informed investment advice in a wealth management system. Contrary to what you may think, wealth management software can be used by the client and the financial expert alike, albeit for different functions.

For the institution offering wealth management services, wealth management software can help reduce the number of employees, and hence, overhead costs by helping to organize client data. With better organization, the financial experts can access it quicker to make informed decisions without delay.

For the client, however, wealth management software is an excellent way to keep track of the different investment decisions they make using their managers’ recommendations. Also, they can interface with their wealth manager without having to meet physically, which makes the entire process easier.

In some complex cases, wealth management software is designed with AI assistants that learn how to recommend good investment opportunities over time. With such an app, you can effectively eliminate the financial expert in a wealth management system, reducing costs and complexities.

It’s crucial to note that recent wealth management apps aren’t designed for the affluent alone. As long as you have some money in your bank, you can use a free AI-powered wealth management app to find investment opportunities; that wasn’t possible when you had to book paid appointments with a financial expert!

All of these would be pretty useless if I don’t recommend a couple of wealth management software that you should consider installing today. It doesn’t matter how much you have in your bank, you should find one of the recommendations in the following sections useful.

Top Wealth Management Software in the USA

As the natural leader of the tech space, it’s no secret that the States has a higher concentration of wealth management apps than anywhere else in the world. If you’re looking for American wealth management software, here are some of your best options.

  • MoneyGuidePro

    Unlike some other wealth management apps which are primarily targeted at individuals who want money management without wanting to pay an arm and a leg for the service, MoneyGuidePro is targeted at financial advisors.

    It’s the top wealth management software by market share in the United States, with close to 40% of financial advisors utilizing the program. The client can interface with their wealth managers directly from inside the software without impacting how much control the financial advisor has over the entire process.

    Unlike newer wealth management apps, there is less usage of AI and machine learning in this app. The primary reason for that is the fact that advisors still have almost total control over the entire app, and they can even hide entire sections from you.

    With that said, if you were looking to replace your financial manager with software, this wouldn’t be much help. Also, while the app is based in the United States, MoneyGuidePro is available to users from other parts of the world.

  • Personal Capital

    If you’re looking for the closest thing to Wealth.ng that’s based in the United States, Personal Capital is exactly what you’re looking for. It’s a personal finance and wealth management app that allows users to manage their money and track their investments all in one place.

    Personal Capital was rated the best Robo-advisor for portfolio management by Investopedia. So, you can trust that you’re not getting anything better from any other wealth management software that focuses on providing investment advice based on your financial history.

    In addition to wealth management, Personal Capital also has handy tools for net worth tracking and retirement planning software, both available for free. However, accessing this requires you to meet the minimum account balance, which is a lot heftier than most other alternatives on the market.

    Personal Capital understands that you won’t want to trust a robot with your entire net worth, and they allow you to access a qualified financial advisor, as long as you’re a paying customer. Thankfully, the payment isn’t anything massive. While it varies depending on your balance, the most you can pay is a 0.89% AUM for customers earning below a million dollars.

Top Wealth Management Software in Canada

  • KOHO

    If you’re based in Canada, you may want to opt for wealth management software that’s based in the country. For people looking for just that, there’s probably not a better option than KOHO; an app that combines budgeting and wealth management in the same place.

    KOHO doesn’t have a laser-focused; it has a wide variety of features that are useful for managing different aspects of your finances. However, the two strengths of KOHO are investing and budgeting, which is all you need from the average personal finance app.

    You can access personal finance coaching from the KOHO app, which is pretty handy if you’re just getting started with wealth management. Also, there’s a tool you can use to track how much you spend in comparison to other users of the app, which is a great way to spend lesser.

    While KOHO is a great all-around personal finance and wealth management software, it isn’t what you should get if you’re looking to fire your financial advisor. The recommendation engine for investment opportunities isn’t at the level of competitors like Personal Capital, but when you factor in the additional features, it starts to become a compelling option.

    There are great wealth management firms in Toronto Canada, and we have dug them up for you.

Top Wealth Management Apps in Nigeria

Nigeria hasn’t been a hotbed for wealth management apps, but we’ve seen quite a few springs up recently. Here are some of the best wealth management software you should consider installing for the best investment advice in Nigeria.

  • Wealth.ng

    Wealth.ng is undoubtedly the most popular wealth management software in the Nigerian online wealth management space. It’s not affiliated with any bank in the country, and it runs off a financial startup in Nigeria: Sankore Securities Limited, a company regulated by the Nigerian SEC.

    Wealth.ng works on the principle of bringing all your investments to one place since investment doesn’t have to be rocket science. When you sign up to the platform, you get an opportunity to access multiple investment opportunities directly from the platform.

    To qualify as a wealth management app, Wealth.ng will offer to automatically manage your investment capital. When you use the automated investing feature, you only need to fund your account, and Wealth.ng will worry about increasing your capital and generating a return on investment.

    If you don’t trust your hard-earned money to some humans (or bots) from a random wealth management firm, you can “take the reins” by making every investment decision yourself. Since I haven’t tried either, I’ll refrain from advising you on what to use.

    Since everything shouldn’t be managed by algorithms and robots, Wealth.ng has a dedicated support team that’s comprised entirely of humans. Not only are they humans, but they’re also financial experts that are qualified to be advisors, in case you have any issues with using the platform or investing.

    Wealth.ng has many investment options, including stocks, agriculture, fixed income, etc. You can sign up on their official website, install the app on your Android phone or iPhone, and start managing all your investments in one place.

Here are some trusted online saving and investment platforms in Nigeria you should try out


A few years ago, one would argue that apps can’t do sensitive work like wealth management, but here we are. With complex algorithms and an intuitive interface, all that’s left is compelling wealth management software that helps to manage your finances.

This article lists some of the most competitive options on the market today. It doesn’t matter if you’re in Canada, Nigeria, or the United States, there’s always a wealth management app based in your country that will work for you.

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