Online Tools and Your Website: Worth the Investment?


Advisors must continually invest in their websites to ensure that they contain timely and interesting information for their existing and prospective clients.  One of the types of content included on many websites are digital financial planning tools.  While in most cases these tools are developed by outside software providers, advisors must continually license these tools and make sure they are working effectively.  Are these digital financial planning tools worth the investment that advisory firms must make to keep these planning tools up to date?

Spectrem Group asked investors if their advisor offered a digital financial planning tool and if they felt the tool was helpful.  Forty percent of investors indicated that their advisor had this type of tool.  Eighty-one percent of investors indicated that this tool was helpful or very helpful with younger investors indicating a greater interest than older investors.

In addition to financial planning tools, many advisors offer digital budgeting and retirement planning tools.  Other sites also offer net worth calculators.  Spectrem asked investors their level of interest in these tools with “0” meaning “not at all interested” and “100” meaning “very interested”.


As you can see, Financial Planning and Retirement Planning tools were the most popular, followed by the Net Worth Calculator.  Younger investors are more interested than older investors.

These tools can be very effective in helping investors plan for the future.  With fairly high interest levels, especially for younger investors, they are probably worth the investment made by financial advisors.  If financial advisors and providers hope to grow their firm in the future, the should ensure that digital tools are available for both existing and prospective clients.