If you run a brokerage, exchange, or wealth management business, it’s absolutely essential that you choose the right financial software for your staff and clients. Everything from client retention to your ability to comply with regulations comes down to the software you use.
Any business owner in this space will tell you that finding the right tools doesn’t just mean looking at the features—the right system for you should fit how you actually work. So don’t just make a quick decision based on surface-level specs and sales talk. Here are three things you should look for when you’re choosing financial software for your firm.
Start With The Problems You’re Trying to Solve
Good software goes beyond offering you features that you might not even need—the best tools are explicitly designed to remove friction on your end. They’re supposed to solve the problems your business is already facing, so before you even browse your options, start by identifying the slow points in your current systems.
For instance, client onboarding and KYC checks might be taking ages, or reports are taking too long to generate. If you ever find yourself using manual processes just to patch things together, there’s most likely an easy way to automate your processes with a tool.
Once you’re clear on the problems, you’ll have the knowledge to evaluate solutions with more focus and avoid getting distracted by tools that do a lot but don’t actually solve much.
Prioritise Real-Time Functionality
When you’re offering services in an industry where timing makes all the difference, the last thing you want is a tool that delays your reporting or portfolio updates. That’s why real-time processing should be another of your priorities (so avoid tools that just offer end-of-day batching). Yes, you need accuracy—but you also need it fast enough to matter.
That applies to both client-facing features and your back office. Things like risk reporting, trade confirmations, and account data should all be done in real-time as standard, not an upgrade. You can guarantee this by working with a company like https://devexperts.com/, which provides some of the industry’s most trusted and widely used technology applications.
Look For Integration, Not Isolation
There’s a good chance that you’re already using specific tools for a lot of your processes, like accounting, CRM, trading platforms, and more. Any new financial software you’re implementing needs to be able to talk to those systems without constant input from you.
If a sales rep is telling you their tool integrates “easily”, don’t just take their word for it. Ask the difficult questions about how long integrations usually take and what kind of support they provide for custom setups. If they can’t give you a clear answer, keep looking—there are plenty of tools that will integrate seamlessly with your existing workflow.
Takeaway
It’s clear to see the benefits of choosing financial software that fits how you work: primarily, you’ll spend less time managing tools and be able to put more energy into building your business. So, take the time to choose the right tools now, and you’ll avoid bigger problems later.