Retirement Planning Software Options for Financial Advisors

Technology can help you run your business more efficiently and produce better results for your clients. A majority of advisors, 84%, use financial planning software to better serve their clients, according to the T3 Inside Information 2025 Software Survey¹. And only 19% of advisors use software that’s exclusively focused on retirement distribution planning. But retirement planning software could be a useful addition to your tech stack if you’d like to help your clients maximize their investments.

SmartAsset’s Advisor Marketing Platform (AMP) offers financial advisors services like client lead generation, automated marketing and more. Learn about SmartAsset AMP today.

Retirement Planning Software for Financial Advisors

Your financial planning software may already include retirement planning modules, but if you prefer a stand-alone tool, you have a few options. When comparing retirement planning software, consider its full range of features, including modeling capabilities, portfolio visualizer tools and report generation. It can also be helpful to factor in the price you’ll pay and the level of support you’ll receive, as well as integrations with other tech tools you use.

With those factors in mind, here are some of the retirement planning software solutions you might consider.

1. Covisum

• Highlights: Visualizer tools, tax optimization modeling, Social Security optimization
• Pricing: Individual, multi-advisor, enterprise

Covisum is a retirement planning software that’s designed with financial planners in mind ² . The program includes several unique features to assist with planning. For example:

• Income InSight allows clients to see the impact of decision-making, whether that includes a Roth conversion, early death or rising inflation.
• Tax Clarity gives clients a detailed picture of their tax landscape to help them identify less-than-optimal decisions.
• Social Security Timing helps you show clients how their benefits may be impacted, based on when they choose to receive them.
• SmartRisk analyzes portfolio risk and communicates to clients how their current positions may positively or negatively impact outcomes.

The software includes 24/7 expert support for advisors. There are multiple pricing plans to choose from, based on where your firm is.

2. TRAK (RetireReady)

• Highlights: Web-based or desktop version, retirement readiness-focused
• Pricing: Monthly, annual

TRAK is a retirement planning software solution for advisors that’s focused on specific plan categories ³ . You may consider this program if you serve clients whose retirement assets are held in 401(k), 403(b) or 457 plans, or who anticipate collecting benefits from a federal retirement plan, such as the Thrift Savings Plan (TSP). TRAK is primarily designed to help you answer your clients’ questions about their retirement plans, with visual aids to support those answers.

The TRAK software is offered online or in a desktop version. The Windows-based Deluxe software is the most comprehensive in terms of features, but there’s still plenty that advisors can do with the cloud-based version. Both offer a free trial as well as extensive training to help you learn how to use the software to your maximum advantage.

3. Pontera

• Highlights: Secure, compliant software, suitable for defined contribution plan analysis, broad range of integrations
• Pricing: Schedule a demo to discuss

Pontera is a retirement planning software that both advisors and their clients can use ⁴ . On the advisor side, Pontera enables you to manage defined contribution plans securely and compliantly. You can use the software to compare fees, analyze historical returns, establish target asset allocations and receive alerts when client portfolios drift too far away from the set target.

The program is designed to ensure that advisors meet compliance standards with regard to account custody requirements, supervision and billing. Pontera annotates account reviews and rebalancing activity, so you have a documented paper trail should you need it for audit purposes. The platform also deploys multiple security protocols to help firms minimize cybersecurity risks.

4. Income Laboratory

• Highlights: Social Security optimizer, tax-smart retirement distribution planning
• Pricing: Monthly, annual, enterprise

Income Laboratory was the top-rated retirement distribution planning tool included in the T3 Inside Information survey ⁵ . Nine percent of advisors surveyed use this tool, nearly double the rate of the next-most popular software option. Some of the features that make Income Laboratory a stand-out include:

• Social Security optimization tools that help clients choose the right time to claim benefits
• Retirement plan stress-test modeling
• An interactive one-page financial plan
• Tax planning tools that help clients understand the impact of retirement plan distributions, including Roth conversions

The software integrates with a number of other advisor tech solutions, including Redtail CRM and Envestnet. Advisors can also schedule a demo to test the software’s features and functionality.

5. WealthTrace

• Highlights: Interactive and intuitive, secure client portal, extensive modeling options
• Pricing: Quarterly, yearly

WealthTrace is an award-winning financial planning software that offers an intuitive interface to help advisors develop retirement plans ⁶ . The software is designed to help you cut the time you spend on planning in half, which may be appealing to advisors who hope to increase efficiency.

Modeling and scenario tools allow you to make hypothetical adjustments to client retirement portfolios with instant results. You can easily stress test retirement plans for the impacts of various events, such as a large-scale recession or a client’s decision to shift target retirement dates.

6. FP Alpha

• Highlights: Dedicated support, client engagement tools, education and resource library
• Pricing: Per advisor, per office

FP Alpha’s creators tout it as “an extension to traditional retirement planning software, not a replacement ⁷ .” This software program, which ranked second in the T3 Inside Information survey, integrates with a number of other planning tools, including:

• Wealthbox
• Salesforce
• Redtail
• Nitrogen
• Orion

The software is designed to “read” client tax returns, wills and trust documents to help advisors shape a holistic financial plan that includes retirement projections. Advisors have access to comprehensive reporting to help clients visualize their retirement plans as they take shape.

Client Acquisition Simplified: For RIAs

• Ideal for RIAs looking to scale.
• Validated referrals to help build your pipeline efficiently.
• Save time + optimize your close rate with high-touch, pre-built campaigns.

CFP®, CEO

Joe Anderson

Pure Financial Advisors

We have seen a remarkable return on investment and comparatively low client acquisition costs even as we’ve multiplied our spend over the years.

Pure Financial Advisors reports $1B in new AUM from SmartAsset investor referrals.

Target New Clients This Year

I am a registered fiduciary*

Book Your Free DemoNot sure? Learn more about AMP.

Bottom Line

Retirement planning software can enable you to better meet your clients’ needs so they can enjoy the retirement they dream of. Comparing how different retirement software solutions for advisors work, what they allow you to do and the cost of using them can help you select the right program for your firm’s needs and budget.

Build a Better RIA

Drive growth with automation, not headcount using the all-in-one advisor marketing platform.

Get Started

Tips for Growing Your Advisory Business

• If digital marketing is a yet-untapped focus for your business, consider how you can embrace its possibilities. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
• While you may be committed to helping your clients shape their retirement outlooks, consider what your own financial future might look like. Developing a succession plan can ensure that the business you’ve built can carry on, even after you’ve stepped away. Talking to a succession planning consultant can help you develop a timeline for creating and implementing your plan.

Photo credit: ©iStock.com/champpixs, ©iStock.com/courtneyk, ©iStock.com/Liubomyr Vorona