The Must-Know Financial Planning Tools Every New Planner Should Learn

Nowadays, financial planning involves more than pen-and-paper calculations and hand-drawn graphs and projections. Even Excel spreadsheets are rather outdated!

Modern financial planners rely on powerful software platforms and other technology-driven solutions to help them analyze, visualize, and present critical financial data. And most firms expect new hires (even first-year planners!) to be familiar with at least a few of these tools as soon as they start work.

This expectation can be challenging for many new planners because most training programs don’t cover these tools. Financial planning courses might provide overviews of the top platforms, but they don’t usually give aspiring planners the chance to practice using them.

If you’ve recently completed your CFP® certification (or will soon), most potential employers will expect you to have at least some familiarity with industry-standard tools.

Let’s take a look at four essential financial planning tools you should learn. Read on to discover how they work and how gaining experience with them can help you improve your client interaction and your chances of landing a job.

4 Essential Financial Planning Tools: What You Need to Know

There are numerous financial planning software platforms, but these four are typically considered vital for planners in all corners of the profession.

eMoney: Financial Projections & Planning

eMoney is one of the most widely used financial planning solutions. It’s designed to help planners build comprehensive plans and serve their clients more efficiently.

These are some of the key features and capabilities:

Financial projections: eMoney helps planners create financial projections based on a client’s goals, retirement plans, and cash flow needs.
Financial perspective: This platform aggregates financial data from multiple accounts to help planners give their clients an accurate big-picture view of their financial situation.
Scenario analysis: Planners can use eMoney’s Decision Center to model different “what-if” real-time scenarios to show clients the potential results of certain financial decisions.

In short, eMoney helps financial planners create detailed, accurate, personalized financial plans for their clients. To get the most out of the platform, you must understand how to input data, connect financial accounts, run projections, and present results/insights to your clients in a meaningful way.

Want to earn your eMoney certification? You can do that at The Externship! During this year’s virtual training program, you’ll learn how to use the platform and complete the requirements for your certification.

(You can also recertify on eMoney during The Externship! Like most software platforms, eMoney is constantly evolving, so it’s crucial to keep your practical knowledge and credentials up to date!)

Morningstar: Investment Analysis & Portfolio Management

Morningstar Advisor Workstation is one of the top tools for investment planning. Planners can use it for investment research and portfolio analysis, gaining crucial data to help them guide their clients’ investments.

This platform can help with these vital financial planning tasks:

Investment analysis: This platform enables planners to research, analyze, and compare various investment products, including mutual funds, ETFs, and stocks.
Risk management: Morningstar helps planners assess risk and determine optimal asset allocation to align a client’s investment portfolio with their goals.
Reporting: With powerful reporting capabilities and visualization tools, Morningstar helps planners present complex portfolio information (e.g. strengths, weaknesses, and diversification opportunities) to their clients in a clear, easy-to-understand way.

Many firms rely on Morningstar for investment management work. If you plan to help your clients with their investment portfolios, it’s vital to understand how to use this platform to analyze products and portfolios and create valuable presentations for clients.

Asset-Map: Visualizing Client Finances

Asset-Map helps planners clarify complicated financial details for their clients. This platform uses powerful visuals to explain a client’s financial picture and set the stage for productive discussions.

Here are some of the key features:

Visual experience: Create a single interactive display that highlights the essential pieces of a client’s finances — assets, liabilities, cash flow, and insurance. These visualizations can help clients better understand their financial information and feel confident following their planner’s advice.
Risk identification: Asset-Map helps identify a client’s potential weak spots so planners can work with them to make adjustments.

Traditional financial reports tend to be overwhelming for many clients. Your clients trust you to explain their financial situation and clarify available opportunities so they feel more confident managing their money. The visualization tools in Asset-Map help you empower your clients to take action.

EncorEstate: Estate Planning Strategies

EncorEstate is a valuable tool for financial advisors who help their clients with legacy planning.

This tool includes features for various aspects of estate planning:

Documentation: EncorEstate features templates for state-specific estate planning documents, including wills, trusts, and power of attorney.
Priorities: The platform can generate detailed reports to help planners identify gaps and ensure that plans align with a client’s values and preferences.
Ease of implementation: EncorEstates make it really easy to show clients their projections, and is easy for advisors to input data and interpret plans.

Estate planning is essential for clients of any age, so firms look for advisors who can offer estate planning support to their clients. EncorEstate helps you guide clients through the process and includes valuable educational resources you can use to improve your skills in this area.

Why Firms Value Tech-Savvy New Hires

Learning how to use industry-standard tools doesn’t just help you better serve your clients — you’ll also give yourself an edge in the job market. Firms want to hire planners who can start revenue-generating work right away — many of them aren’t willing to give new planners months to learn on the job.

Financial planning tools can help you be more impactful and efficient. If you can confidently use eMoney, Morningstar, Asset-Map, and EncorEstate, you’ll prove yourself to be a valuable partner your clients can trust.

While it’s never too late to learn anything — and it’s always important to look for new opportunities to improve your skills — it’s best to master these tools as soon as possible. If you can confidently use them from day one, you’ll stand out to potential employers and give your clients an excellent experience.

Master Financial Planning Tools at The Externship

If you haven’t had a chance to learn financial planning software as part of your education, you’re not alone. Most training courses don’t include software training or give you access to these platforms so you can get hands-on experience.

Fortunately, you’ll get both at The Externship! During our virtual summer program, you’ll get detailed, real-world training in eMoney, Morningstar, Asset-Map, and EncorEstate.

Even better, you’ll get to use each of these tools yourself, so you can deepen your understanding of their features and build your personal workflows. And don’t forget — you’ll have the chance to certify (or recertify) in eMoney!

Are you ready to become a better planner this summer? Join The Externship! You’ll hone vital skills and build confidence using these essential platforms. Plus, you’ll grow your professional network, connect with industry experts, and gain new perspectives to find your optimal career path in this profession.

Registration for the 2025 Externship is open now — sign up today!