The Evolution of Financial Planning Software: A Galactic Journey

byKatie Melynn

Tue Feb 06 2024

@ CompanyLLC
Financial Planning Software

Just like the original space pioneers relied on new and innovative technology, your financial journey can benefit from tools that make planning so much easier. The pioneer programs of financial planning software allowed professional financial planners to easily look at data and metrics. Today, software allows even a lone space adventurer to map a course to a strong financial future.

Over the years, financial planning software added features to appeal to a wider audience. The earliest programs operated like complex calculators, similar to the software that got the first astronauts up to space. As technology advanced, financial planning software added things like goal-based metrics and what-if projections to let users look at different scenarios before making a decision. Imagine if John Glenn had been able to test out multiple orbits using just his software? With specialized reports, these programs are your guide to the financial universe that will keep you on course.

Calculators, Pencils, and Experts

The first tools available for those looking to make the most of their financial journey were very simple. Experts trained in financial planning utilized their own specialized knowledge, plus a basic calculator, pencil, and paper, to project growth and outcomes of various courses of action. If Neil Armstrong could go to the moon with just minimal computing power, the same was true of the financial planning profession in the early years.

These programs required professionals with plenty of experience and a lot of research. Calculations were limited to desktop machines and plenty of recordings in ledgers. That would certainly slow things down, although it was leaps and bounds for mankind compared to what was available for centuries prior. As computer power increased, so did the chance to reach for the financial stars.

Software Programs for the Financial Universe

As demand for in-depth financial knowledge grew, software programs showed up to guide intrepid financial explorers through the unknown universe. One of the first was Moneytree, a software program founded in the early 1980s. As the world changed to embrace advanced technology that the first astronauts could have only dreamed of, Moneytree was there to provide navigation guidance to the financial industry. Moneytree was basically a fancy calculator with a lot of models that pros could use to analyze, run projections, and make recommendations. Basically, they could analyze the environment before venturing out into space as well as map out possible trajectories that would make the most of their time on a space walk. Moneytree is still a reliable software program used for financial planning.

NaviPlan and MoneyGuidePro also launched into the financial universe in the late 1980s and 1990s. Both use goal-based metrics to look at the current financial plan to chart a course to the desired financial future. Other software programs like eMoneyAdvisor do the same thing for everyone from individual explorers to entire mission teams and businesses. One of the biggest developments over time was realizing that different approaches required different formats and features. A mission to the moon needs different amounts of fuel and navigation instruments than an orbit around earth. The same is true when planning for your financial mission. Companies began to offer more customizable reports and analysis tools.

The Future of Finance and Technology

Your journey to reach your financial stars is even more in reach thanks to the most recent developments in financial planning software. What once required advanced training to master is now available for users with only basic knowledge. These software programs, often in the form of apps, are closer to Captain Kirk’s futuristic space tech than the bulky (and limited) computers used by the first astronauts. 

Like early space pioneers, some financial planning software companies go boldly into the uncharted territory of financial space. Right Capital incorporates personal budgeting as well as student loan repayment and planning, making it a good option for those with an eye to future financial need of the next generations. Incorporating these things keeps their eye on the financial future, not just of individuals but the industry as a whole.

Personal finance software is also up-and-coming when it comes to the financial universe’s future. Programs like Quickbooks are great for businesses analyzing revenue and expenses. They can even help set goals and make a map for the intrepid business owner to use as they expand and grow. Personal budgeting tools are good for setting savings and debt reduction goals, as well as figure out just where all of your money is going. If you’re going to navigate your financial journey without running into any unexpected asteroid belts, it’s best to have some trusty tech along for the mission. Fortunately, todays’s financial planning software is sure to get to the moon and back, whether you call back to a financial planner for mission assistance or venture out by planning on your own.