When we saw the results of the 2023 T3/Inside Information Advisor Software Survey, we couldn’t help but feel nostalgic. This year marked the seventh time RightCapital appeared in the results of the survey. Here, we reflect on what has changed and what has remained the same.
There are many players in the financial planning game, but most in the industry agree that “The Big 3” are RightCapital, eMoney, and MoneyGuidePro (in the 2023 survey, they make up a 76% of the programs respondents reported using), so that’s who we will be focusing on in this summary.
The highest satisfaction rating goes to…RightCapital! 🎉
Spoiler alert: this is the exact subheading we were able to use in our summary of the 2023 Kitces Report. (Every industry survey is conducted differently, but it’s also worth reviewing how we fared in that one, known for having strict respondent criteria.)
RightCapital (with an 8.42 average user rating) is the highest-rated financial planning software in both the 2022 and 2023 T3 surveys. (This was also the case in our first appearance in the survey, funnily enough.)
When breaking down user ratings in different demographic categories (ex. Years in Business, Business Model, and Size of Firm by annual revenues), RightCapital has a higher rating than MoneyGuidePro in 14/15 categories and a higher rating than eMoney in 10/15 categories.
Newer advisors and smaller firms are choosing RightCapital
From the first survey to the most recent, a trend has remained clear. 2017’s survey noted RightCapital as a “strong competitor among advisors with 1-5 years of experience, which could give them a good base of growth in the future”. In later surveys, it’s confirmed: “RightCapital is generally more popular with newer advisors and smaller firms”. 2022’s survey notes the same, but also acknowledges RightCapital “has achieved competitive market share with firms of all sizes.”
RightCapital’s market share among respondents has tripled
From 2017 to 2023, the market share of RightCapital within the T3 survey increased 362%, from 3.39% to 15.65%. During the same time period, the market share of eMoney grew 11% (though dipped slightly from 2022) and the market share of MoneyGuidePro dropped 25%.
RightCapital’s growth is set to continue
There’s no Magic 8 Ball in this industry, but when asked if RightCapital will keep growing, “Signs point to yes”. RightCapital was the top answer when respondents were asked what other programs they were considering. Due to this, the survey authors predict: “We can expect RightCapital…to gain on the market leaders in the coming year.”
We can’t tell from this survey if the number of advisors considering RightCapital were influenced by their peer advisors chatting about our updates and reputation on social media or our own attempts at looking cool on channels such as TikTok, but we are definitely looking forward to the future!
Schedule a personalized 20-min demo for a 14-day free trial of RightCapital to see it for yourself!