15 Key Factors to Look for When Choosing an Investment Management Software

As an investor, one of the essential things to do is ensure that you're monitoring all the assets in your portfolio. Keeping track of everything, especially when you have a diverse portfolio, can be challenging, which is why management software exists. 

Investment management software helps you keep track of everything. These platforms track and manage your portfolios, accounts, and funds. Some even offer real-time market data to help you make informed investment decisions.

There are different investor management software platforms, and they all offer different functionalities. So, which one should you go for? If you don't know which is the best software for you, here are 15 crucial things you should be on the lookout for. 

1. Available Features

Before settling for an investment management software, the first thing you should check is the features available on the platform. Depending on what you want the software to do for you, there are certain features it must have. 

Ensure the software includes the features that are most important for you. Additionally, check the configuration options. For example, a software that allows you to turn certain features on and off could be easier to use. 

2. Pricing

For most investors, the software's price ranks high in the deciding factors for the best investment management software. Ideally, the software will provide different pricing plans, depending on the functionalities available. 

When choosing the software, the cheapest option may seem like an excellent idea but not offer a solution in the future. Similarly, the most expensive software may not exactly be the best. Investors should do some research and choose the software within their budget.  

3. User-Friendliness

Whether you'll handle the software yourself or have someone track your investments for you, you must get one that's easy to use. The user-friendliness of the software you choose will play a vital role in how well you can manage your assets. 

Software that is difficult to navigate will require that you first train your employees on how to best use them, which could be expensive. Go for a software that offers some demo training, or better yet, allows you to do a trial run before paying for it fully. 

4. Mobility

As an investor, you may have to make some crucial decisions promptly. Therefore, it's essential to get software that allows you access to information on your assets and generally on the market. 

One of the best features of investor management software is a straightforward mobile interface. With an app on your phone, you can track your assets on the go and make any crucial decisions whenever you need to.  

5. Type of Software

Just as investors can put their money in different investments, the management software that exists is different. Some software is specific to the type of investment, such as real estate investment management software. Other platforms offer management for the entire portfolio. 

The kind of software you choose will depend on the investments you have. If you'd like to track your entire collection of assets, a portfolio management software will be the best option. Alternatively, you can look for software that deals explicitly with one type of investment. 

6. Reviews and Ratings

Unless you're willing to risk your assets on a platform you're not sure about, it would be best if you researched and read the online reviews and ratings. Once you have a software in mind, check what other users have to say about it. Unlike you, they have already tried out the software and are better placed to tell whether it was useful or not. 

If you'd like to get a more reliable investment management software for your assets, you should try getting recommendations from the people around you. 

7. Integration

Your real estate investment management software should be able to integrate with other tools seamlessly. Whether you have a single investment software or one that manages your entire portfolio, you're going to need to incorporate other tools so you can better manage your assets. 

If the software you choose isn't compatible with other tools, you may have difficulty managing your assets effectively. For example, you may need to incorporate accounting software, and your investment management software should accommodate that. 

8. Scalability

Find out how scalable the software you're choosing is before fully committing to it. Unless you plan to switch software in the future, your portfolio management software should allow you to add some custom functionalities. 

The ideal real estate investment management software should, for example, allow you to upload data from your tracked assets to the systems without too much hassle. 

9. Support Model

Ensure that the software offers different forms of technical support for its users. Most management software will have different support options available for the different pricing plans. 

When choosing a pricing plan, be sure that the support offered at that level will be sufficient for you. Standard options include telephone support, email support, and live chat. Additionally, ensure the software has a 24/7 system, so you don't have to wait long to have your issues sorted.

10. Security

You're going to enter crucial data on the software so you can better manage your assets. Therefore, you need to be sure that your data remains safe so that your investments also do. 

Read up on the privacy policy of the investment management software you're thinking of using. Find out how they'll use the data you provide and what security measures they have in place. If you're in doubt, don't hesitate to ask the software provider. 

11. Reporting

Most of the investment management software offers pre-designed templates for specific reports. However, you may need some more reports in the future, and it's essential you get a software that will provide customizable reports.

Sure, you can always integrate additional software that lets you schedule reports and choose who gets to see them. However, this will incur more costs for you. 

12. Hosting

Do you want to host the software on your server, or do you want a cloud-based option? Although hosting the software on your server can be convenient, a cloud-based option offers several benefits. 

For starters, you won't need to worry about installing the software or its updates. Besides, you'll receive new features as they develop, instead of waiting for a new software version. 

13. Money-Saving

The portfolio management software you choose should help save you money in the long-run. You're probably using different software subscriptions to get the most basic tasks done. When choosing a management software, ensure it can replace most of the other subscriptions you have. 

By having one software option that provides several functionalities, you get to cancel many of your subscriptions and reduce the costs for your company. 

14. The Lifecycle of the Assets

You must first understand the kind of assets you are managing before choosing management software. The software you use will likely be available to different departments, and you need to ensure that everyone managing the investments has real-time access to the assets. 

Additionally, the software should allow for seamless communication between the different entities involved in the investment. 

15. Training and Free Demo

Even if a software is easy to use, you may require some guidance to access some of the advanced features. When deciding the best option for your investments, you need to choose software that offers some training and a free demo. 

Go for software that offers training material to help you understand its functionalities better. Other options even feature a free demo or trial run, so you can test out the features before buying the software. This helps you choose the software you're confident will help meet your investment needs.

Parting Shot

Well, there you have it! Choosing an investment management software can be time-consuming and is a challenging task. However, once you find a solution that works for you, you'll end up saving time and money. 

If you've been shopping around for the ideal option, then this 15-item list should give you an excellent head start. So, why don't you start shopping and find management software that you're going to love?