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Eighty-three percent of financial advisors use financial planning software to better serve their clients, according to the T3 Inside Information 2026 Software Survey. However, fewer than one in five use software that’s exclusively designed for retirement distribution planning. Retirement planning software could be a useful addition to your tech stack if you’d like to help your clients chart the most efficient withdrawal strategy for their investments.1
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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.
| Software | Highlights | Pricing |
|---|---|---|
| Covisum | Visualizer tools, tax optimization modeling, Social Security optimization, spousal and survivor strategies, Roth conversion analysis tools | $300/month or $3,500/year for Covisum Suite $130/month or $1,500/year for Essentials Add-On |
| TRAK | Retirement gap analysis, federal employee modules, specialized calculators, debt and college funding | $89/month or $890/year for Standard $119/month or $1,190/year for Deluxe $240/month or $2,400/year for Premium |
| Pontera | Assets held away oversight, bulk rebalancing, integrations with popular portfolio management tools, asset allocation tools | Contact for a quote |
| Income Lab | Retirement plan stress testing, dynamic guard rails, tax optimization strategies, annuity evaluation, Social Security optimizer tools | $199/month for Core; $2,388/year when billed annually $299/month for Pro; $3,588/year when billed annually |
| WealthTrace | AI assistant, Roth conversion optimization, Monte Carlo simulations, account aggregation, asset class-level management, what-if scenario modeling | $1,049 annually or $315 quarterly for a solo advisor $1,049 annually plus $750 for each additional advisor for a team license |
| FP Alpha | Visual tax bracket analysis, scenario modeling, automated flowcharts, estate planning modeling | $1,995/year for all-in-one planning |
1. Covisum
Covisum is a retirement income planning software built for advisors. 2 The program includes several unique features to assist with planning:
- 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. A free trial is available if you’d like to test the platform’s features before committing.
2. TRAK
The Retirement Analysis Kit (TRAK) from Retire Ready is a software solution that’s focused on specific planning 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.
Built-in features include:
- Retirement needs gap analysis
- Paycheck analysis
- Plan participant solutions
- Roth conversion analysis
- Retirement distribution tax optimization
- Pension maximization
- Defined benefit plan management
- RMD calculators
- Debt and college funding analyzers
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 effectively.
3. Pontera
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 help 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 Lab
Income Lab is an intuitive retirement income planning software for financial advisors. The software is designed to help you find answers to your clients’ most commonly asked retirement planning questions. Features 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
- “Drag-and-drop plan builders
- Meeting note-taking tools
- Smart questionnaires that streamline the plan-building process
You may choose from a Core or Pro plan, depending on the range of features and functionality you need. The software integrates with many other advisor tech solutions, including Redtail CRM and Envestnet. Advisors can book a walkthrough to explore the software, or sign up for a free trial.
5. WealthTrace
WealthTrace is a comprehensive retirement planning software that helps advisors take the guesswork out of planning. 5 The software is designed to help you cut the time you spend on developing client retirement plans 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. And clients can stay in the loop via a secure portal, which they can use to log in and track plan progress.
Advisors can choose from annual or quarterly billing plans. WealthTrace offers a free trial, with no obligation.
6. FP Alpha
FP Alpha’s creators tout it as “an extension to traditional retirement planning software, not a replacement.” 6
This software program integrates with a number of other helpful tools advisors use, including:
- Wealthbox
- Salesforce
- Redtail
- Nitrogen
- Orion
The software, which is powered by AI, 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.
Pricing is available à la carte or at one flat rate for all the software’s features. FP Alpha is suitable for solo advisors, growing firms, estate planning specialists and insurance professionals.
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Frequently Asked Questions (FAQs)
Do Advisors Need Retirement Planning Software?
Yes, advisors typically need retirement planning software, either as a standalone product or as part of a broader financial planning program. Retirement planning software can assist with scenario modeling so that clients can visualize what their financial future may look like. Aside from that, using software for client planning needs can save time and increase your firm’s efficiency if you’re able to automate repetitive processes.
How Can Advisors Attract Retirement Planning Clients?
If you’re pivoting into the retirement planning niche, consider the ideal client you want to attract. For example, you may be focused on a specific age range or income level, or prefer to work with clients in high-income sectors like medicine or law. Building your marketing plan around an ideal client profile or buyer persona can help you attract clients who could benefit from your firm’s retirement planning services.
How Can Advisors Use AI for Retirement Planning?
Retirement advisors can use AI to streamline the planning process, specifically at the data collection, organization and analysis stages. AI tools can also be helpful for scenario modeling and projecting future outcomes, based on different inputs. Remember that any AI tool you use also requires human oversight, and as the advisor, you are responsible for strategy implementation and regulatory compliance.
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Bottom Line
Retirement planning software can enable you to better meet your clients’ needs as they plan for retirement. 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.
Tips for Growing Your Advisory Business
- If digital marketing hasn’t been a 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.
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Article Sources
All articles are reviewed and updated by SmartAsset’s fact-checkers for accuracy. Visit our Editorial Policy for more details on our overall journalistic standards.
- https://t3technologyhub.com/wp-content/uploads/2026/03/2026-T3_Inside-Information-Software-Survey.pdf. Accessed 5 August 2025.
- Covisum. “Grow Your Financial Planning Business with Elite Software | Covisum.” Covisum-Logo, https://www.covisum.com. Accessed 11 Apr. 2025.
- Monroe, Matt. TRAK – Best Retirement Planning Software for Financial Advisors. 4 Nov. 2025, https://retireready.com.
- “Pontera | For Advisors.” 350 5th Avenue, Suite 2400 New York, NY 10118, https://pontera.com/for-advisors. Accessed 11 Apr. 2025.
- Financial Planning and Retirement Planning for Advisors Made Easy. https://www.mywealthtrace.com/how-it-works-advisors. Accessed 11 Apr. 2025.
- “Where AI Meets Financial Planning – FP Alpha.” FP Alpha, https://fpalpha.com. Accessed 11 Apr. 2025.