The market for financial planning technology is rapidly evolving, driven by regulation, client demand and demographic changes, according to a recent Aite Group report cited by InvestmentNews. How advisors use the available technology varies and most advisors use multiple tools, raising the importance of technology evaluation, according to the report.

Close to three-quarters of the 344 financial advisors Aite surveyed say financial planning is equal to or more important than investment management, InvestmentNews writes. Fintech providers are responding in kind, with new features getting rolled out for both advisors and clients, says Isabella Fonseca, senior analyst at Aite, according to the publication. Most executives say their firms are getting technology from third-party vendors, according to Fonseca’s interviews with executives at 14 large financial firms, including wirehouses, other broker-dealers, discount brokerages and self-clearing firms, InvestmentNews writes. And while five executives say their firms work with tools developed in-house, three of them are nonetheless using tools from vendors as well, according to the report cited by the publication.

Executives also tell Aite that existing technology supports either comprehensive or light financial planning but none offer both, InvestmentNews writes. As a result, advisors at their firms are using several planning tools at once, the executives say, according to Aite.

Executives tell Aite that MoneyGuidePro, eMoney Advisor and NaviPlan are the most used, InvestmentNews writes. Advisors, however, say Money Tree is the most used, followed by Financeware and MoneyGuidePro tied for second place, Aite found, according to the publication. Aite’s report says that because advisors use multiple tools, advice firms will have to pay closer attention to technology evaluation, InvestmentNews writes.