Excel vs Software-Based Financial Planning: Who’s in the Driver’s Seat?
Sunita Rao CFA
Founder - SunYta | Wealth Coach
In today’s dynamic world of personal finance and wealth management, the tools you choose for financial planning can significantly impact the results you deliver. Whether you're a seasoned financial advisor or an individual managing your personal wealth, having the right tool is like having the right vehicle—you want control, speed, and reliability.
At SUNYTA, we empower wealth managers with the knowledge to choose between Excel-based financial planning and modern financial planning software. Here's a deep dive into the pros and cons of each.
Excel-Based Financial Planning: The Custom Craftsman’s Toolkit
Excel has long been the go-to solution for personalized and detailed financial planning. It offers a level of transparency and flexibility that software platforms often can’t match.
1. Pre-Built Excel Templates: Plug and Play Simplicity
Many planners start with pre-built Excel templates for financial planning. These tools offer:
✅ Quick setup
✅ Easy data input
❌ Limited customization
❌ Not ideal for complex financial scenarios
Excel templates work well for basic financial plans or those just starting out. However, they may not capture the intricacies of a client’s financial journey.
2. Custom Excel Models: Full Control and Deep Customization
Creating a plan from scratch in Excel gives you:
✅ Total control over formulas and structure
✅ Customization tailored to client goals
✅ A hands-on understanding of every detail
❌ Requires advanced Excel skills and more time
This is the method preferred by experienced wealth managers who value precision, personalization, and clarity. Think of it as creating a bespoke suit—tailored perfectly for your client’s life and goals.
Software-Based Financial Planning: Fast, Smart, and Scalable
Today’s financial planning software platforms offer a streamlined experience for advisors and clients alike. These tools are gaining popularity for their:
✅ Automated calculations
✅ Visual cash flow projections
✅ Customizable reports
✅ Behavioral nudges and goal tracking
✅ Client portals and collaboration features
However, like any tool, there are limitations:
❌ May lack deep scenario customization
❌ Not ideal for interpreting nuanced life goals
❌ Can feel like a black box—less transparency
For advisors focused on efficiency, scalability, and faster delivery, financial planning software is a great fit. Tools like RightCapital, eMoney, or NaviPlan are built for those who want to move fast without sacrificing professionalism.
Excel vs Software: Which Financial Planning Tool Should You Use?
The best tool depends on your planning style and your client’s needs.
- Choose Excel if you want in-depth customization, full control, and personalized planning.
- Choose software if you prioritize speed, automation, and scalability.
At SUNYTA, we believe you—the wealth manager—should always be in the driver’s seat. Whether you're leveraging Excel’s flexibility or software’s efficiency, we help you master both platforms so your planning is always client-first and future-ready.
Final Thoughts: Excel or Financial Planning Software?
Both tools have a place in modern financial advisory services. The real power lies in knowing when to use which.
🔹 Excel is best for complex financial modeling and hands-on advisors
🔹 Software excels in team-based advisory models and scalable client experiences
SUNYTA equips you with the knowledge, tools, and support to choose the right approach—so you're always in control of the financial planning journey.
Originally published Sept 2, 2025