Investment Trends” 2014 Financial Planning Software Benchmark Report also named Asgard’s AdviserNETgain among the top three.

AdviserNETgain was rated the best hybrid planning app/platform, while Rubik’s Provisio was rated the best retirement advice app.

“IRESS has continued to develop XPLAN into a world-class financial planning application. XPLAN achieved the highest score of any financial planning application in the 10 years of [report],” Investment Trends said in a statement.

"Provisio has been the leading developer of intra-fund advice apps for many years and is now part of a growing category of apps offering different approaches to delivering advice at scale," said Investment Trends analyst Ian Webster.

"Rubik Proviso was researched as the best scalable retirement application ahead of Decimal and XPLAN Engage," he added.

Investment Trends also said licensees have made significant investments in the configuration of their planning and development applications to implement measures to ensure FOFA compliance.

"Using workflow-based compliance benchmarking requires advisors to do much more with their applications than simply creating SOA documents," said Mr. Webster.

"Aligning compliance with increased practice efficiency should deliver better business and more consistent results for clients."